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Tag: UBA

  • World Business Outlook Awards: UBA Ghana bags two awards

    World Business Outlook Awards: UBA Ghana bags two awards

    World Business Outlook Awards has honored United Bank for Africa (UBA) Ghana with accolades in two categories at its annual awards ceremony.

    The bank earned the title of Best Banking Services Provider for its advanced systems and comprehensive product offerings, and was also named the Leading Financial Services Institution in Ghana for introducing the innovative Braille Account package.

    These awards, which recognize businesses for their outstanding achievements and innovations, highlight UBA Ghana’s dedication to delivering superior banking services and customer satisfaction.

    “We are thrilled to receive these awards, which reflect our dedication to delivering exceptional banking experiences,” said Uzoechina Molokwu, Managing Director/CEO of UBA Ghana. “We are proud to be recognized as a leader in Ghana’s financial sector.

    “Our goal is to make banking easy, convenient, and accessible to all Ghanaians and meet the evolving needs of our customer base,” added Uzoechina.

    “These awards motivate us to continue pushing the boundaries of innovation and excellence in banking in Ghana.”

    He further noted that, “Our primary focus is our customer and this informs our Customer First (C1st) philosophy which ensures that we always put our customers first”.

    Our customers remain central to our mission. As we celebrate the eighth anniversary of our C1st Philosophy, our commitment to delivering top-notch banking services remains unwavering”.

    These accolades also acknowledge UBA Ghana’s role in advancing the country’s economic progress and development over the past two decades.”

    “As a bank, we are committed to investing in initiatives that promote financial inclusion, people development, entrepreneurship, and economic empowerment and environmental sustainability.”

    UBA Ghana has consistently demonstrated its commitment to excellence, innovation, and customer satisfaction. These awards reinforce the bank’s position as a leading financial institution in Ghana and a trusted partner for individuals and businesses.

  • Tony Elumelu earns close to $4.3 million from UBA in a single stake

    Tony Elumelu earns close to $4.3 million from UBA in a single stake

    Nigerian businessman and philanthropist, Tony Elumelu, has experienced a remarkable boost in the value of his United Bank for Africa (UBA) stake on July 21, witnessing an impressive increase of $4.3 million in just one day.

    Despite facing a setback of $1.1 million due to the devaluation of the naira, Elumelu, known for his influence in African business circles, remains among the wealthiest investors on the Nigerian Exchange and ranks high among Nigeria’s richest businessmen.

    As of the latest report, Elumelu holds a substantial 7.17-percent stake in UBA, which translates to 2,450,603,739 ordinary shares with a market value of $47 million.

    According to data from Billionaires.Africa, the market value of his UBA stake soared from N33.21 billion ($42.80 million) on July 20 to N36.51 billion ($47.06 million) on July 21, representing a staggering increase of N3.31 billion ($4.26 million) within a single day.

    This significant surge occurred as UBA shares on the Nigerian Exchange jumped by an impressive 9.96 percent, rising from N13.55 ($0.0285) on July 20 to N14.90 ($0.0365) at the time of reporting. The surge brought substantial gains for investors in the local bourse.

    UBA now holds a position as one of the most valuable companies on the Nigerian Exchange, boasting a current share price of N14.90 ($0.04) and a market capitalization of N510 billion ($657 million).

    With a presence in 24 countries across four continents, including the United Kingdom, the United States, France, and the United Arab Emirates, UBA continues to establish itself as a significant player in the financial sector.

    Elumelu’s impressive gains in UBA, driven by the surge in the bank’s share price, further solidify his status as a leading figure in Africa’s business landscape and underscore UBA’s resilience and strong performance in the financial market.

  • Conduct rigorous background checks on staff to curb cyber-attacks on Banks CEO of UBA

    The Regional Chief Executive Officer of United Bank for Africa (UBA) (Group) Limited has called for the conduct of rigorous background checks on workers in sensitive roles and other staff as part of measures to curb cyber-attacks on banks and financial institutions.

    “Investigate staff living above their means and most importantly compensate adequately to protect staff from undue financial pressure.”

    Mrs Abiola Bawuah said this at the induction and award ceremony of the Chartered Institute of Credit Management (CICM) Ghana’s Maiden Presidential Ball ceremony in Accra.

    The ceremony was used to induct 52 members into CICM Ghana. Seven persons were conferred with Honorary membership, thirty five were awarded as Chartered fellows. Seven persons who had distinguished themselves in various businesses over the years were also awarded as Honorary fellows.

    Mrs Bawuah recounted that as fraudsters become more agile in their methods, Banks and other financial institutions must also adapt and stay ahead of them.

