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UBA Wins ‘Bank of the Year’ at Independent Newspapers Awards

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United Bank for Africa (UBA) Plc, Pan-African financial institution, added to its growing list of laurels at the Independent Newspaper Awards, winning the Bank of the Year.

UBA Wins ‘Bank of the Year’ at Independent Newspapers Awards

The Editor, Independent Newspapers, Don Okere Presenting the Bank of the Year Award to Directorate Head, Lagos Island, United Bank for Africa, Uzoechina Molokwu

The bank was announced winner of the coveted awards at a glamorous event which was well-attended by the top echelon of the financial sector including Bank CEOs, Captains of Industries and Senior financial executives.

The event was held at the prestigious Eko Hotel and Suites on Saturday, May 1, 2021.

Commenting on the award, Mr. Liadi Ayoku, deputy managing director, who expressed his delight on the recognition stated:  ‘These awards mark another milestone for the UBA Group and is a testament of the diligent execution of the bank’s strategic initiatives on customer service. For us, being recognised as Bank of the Year complements positive feedback from customers and is a recognition of our improving efficiencies, service quality and innovation.

Continuing, he said, “I therefore dedicate this award to our growing loyal corporate and retail customers, who are our essence. Given our heritage and commitment to Africa’s development, we continue to impact lives through our services as well as our financial support to individuals, businesses and government.”

Ayoku pointed out that the pan-African bank remains focused on its goal of democratising game  banking in Africa, leveraging on new technologies and emphasised its determination to change the narrative of financial services on the continent.

While presenting the awards to the bank, Don Okere, editor, Independent Newspapers, noted that UBA has excelled in the key areas of prioritising customers, which, according to him, has earned the bank the highly coveted laurel.

He explained that the bank stood out in prioritising customers and improving its technological offerings to accommodate the growing needs of its customers.

He said that even though Africa’s economic landscape has been unpredictable in recent times, a factor that has resulted in business challenges in Nigeria and some of Africa’s best performing economies, UBA was still able to find its rhythm and excelled as is evident from its recently released first quarter results.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touch points, in 20 African countries.

With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

 

 

 

 


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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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E-Financial

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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