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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.

BIG STORY

JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

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The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

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BIG STORY

Federal Government To Arraign Binance Executives Over ‘Tax Evasion’ On April 4

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On April 4, the federal authorities will file charges against senior executives of the cryptocurrency company Binance, Tigran Gambaryan, and Nadeem Anjarwalla, for allegedly engaging in “tax evasion.”

Anjarwalla is Binance’s regional manager for Africa, while Gambaryan oversees the company’s compliance with financial crimes.

The Federal Inland Revenue Service (FIRS) charged Binance with a crime on March 25th for “tax evasion.”

The service claims that the action is intended to maintain national economic integrity and fiscal discipline.

The lawsuit, designated as suit number FHC/ABJ/CR/115/2024, is said to “implicate Binance with a four-count tax evasion accusation”.

However, on Thursday, NAN reported the federal government will charge the three defendants before Emeka Nwite, the presiding judge, at the federal high court (FHC) in Abuja on a four-count charge.

Despite not being a vacation judge, according to the report, the chief judge granted the fiat for the judge to oversee the case during vacation because it is a matter of critical national interest.

The lawsuit comes a month after Anjarwalla and Gambaryan were detained by the Nigerian authorities.

Anjarwalla and Gambaryan had flown into Nigeria but had their passports seized by ONSA.

On March 12, Anjarwalla was transferred to a local hospital after he fell ill while in detention in Nigeria.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Meanwhile, Gambaryan, on March 28, sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

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BIG STORY

NCC Orders Deactivation Of All Registered SIMs Without Proper NIN Linkage

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Telecommunications operators in the country are getting ready for another round of phone line disconnections for subscribers who have not linked their National Identification Numbers (NIN) with their SIM cards.

In accordance with a regulation from the Nigerian Communications Commission (NCC), which requires all registered SIMs without adequate NIN linking to be either repaired or entirely disconnected from networks, the disconnections are scheduled to occur on Friday, March 29.

In an effort to counter illegal acts including banditry and kidnapping and ultimately strengthen national security, the government launched the NIN-SIM Linkage process on February 28, 2024.

There are hints of a potential third phase in April 2024.

Operators have reportedly collaborated with the NCC in implementing the directive, demonstrating their dedication to national security objectives and ensuring full compliance by the specified deadlines.

The second phase will target subscribers with five or more SIMs from a single operator that lack verified NIN-SIM linkages.

The third phase, scheduled to start on April 15, will focus on subscribers with four SIMs or fewer and unverified NINs.

While telecom companies are advocating for a review and extension of the April deadline for the third phase, indications from the NCC suggest a firm commitment to the established timelines.

The first phase resulted in the barring of 40 million lines, including approximately 17 million active SIMs without NIN submissions and 23 million inactive SIMs lacking NINs over the past year.

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