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Euromoney Names UBA Best Firm in Digital Banking in Africa

 

 

Pan-African financial services group, United Bank for Africa Plc, has once again made an addition to its growing list of enviable laurels as it was named Africa’s best bank in the Digital category at the prestigious Euromoney awards in London.

This further lends credence to UBA’s dominance in the digital banking space. The Euromoney awards ceremony which was held on Wednesday, July 11, 2018 covers more than 20 global product categories, best-in-class awards and the best banks in over 100 countries around the world, recognising institutions that have demonstrated leadership, innovation, and momentum in the markets in which they operate.

In selecting its recipients, Euro money’s principle is hinged both on quantitative and qualitative data to honour institutions that have brought the highest levels of service, innovation and expertise to their customers.

At the awards ceremony, UBA beat other nominees taking away the prize for best institution in Digital banking across Africa, an affirmation of its recent investment in cutting edge technology, one of which gave birth to Leo, the chat banker that has disrupted banking across Africa.

In a bid to be the undisputed leading financial services industry in Africa in the area of innovation and technology, UBA has steadily included new and emerging trends to its range of solutions in-branches, across subsidiaries and on digital platforms.

The emergence of LEO has been a continuous directive to push the banking sector beyond financial services and to show that the bank truly comprehends the shift in operations and the movement of the global world with technology today.

The Euromoney award, which is a recognition of innovative products and services introduced by the bank in recent times and targeted towards meeting customer needs, comes on the heels of recent awards to UBA, including Finnacle Client Innovation Awards and Best Bank Awards won by five of its subsidiaries across Africa by The Bankers Magazine. UBA was also declared the best Bank in Africa in 2017.

Receiving the award at a well-attended event in London, the Group Managing Director, Chief Executive Officer, United Bank for Africa, Mr Kennedy Uzoka, appreciated the organizer’s for the recognition, noting that UBA’s dedication to hard work and particular emphasis to offering quality services to customers are being acknowledged.

According to Mr Uzoka, the award affirms the Bank’s strong management and un-matched commitment to service excellence.

He said: “This only goes to show that our resolve in continuing to deploy innovative solutions that place customers first, using cutting edge technology for their collective satisfaction and excellent banking experience is important to us. This recognition will further spur us to do more in meeting the needs of our customers with unrivalled services.”

Mr Uzoka stated “for us at UBA, the award is quite an accomplishment, considering Mark Zuckerberg, CEO Facebook and President Emmanuel Macron of France’s recent endorsement both of which centred around highlighting the distinguishing value of UBA’s leading digital opportunities”.

“Also, our recent launch of Leo in 15 African countries is evidence that UBA has on its agenda, the objective of digital creativity especially in service for our trusted customer base across the African continent.  This award reminds us as an institution not to relent in our pursuit of excellence and to continue to lead the new digital age in Africa, within the financial services industry’.

Clive Horwood, Euromoney Magazine’s Editor explained that:  “Despite fierce competition, one bank stood out in the last year for the inventiveness of its efforts in digital banking: United Bank for Africa. One of its signature launches in Nigeria was Leo, an e-chat service using artificial intelligence to help customers execute transactions on Facebook”.

“Recently, Mark Zuckerberg gave a nod to the service, during a talk at a recent developers’ conference – a sign of its recognition at the highest levels of digital technology. The bank also recently added retina and fingerprint recognition and technology to reduce business travel greenhouse emissions. If it fulfils its ambitious plans to partner with fintech companies, UBA could continue to lead African banks in the area of digitilisation. “Horwood noted.

UBA is one of Africa’s leading banks with operations in 20 African countries and in London and New York, with   presence in Paris.

Adjudged to be at the forefront of innovation and convenient banking, UBA is one of the first financial services institutions on the continent to deploy Finacle 10x, a new information technology platform that boosts its services and electronic banking channels.

Today, UBA provides banking services to more than 15 million customers globally, through diverse channels and over a thousand touch points.

Access,FBN, GTBank, UBA, Zenith, among Top 1000 Global Banks

Five Nigerian banks which included Zenith Plc, Guaranty Trust Bank Plc (GTBank), FirstBank Nigeria Limited, Access Bank Plc and the United Bank for Africa Plc, were ranked among The Banker Magazine’s 2018 1000 Global Banks, in a report released last night.

