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UBA PLC Received Innovative Bank of the year 2016 Award From Mrs Adaobi Nwakuche Director Independent Newspaper [Left] to Mr Yinka Adedeji,Head,Digital Banking UBA Plc[middle] and Mr Ted Iwere MD Independent Newspapers Limited looks on

Pan African banking and financial services group, United Bank for Africa (UBA) Plc has added yet another award to its growing list of laurels as it emerged Most Innovative Bank of the Year at the Independent Newspapers Awards

The award which is a recognition of innovative products and services introduced by the bank in the past years towards meeting customer needs, comes on the heels of recent awards hauled by  the Bank , including Finnacle Client Innovation Awards, and Best Bank Awards won by its 5 subsidiaries  across Africa by The Bankers Magazine.

The event played host to dignitaries and business leaders, from different industries across Nigeria  including: the deputy Governor of Rivers State; Dr. (Mrs) Ipalibo Harry Banigo, Mr. Sam Amuka, Publisher, Vanguard, Mr. Eric Osagie, Managing Director, Sun Newspapers Mr. Sam Cookey, CEO, Space Concepts

Receiving the award at the weekend in Lagos, Group Head, Consumer and  Digital Banking, United Bank for Africa, Dr. Yinka Adedeji, thanked the organisers for the recognition noting that he is delighted that UBA’s dedication to hard work and particular emphasis on quality to customer needs  are been recognised.  According to him, the award affirms the Bank’s strong management and commitment to service excellence.

“Our drive for quality, conforms with our desire to continuously deliver innovative and convenient payment options to our customers. Our innovations in the digital banking space have been possible because of our huge investments in building efficient, trustworthy platforms. We assure our customers that we are committed to continually bring the best in the financial technology space to ensure they always have the best and most convenient banking experience with all our service channels” Adedeji further said.  He said that the bank would not relent on its oars but continue to leverage technology to increase the depth and understanding of customer preferences and changing needs

While rationalising the choice of UBA as the most innovative bank in the country,  Mr. Ted Iwere, Managing Director, Independent Newspapers, organisers of the awards, said that UBA’s relentless pursuit of a global vision has seen it invest in the most secured IT platforms in Nigeria and by extension, African banking industry, which  has guaranteed customer experiences on its banking platform. Iwere noted that UBA’s internet banking application and data centre operations passed the ISO 27001 Certification, thereby confirming the adequacy of the banks security platform for online transactions.

He further said, UBA has proven its leadership position in e-banking with the introduction of mobile Point of Sales (Mpos) terminals doing this in partnership with relevant stakeholders across Africa.

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Kings of Finance: GTBank Named Africa’s Most Admired Finance Brand

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Guaranty Trust Bank plc has been ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The rankings were announced in a novel global virtual event and will be published in the June issue of the African Business magazine.

In a special report examining the results of the 2020 survey, the founder of Brand Africa, Thebe Ikalafeng, said GTBank’s “clever marketing, global presence and some of its flagship food and fashion events have undoubtedly helped make it a fixture of daily life in some of its key markets, especially its home base Nigeria.” He added that the bank, which recently won plaudits for building a 110-bed Care Centre in response to the Covid-19 Pandemic, “has taken banking and finance to the people.”

GTBank has long been regarded as one of Africa’s outstanding brands and enjoys a massive youth following thanks to its innovative and forward-thinking approach to financial services and customer engagement. It currently commands the largest social media following amongst all financial institutions in Africa and in 2019, the Bank hosted over 700,000 people at its consumer-focused events, GTBank Food and Drink Festival and The GTBank Fashion Weekend, among them dozens of business leaders and industry experts from around the world.

In 2019, GTBank removed all banking charges for young undergraduates under the age of 25 on its GTCrea8 Account Package. The move was unprecedented in the financial services sector but not unusual for a bank that had pioneered Zero-Naira Account Opening in the country, and in which people over the age of 65 also bank for free. GTBank is also blazing the trail in digital technologies; after leading the USSD banking revolution in Nigeria with its 737 Service, the bank is driving the digitization of consumer lending with Quick Credit, a first-of-its-kind digital lending product that gives individuals and small businesses instant, real-time access to loans anytime, anywhere via their mobile phones.

Brand Africa’s ranking of GTBank as Africa’s Most Admired Finance Brand is only one of its many accolades. In 2019, the was recognized as the Best Bank in Africa and Best Bank in Nigeria, by the Euromoney Magazine and the Best Banking Group and Best Retail Bank Nigeria by World Finance Magazine. In the same year, the Bank also dominated the Central Bank of Nigeria’s Electronic Payment Incentive Scheme (EPIS) Efficiency Awards for the third year in a row, taking home 8 of the 12 honours for banks at the forefront of driving the digitalization of financial services.

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COVID-19: CBN Issues Directive To Banks, Reduces Interest Rates

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The Central Bank of Nigeria (CBN) has reduced interest rates on its facilities through participating in Other Financial Institutions (OFIs).

The rate has been slashed from 9 to 5 percent per for one year, effective March 1, 2020.

This was contained in a circular to banks on Wednesday by the Director of Financial Policy and Regulation Department, Kevin Amugo.

Similarly, CBN intervention facilities obtained through participating OFIs, Microfinance Banks (MFBs), Primary Mortgage Banks, among others would be given a further one-year moratorium on all principal repayments.

This is also effective on March 1, 2020.

OFIs have equally been granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI sub-sector.

The Director, Corporate Communications Department, Isaac Okoroafor, said the decisions were part of the bank’s efforts to cushion the effects of coronavirus on Nigerians, businesses and regulated institutions.

He assured that the CBN would also continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.

However, the Monetary Policy Committee (MPC) meeting of the CBN for the month of May will be held on Thursday.

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GTBank Celebrates Children’s Day

Gbemileke Ajayi

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