UBA, DEG to support SMEs with US$50m term facility agreement

NIGERIA – The United Bank for Africa (UBA) Plc, and Deutsche Investitions- und Entwicklungsgesellschaft mbH, (DEG) the German Development Finance Institution, have entered into a partnership aimed at supporting small and medium scale businesses (SMEs) in Nigeria. According to a statement, both institutions have signed a US$50 million term facility agreement with a tenor of six years and is targeted at supporting SMEs and family-owned businesses in Nigeria. UBA America’s Chief Executive Officer, Sola Yomi-Ajayi, was quoted to have said UBA remains passionate about the growth of the private sector…

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UBA Ghana opens its 28th branch in Kumasi as it deepens its footprints locally and globally

GHANA – As part of its plans to reach the unbanked while offering innovative banking services to traders and businesses, the United Bank for Africa (UBA) Ghana Ltd has opened a new Business Office in Kumasi, at the newly redeveloped Kejetia Central Market. The new Kejetia Branch brings the number of Branches in the country to 28 with 6 in Kumasi, with an additional plan to unveil another in Kasoa in the Central Region by close of month. Speaking at the opening of the new Business Office in Kejetia, Managing…

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UBA posts 26.8% profit after tax in the first quarter of 2021

NIGERIA – The United Bank for Africa (UBA) Plc has announced that its profit after tax (PAT) increased by 26.8 percent in the first quarter (Q1) for the period ended March 31, 2021. The bank’s PAT jumped to N23.2 billion (US$60.98m) in Q1 2021 from N30.1 billion (US$79.11m) in the same period in 2020. According to a statement from the bank, it also recorded a double-digit growth across most of its major income lines in period under review. The tier-1 bank said between January and March, it recorded N40.6 billion…

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Tony Elumelu Foundation and UBA to support innovative ideas in rural Kenya

KENYA – United Bank for Africa (UBA) and Tony Elumelu Foundation have partnered to fund innovative business ideas from rural areas in Kenya as part of its Covid-19 recovery plan for the year 2021. The two bodies are seeking applications from Kenyans who have “brilliant, scalable ideas”. The applications, which opened in January 2021 and closes end of March 2021, comes at a time that most small and medium enterprises (SMEs) are reeling from the economic fallout of Covid-19. In 2019, TEF said that about 70 percent of applications come…

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UBA launches new lifestyle web platform, RED Radio to educate, entertain users

NIGERIA – Pan- African financial institution, United Bank for Africa, (UBA Plc), has launched a new dynamic and creative Online Radio channel – RED Radio to educate and entertain users. The online radio was launched with an exclusive interview featuring UBA’s Brand Ambassador and star boy, Wizkid. During the interview, Wizkid he spoke extensively about his upcoming album and what his fans should expect from him in the coming weeks. The launch of RED Radio, follows the successful unveiling of REDTV by UBA back in 2015. The station was started…

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UBA Ghana appoints Balogun Olalekan as the new MD/CEO

GHANA – The Board of Directors of United Bank for Africa Limited (UBA Ghana) has appointed Mr Olalekan Balogun as the new Managing Director and Chief Executive Officer of the Bank effective May 08, 2020.  He replaces Mr. Isong Udom, who has been the Managing Director / Chief Executive Officer of the Bank since March 2018 and now re-assigned to UBA Plc, Nigeria.  Prior to his appointment, Mr Balogun was the Managing Director/Chief Executive Officer of UBA Liberia, where he led a major transformation since June, 2016 and grew the…

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UBA reports profit of US$77.18m for first quarter of 2020

NIGERIA – The United Bank for Africa Group (UBA) Plc has announced a gross earning of N147.2 billion (US$377.44m) for the first quarter(Q1) ended March 31, 2020, up from the N131.7 billion (US$337.69m) posted in the corresponding period of 2019.  Net interest income rose to N65.417 billion (US$167.74m), compared with N58.075 billion (US$148.91m) in 2019. The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an 8.5 per cent growth in profit before tax (PBT) to N32.7 billion (US$83.85m), compared with…

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UBA deploys US$14m to combat COVID-19 pandemic in 20 African countries

NIGERIA – United Bank for Africa Plc (UBA) announced it was deploying US$14 million (N5 billion) through the UBA Foundation to combat COVID-19 in 20 African countries. The Bank said the donation will provide significant and much needed support to Nigeria and 19 other African countries by supplying relief materials, critical care facilities, and financial support to governments. “This is a time when we must all play our part. This global epidemic must bring citizens, governments and business leaders together – and quickly,” said UBA Group Chairman Tony O. Elumelu.…

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United Bank of Africa profits hit US$308bn in 2019 as grows earnings grow by 13%

NIGERIA – United Bank for Africa Plc, has said that its gross earnings grew by 13.3 per cent to N559.8bn (about US$1.55 billion) in 2019 financial period from N494.0bn (about US$1.37 billion) in the corresponding period of 2018. A statement from the bank showing its audited results for the full year ended December 2019 revealed that its total assets also grew by 15.1 per cent to N5.6tn (about US$15.52 billion) in the year under review. UBA said that this was the first time the bank’s gross earnings and assets would…

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Nkechi Joyce Arizor appointed as UBA Liberia’s MD

LIBERIA – United Bank for Africa, a Pan-African bank with a presence in twenty African countries, has named Madam Nkechi Joyce Arizor as MD/CEO of UBA Liberia. Ms Nkechi, a Certified ISO Auditor, replaces Olalekan Balogun who served as MD/CEO for nearly four years. Nkechi has an MBA in Management from the University of Nigeria, an M. Ed (Educational Management and Planning) from the University of Port Harcourt and a B: Ed Certificate from the University of Ibadan. She comes with a wealth of experience in banking having started her…

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