UBA at 75: Building a Legacy of Growth, Innovation, and Financial Inclusion 

As the United Bank for Africa (UBA Plc) marks its 75 years of operation this year, Festus Akanbi writes on the resilience of the pan-African financial giant and its ability to evolve and thrive in a dynamic banking landscape 

Over the past seven and a half decades, Africa’s global bank, United Bank for Africa (UBA) Plc has grown from a single entity into a financial powerhouse with a global presence, constantly evolving to meet the changing needs of its diverse clientele. This 75th milestone which the bank hit this year is not just a reflection of its longevity but a testament to its ability to evolve and thrive in a dynamic banking landscape.

For UBA, the past 75 years have not merely marked the passage of time but have birthed a legacy of resilience, innovation, and unwavering commitment to meeting the financial needs of its diverse clientele. From its humble beginnings to its current status as a pan-African financial giant with a global footprint, UBA’s journey is a testament to its strategic foresight and adaptability in a constantly evolving banking landscape.

From Small Beginnings…

Founded in 1949, UBA has grown from a single entity into a robust banking institution renowned for its stability and reliability. In its early years, a period marked by a conservative yet steady approach, the bank majorly focused on establishing a solid foundation, building trust with its customers through transparent and dependable banking services, and was able to withstand economic fluctuations and build a loyal customer base.

Of course like any other financial institution with global appeal, UBA’s journey has not been without challenges. The bank was able to successfully navigate through economic recessions, regulatory changes, and competitive pressures. Each challenge was met with strategic responses that turned potential setbacks into opportunities for growth and innovation.

Between the 1970s and 1980s, UBA expanded its operations across Nigeria, establishing itself as a key player in the nation’s financial sector. This era also saw the bank enhancing its service delivery, investing in technology, and introducing products that catered to the evolving needs of its customers. The bank’s ability to adapt to changing market conditions and regulatory environments was crucial in maintaining its relevance and competitiveness.

Embracing Technology and Innovation

The advent of the digital age brought about significant changes in the banking industry, and UBA was quick to embrace these innovations. Recognising the transformative potential of technology, UBA invested heavily in digital banking platforms, mobile banking, and fintech solutions. This proactive approach not only enhanced operational efficiency but also significantly improved customer experience.

In 2006, UBA merged with Standard Trust Bank (STB) in a strategic move that further strengthened its position in the market. The merger brought together complementary strengths, enabling the bank to offer a wider range of services and reach a broader customer base. This period also saw the bank launching several innovative products, including U-Mobile, an award-winning mobile banking platform that revolutionised banking convenience for its customers.

Expanding Beyond Borders: The Pan-African Vision

One of UBA’s most significant milestones was its decision to expand beyond Nigeria’s borders, embracing a pan-African vision. Today, UBA operates in 20 African countries, with subsidiaries in the United States, the United Kingdom, France, and the United Arab Emirates. This expansion strategy was driven by the bank’s commitment to fostering financial inclusion and economic development across the continent.

UBA’s pan-African presence has been instrumental in facilitating cross-border trade and investment, supporting the growth of African businesses, and promoting economic integration. The bank’s robust network and deep understanding of local markets have enabled it to offer tailored financial solutions that meet the unique needs of each region it serves.

Customer-centric Approach: Meeting Diverse Financial Needs

At the heart of UBA’s success is its unwavering focus on customer satisfaction. The bank has consistently evolved its product and service offerings to meet the diverse and changing needs of its customers. Whether it’s providing retail banking services, corporate banking solutions, or supporting small and medium enterprises (SMEs), UBA has remained committed to delivering value to its clients.

UBA’s customer-centric approach is evident in its extensive range of products and services designed to cater to different segments of the market, and its Customer 1st Philosophy (C1st) has enabled it to cater to its customers, offering savings and current accounts, personal loans, mortgages, and wealth management services. The bank provides a comprehensive suite of corporate banking solutions for businesses, including trade finance, cash management, and corporate lending.

