NIGERIA – United Bank for Africa Plc, a leading pan-African financial services group headquartered in Nigeria, has introduced a product called UBA Connect to deepen intra-African trade and enable customers to make cash withdrawals in local currencies
A statement from the Bank said the service would enable customers of the bank to conduct traditional banking transactions at any UBA branch in the 20 African countries where the Bank has established operations.
UBA added that the service, available to both customers and non-customers, was expected to encourage intra-Africa trade, as cash withdrawal could be done in local currencies within the continent.
Deposits could also be made at any location regardless of where the account was domiciled, it stated.
The Chief Executive Officer, UBA Group, Mr Oliver Alawuba, who spoke about the product, said, “Africa stands to benefit substantially from intra-Africa trade, which is facilitated by the easy flow of capital within the continent.”
“As a bank committed to creating superior value for all its stakeholders, we are focused on ensuring that we continue to contribute significantly to the development of Africa by improving accessibility and trade with UBA Connect, among other innovative services,” added Mr. Aluwaba.
He explained that the new offering allowed easy transfer to UBA accounts across African countries as well as cash deposit into UBA accounts at any of the bank’s locations in Africa.
He further noted that the cash would be dispensed to customers in local currencies at competitive exchange rates.
The Group Head, Marketing, Mrs Dupe Olusola, said, “We are thrilled to be able to offer our customers the ease and convenience of UBA Connect.
“This is in addition to an array of digital platforms, which have made banking seamless for more than 12 million people, who have trusted us with their money.”
UBA is one of Africa’s best and most resilient banking Groups with operations in 20 African countries and offices in three global financial centers: London, Paris and New York.
The bank has been operating in Africa since 1949 and has been at the fore front of innovations aimed at improving the Banking experience of its customers.
In 2006, the bank pioneered the interconnection of its then 428 African branches making it the largest online real time branch network in Africa.
Africans are able to withdraw or deposit money in any of these branches regardless of where their accounts are domiciled.
Since then, the bank has remained at the forefront of technology innovation in the African banking space, launching the first artificial intelligence Virtual Banking Robot in the African market early 2018.
UBA connect is thus a demonstration of the Bank’s commitment towards improving the services it offers to its customers.