According to the ranking, Zenith Bank was placed first in Nigeria and 402nd bank in the world, showing that the financial institution moved 28 places up, compared with the 430th position it was placed last year.

In Nigeria, Zenith Bank was closely followed by GTBank as the second largest bank in Nigeria and 576th in the world.

Also, FirstBank was ranked the third in Nigeria and 592nd in the world.
Access Bank occupied the fourth position and was ranked 630th bank in the world, while UBA was placed fifth in Nigeria and 856th in the global ranking.

According to The Banker, Africa’s economic fortunes improved over the 2017 review period following a difficult couple of years in which lower commodity prices hit the performance of the continent’s largest markets.

“This slowly improving economic climate was reflected by the growth trajectory of Africa’s banks which have, across the board, posted relatively strong numbers in the 2018 Top 1000 World Banks ranking,” it stated.

Among the top 10 African banks by Tier 1 capital, South Africa’s Standard Bank once again scooped the top spot with $10 billion. This, it stated, was a significant jump from the $8.6 billion in Tier 1 capital the bank recorded in the 2017 ranking. Accordingly, its position in the global table has climbed from 149th to 145th.

Other South African lenders also performed well. First Rand maintained second position in the Africa table while growing its Tier 1 capital position, while Nedbank also posted an increase to its Tier 1 capital despite surrendering third spot in the table to the ABSA Group.

Also, Ecobank Transnational Incorporated (ETI), at 337th position, was ranked third in the world.

“Exactly 10 years after the suspension of three US mortgage-focused funds signalled the start of the global financial crisis, the banking industry appears to be finding its feet. The banks in The Banker’s Top World Banks ranking for 2018 recorded double-digit growth in both capital and pre-tax profits, a feat not seen since 2010 when it was working from a much lower base.

“Together, the world’s largest 1000 banks hold nearly 12 per cent more Tier 1 capital in the 2018 ranking than they did in the 2017 version, marking the biggest annual increase since 2009.

“An even more reassuring sign of the industry’s resilience is that capital is growing at a faster pace than assets. This is revealed by the global capital-to-asset ratio, a variant of Basel’s three per cent leverage ratio, but which excludes off-balance-sheet items, rising 16 basis points (bps), compared with a more modest six bps one year ago,” it added

United Bank for Africa (UBA) announced it successfully raised $500 million through a debut Eurobond

The United Bank for Africa Plc (UBA) has announced that it has successfully raised $500 million though a debut Eurobond, which was 240 per cent oversubscribed.

The bank, in a statement Monday, said the significant investor demand reflected the strong global investor appetite for UBA’s credit and support for the group’s pan-African financial services strategy.
The global offering was a five-year senior unsecured benchmark bond listed on the Irish Stock Exchange and will further support the group’s strategic vision, as it continues to grow its franchise across the continent and client segments.

The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), will mature in June 2022 and was issued with a coupon rate of 7.75%, priced at an effective yield of 7.875%.
This pricing was seen by the global investor community as the best possible pricing for a debut issue from a Nigerian-based financial institution in the international market.

UBA-logo-2

The pricing was at par with the recent bond issue by Nigeria, which raised $1 billion in February 2017.
According to the statement, investor interest was global, including from the United Kingdom, Europe, Asia, the Middle East and the U.S.

Speaking on the offering, the Group Managing Director/CEO of UBA, Mr. Kennedy Uzoka, stated: “This successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of our group.
“The $500 million bond will complement our stable funding base and support the growth of our balance sheet and the overall business. More importantly, this medium-term funding will further enhance our strength in financing profitable, impactful projects on the African continent.”

Also commenting, the Group CFO, Mr. Ugo Nwaghodoh, said: “UBA’s debut global offering is another milestone for us. It is timely in the group’s growth phase and aligns with our strategic plan to profitably grow the balance sheet, as we maintain our prudent risk management and benchmark asset quality ratios.”

UBA is a leading pan-African financial institution, offering banking services to more than 14 million customers across over 1,000 business offices and customer touch points in 19 African countries.
With presence in New York, London and Paris, UBA connects people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments and remittances, trade finance and ancillary banking services, the statement said.

Source: Thisday