    “As banks, we must ensure that security is paramount in all our decision especially in technology and processes that can expose us or our customers to cyber-attacks.”

    She said it was important that Banks and financial Institutions would embrace cyber security preventive mechanisms and work assiduously to ensure retention of trust in Ghana’s financial system.

    “Cyber threat is continuously evolving and as custodians of the financial sector, let us embrace the cyber security preventive mechanisms and work assiduously to ensure retention of trust in our financial system.”

    According to Mrs Bawuah, internal collusion remained a strong factor in most cyber-attacks.

    “The defense against cybercrime is one that has to start from within every financial institution. Internal governance, framework from internal control, Audit, compliance and risk and credit management should be at their best,” Mrs Bawuah stressed.

    She said there was also the need for constant education of bank staff and customers on the various typologies of cyber fraud.

    On the COVID-19 pandemic, Mrs Bawuah said banks had been compelled to use technology more to deliver financial services.

    She said because banks and financial institutions were providing services through digital channels, there had been a reduction in face to face interaction.

    Consequently, she said banks and financial institutions had become prime targets for cyber-attacks by criminals all over the world.

    Citing the Ghana’s Criminal Investigation Department data, Mrs Bawuah said from 2016 to 2018 the country lost $97 million to cybercrime related activities.

    She called for collaboration between Bank of Ghana, Banks and other financial institutions to deal with emerging threats of cybercrime.

    According to her, cyber criminals were obtaining access to personal data via data breaches by using personal information to gain customer’s trust in scams or takeover some accounts.

    “Fraudsters are aggressively using SMS authentication with phone porting, Phone spoofing of legitimate business…scammers have attempted to record victim’s voices to bypass voice recognition, finger prints, biometric and customer personal data sourced from cyber market places.

    She said digital transformation was “changing fraud typologies and therefore to respond, banks needed to be proactive and update their fraud risk framework… Look for next generation prevention and detection solutions.”

    Dr Cudjoe Awudi, Director, Corporate Planning, Monitoring and Evaluation, Forestry Commission, who chaired the occasion, urged stakeholders in the financial sector to look for solutions to cybercrime as huge sums of monies were being lost.

    Dr Awudi said cyber security threats were real and scarier than most pandemics, saying however that with effective collaboration, it could be contained.

    Mr Amo Agyapong, Executive Secretary of CICM, Ghana, noted that businesses thrived on credit, hence the need for the public to understand credit issues in order to promote the growth of businesses.

    The programme was on the theme: “This Era of COVID-19, Conundrum and the Increase Cyber Security Threat in the Banking and Financial Service Industry.”

    Source: GNA

  • United Bank for Africa Group announces global management appointments

    United Bank for Africa Plc (UBA) a pan-African financial services institution has announced the appointments of Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun and Usman Isiaka as chief executive officers of six of its 20 subsidiaries across Africa, subject to regulatory approvals.

    The new CEOs will drive the Group’s strategy and activities in Mali, Uganda, Zambia, Senegal, Tanzania and Sierra Leone respectively.

    In addition, Ogechi Altraide has become the new Head, Retail Banking; Amadao Konate, Head, Treasury & International Payments for UBA America. These international appointments compliment the prior appointments of Sola Yomi-Ajayi as the CEO of UBA America, and Patrick Gutmann as the CEO of UBA UK. UBA provides a full suite of corporate banking products and services to businesses, multilateral institutions and governments transacting from and with Africa.

    Earlier this month, UBA announced the appointment of Ayoku Liadi and Oliver Alawuba respectively, as Deputy Managing Directors in charge of the Group’s Nigeria and Africa businesses, attesting to the importance of UBA’s African business and its strategic positioning as “Africa’s Global Bank”.

    UBA Group Chairman, Tony O. Elumelu, stated “The appointments further reflect the strong growth of the Group’s pan-African businesses, currently responsible for over 40% of total Group revenue and the increasing importance of our international businesses in London, Paris and New York, offering superior treasury, trading and corporate banking solutions to clients globally. We are committed to catalysing growth on the African continent and the new CEOs are taking up roles at a very exciting period, as the Group executes its innovative digital play across the African continent”.

    Also announced were the appointment of three new country Executive Directors – Haoua Cisse as the Executive Director, Wholesale, UBA Mali and Julien Kouassi as Executive Director Wholesale, UBA Côte D’Ivoire.

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees group wide and serving over 20 million customers, across its approximately 1000 branches and over 30,000 ATMs, PoS, and agencies in Africa.

    Operating in 20 African countries and globally in the United Kingdom, the United States and France, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge products, including the first ever banking chat bot in Africa, LEO.

    Source: africabusinesscommunities.com