The GMD, Oliver Alawuba, said, “Our financial strength and resilience have been key drivers of our success. UBA has consistently demonstrated robust financial performance despite economic challenges and market dynamics. 

“In the last year alone, we have showcased splendid results, reflecting our strategic foresight and operational excellence. Key financial indicators and performance metrics highlight our sustainability and the sound strategies that underpin our growth,” he stated. 

Empowering Communities: Corporate Social Responsibility

UBA’s commitment to making a positive impact extends beyond its banking operations. The bank has a strong tradition of corporate social responsibility (CSR), investing in initiatives that support Education, Environment, Empowerment, and special projects that include healthcare and meaningful partnerships. Through its CSR Arm – the UBA Foundation – the bank has launched several impactful programs, including the National Essay Competition, which provides scholarships to outstanding students, and the Read Africa initiative, which promotes literacy across the continent.

In recent years, UBA has also focused on environmental sustainability, launching initiatives to reduce its carbon footprint and promote green practices including Tree Planting for Sustainability, opening Braille accounts to cater to the visually impaired, and giving back to society. The bank’s commitment to CSR is a reflection of its broader mission to drive inclusive growth and development in the communities it serves.

Innovation for the Future: Digital Transformation and Fintech

As the banking landscape continues to evolve, UBA remains at the forefront of innovation. The bank’s digital transformation strategy is centered around leveraging technology to enhance service delivery and create new value propositions for its customers. UBA has invested in state-of-the-art digital banking platforms, mobile apps, and fintech partnerships to provide seamless and convenient banking experiences.

One of the standout innovations is the UBA Leo chatbot, an artificial intelligence-powered virtual assistant, introduced in 2018, that enables customers to perform banking transactions via social media platforms like Facebook and WhatsApp from the comfort of their mobile phones. This innovative solution has received widespread acclaim and has significantly improved customer engagement and satisfaction.

Financial Inclusion: Bridging the Gap

Financial inclusion remains a key priority for UBA. The bank is committed to extending banking services to the underserved and unbanked populations across Africa. Through its extensive branch network, agent banking model, and digital platforms, UBA is bringing financial services to remote and rural areas, empowering individuals and businesses to participate in the formal economy.

The bank’s efforts in financial inclusion are complemented by its support for SMEs, which are crucial drivers of economic growth and job creation. The bank provides tailored financial solutions, advisory services, and capacity-building programs to help SMEs thrive and contribute to sustainable development.

The Road Ahead: Vision for the Future

As UBA looks to the future, it remains committed to its core values of excellence, enterprise, and execution. The bank’s vision is to be the undisputed leading and dominant financial services institution in Africa, delivering superior value to all its stakeholders.

To achieve this vision, UBA will continue to invest in innovation, expand its footprint, and deepen its customer relationships. The bank’s strategic priorities include enhancing operational efficiency, driving digital transformation, and leveraging data analytics to deliver personalized services.

UBA Group Deputy Managing Director, Muyiwa Akinyemi, who spoke on this said, “Looking ahead, our vision is clear. We aim to expand our market presence, seize growth opportunities, and deliver unparalleled value to our stakeholders. Our strategic priorities and initiatives are designed to position UBA as the bank of choice for the future, driving growth and fostering sustainable development.

“Collaboration and partnerships are essential to achieving our strategic objectives. We are committed to deepening relationships with our customers, employees, regulators, and all stakeholders. Together, we can achieve mutual benefit and long-term success,” Akinyemi stated. 

The Next 75 Years: Continuing A Legacy of Excellence and Innovation

As UBA celebrates this milestone, it is with a sense of pride and gratitude. The bank acknowledges the contributions of its dedicated employees, loyal customers, and supportive stakeholders who have been integral to its success. Looking ahead, UBA remains committed to driving positive change, fostering economic growth, and delivering exceptional value to its customers and communities.

As UBA continues to navigate the future, it does so with a clear vision and a steadfast commitment to its mission. The bank’s legacy of excellence and innovation will continue to drive its growth and success, ensuring that it remains a trusted partner and a catalyst for positive change in the years to come.