In a remarkable achievement, United Bank for Africa (UBA) has announced that its depositors’ funds have reached a record N18 trillion, with approximately 35 million customers across Africa. Moreover, the bank’s customer base is rapidly expanding and has now reached an impressive 45 million customers.
According to Oliver Alawuba, UBA’s Group Managing Director, the bank remains committed to supporting the key sectors that drive African economies, including agriculture, telecommunications, and the power sector. This commitment is crucial in addressing the significant infrastructure funding gap in Africa.
During a recent press conference, Alawuba emphasized UBA’s dedication to developing Africa and supporting small and medium-sized enterprises (SMEs), which are the backbone of the continent’s economy. He noted that UBA’s performance has continued to improve, reflecting the bank’s efforts to support African businesses and economies.
Alawuba highlighted that UBA’s strategy focuses on supporting countries where it operates, particularly in sectors that drive their economies. This includes investing in road infrastructure, ports, and technology to enhance revenue generation.
He also mentioned that UBA’s African subsidiaries are generating profits, contributing over 50% of the bank’s gross income. This success is a testament to the bank’s strategic expansion into African countries.
Looking ahead, Alawuba reaffirmed UBA’s commitment to investing in Africa and deepening its market presence. He emphasized the importance of encouraging inter-Africa trade, noting that UBA is working with partners to enhance trade between African countries.
With its impressive customer base and depositors’ funds, UBA is poised to continue playing a vital role in supporting African economies and promoting economic growth across the continent.
