The innovations by United Bank for
Africa (UBA), in providing convenient banking platforms for individuals and
businesses have received global endorsement and recognition.
The Bank has been named the “Best Transaction
Bank” from Africa in 2016 by UK
based magazine “The Banker”. This is hinged on the Bank’s e-banking platforms that
have positively changed the way businesses manage their cash flow, payments,
collections, liquidity, trade and value chain management across their business
operations in Africa.
According to the magazine, the
judges were impressed by the Bank’s clear demonstration of the improvements
made to its transaction services business. Jane Cooper, Transaction Banking
Editor of the “The Banker” magazine, further said “the judges looked at entries
that demonstrated a clear strategy, as well as improvement and progress in the
last 12 months. Investment in technology was not the deciding factor, but
rather improvements that are of real value to the bank's customers “.
Phillips Oduoza, GMD/CEO of the UBA
Group, welcomed the announcement, noting that the endorsement validates the concerted
efforts to ensure the Bank’s customers across the continent, are offered the
best and most convenient solutions that are most critical to their business
processes.
“Our U-Direct Corporate offers a
single platform solution for cash management to assist businesses and
government in Africa to make payments,
collections, manage cash easily, and even do trades. It has been well received
because of its flexibility, automation, ease of doing business and cost
savings. A unique aspect of this product is that it allows busy executives to
approve requests and view balances on their mobile devices”, he stated.
Also speaking on the award, Yinka
Adedeji, Divisional Head, e-Banking explained that the Bank has been able to
innovatively apply technology to help both small and big businesses in Africa boost productivity and significantly reduce
operating costs, thereby enhancing their competitiveness in a highly
challenging business environment.
Additionally, he raised
the need for more investments by African banks in improving their
transaction banking capabilities especially in collections and payments as well
as improve the security features of their transaction banking platforms.
As
a highly diversified financial services provider and one of the largest
financial institutions in Africa, with offices in New York,
London and Paris,
the UBA Group has strong retail penetration across the African continent with
more than 7 million customers. These customers enjoy a bouquet of products and
services tailored to meet their different financial needs and backed by a
cutting edge e-banking platform that offers secured and convenient real-time
online banking services.