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UBA Rewards 100 Customers with N100,000 amid COVID 19 Meltdown

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United Bank for Africa (UBA) Plc, Pan African Financial institution,  has again given its loyal customers reason to cheer  as  it  rewarded 100 loyal customers with N100,000 each in the UBA Bumper account draw.

UBA Rewards 100 Customers with N100,000 amid COVID 19 Meltdown

The draw, which took place at the UBA Head office on Tuesday, was held via the Facebook platform in strict compliance with social distancing rules as directed by the Federal and Lagos State Government where 100 more customers emerged winners through a transparent draw.

When contacted, the customers who emerged winners of the draw agreed that the total reward of N10m is timely and would be very useful in assisting them especially in the face of the Coronavirus Pandemic currently ravaging the world with attendant effect on incomes of individuals.

Jude Anele, UBA’s group head, Consumer and Retail Banking, , spoke about the bank’s excitement to be able to put smiles on the faces of as much as 100 customers at this critical time when livelihoods and lives are being threatened by the Covid-19 pandemic.

“These are difficult times indeed with little to cheer about because people are going through trying times. However, for us in UBA, we want our customers to know that we are in these together, that is why we have taken it upon ourselves to reward those that have kept our business going with their loyalty. With this reward, we want to encourage them to stay happy and safe even as they continue to aim for their dream regardless of the present challenges,” Anele said

Anele noted that, the bumper draw is also in line with the bank’s mission of creating superior value for its stakeholders while encouraging saving cultures among Nigerians, adding that “We have in recent times deepened our focus on the most important aspect of our business – the customers we serve. Hence, our huge investment in technology to make banking easier and seamless across all our product channels and that is why we most recently introduced new offerings such as this Bumper Account,  with our customer in mind as it is expected to deliver improved value to them.

Explaining the modalities for the draw, Anele said that all new and existing customers need do to qualify for the draw is to ensure that they have a minimum deposit of N5,000 in their UBA Bumper Account. “Current UBA customers are to dial  *919*20*1# to migrate to the UBA Bumper Account whilst potential customers should dial *919*20# if interested in opening a UBA Bumper Account,” he added.

​​​​​​​In the first draw which was held live during the official launch in Lagos,  a total of 100 customers emerged winners as the  Bumper to Bumper Crooner, Wande Coal serenaded guests with his famous hit songs to the delight of all present.

Michelle Nwoga, group head marketing & customer experience, explained that the Bumper account was created specifically with the customer in mind, adding that UBA truly puts its customers first and will stop at nothing to ensure they have the right solutions to support their needs. “We are committed to delivering exceptional service and will always seek to excite our customers at every interaction. We back our words with action and that is why a total of 100 customers emerged winners at the last draw which also took place here,” she said.

She added that a monthly shopping allowance of N100,000 for a year is also up for grabs. “No fewer than 5 account holders will get a whopping N2 million each across all participating regions every quarter. This account is open to both existing and new customers of the bank who save a minimum of N5,000,” Nwoga added

Mafulul Emmanuel King, one of the winners who was called on the phone, could not hide his joy when he was announced as one of the winners. “I am still very amazed. I never knew I could get lucky and win. All my life, I have never won anything like this, and I am very happy that I won this time.  What a time to get lucky than now when this Corona Pandemic has affected my business severely. You cant imagine how relieved and delighted I am. God bless you guys, thank you so much UBA,” he said.

​​​​​​​Another winner, Bello Aishat, who could not also believe it when her name was contacted screamed for joy, saying “you don’t know what this means to me at this very difficult time! This bank keeps touching and supporting lives. The same way they supported both the federal and state governments and some African countries with a whooping N5billion. I am convinced UBA truly cares and I am proud to bank with UBA. Thank you so much, you have touched me beyond words at a trying time,” she concluded.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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