E-Financial
UBA Assures of Innovative Services to Boost Trade, Financial Inclusion in Africa
United Bank for Africa (UBA) Plc, Pan African financial Institution, has assured its customers that it is dedicated to facilitating intra African trade and financial inclusion, by providing premium services, through consistent innovation and relentless investment in technology.
This bank said is targeted towards spurring financial inclusion on the continent.
Chiugo Ndubisi, Bank’s group executive, Transformation and Resources, made this disclosure on Thursday, during the Africa Day Celebration, at the ongoing 2019 Lagos International Trade Fair.
Speaking at the event which had the theme ‘Boosting Intra Africa Trade: Institutions, Finance and Technology,’ Ndubisi said: “As Africa’s global bank, we understand the importance of intra-African trade. Therefore, we have put services in place to support this. With Africash, our intra-African money transfer services, customers can easily move money around for trade and investment within the continent.
He continued: “More importantly, financial institutions like the UBA have taken up the Financial Inclusion challenge, using different digital channels to expand access to financial services.
Explaining UBA’s role in service delivery to its customers, he said, “In our quest to make every UBA branch a home branch to our customers, regardless of the African country they come from, we introduced UBAConnect, a service that has effectively supported trade in the Central African Economic and Monetary Community (CEMAC) region. We have recorded massive success in this regard.”
Ndubisi added that UBA customers in the CEMAC region – Gabon, Cameroon, the Central African Republic (CAR), Chad, the Republic of the Congo and Equatorial Guinea – can enjoy instant access to their accounts in the bank’s branches anywhere within the region, explaining that these services are in line with the bank’s belief that greater access to financial services can contribute to increase in the productivity of businesses, especially Micro, Small and Medium Scale Enterprises (MSMEs) – engines of economic growth on the continent.
“At UBA, we are excited about the possibilities the future holds for intra-African trade, with the required number of countries ratifying the African Continental Free Trade Area Agreement (AfCFTA). The agreement will create a single African market of more than a billion consumers with a total GDP of over $3 trillion. UBA is well positioned to support individuals and businesses when AfCFTA comes into force,” he noted.
On his part, Ruwase while addressing the participants and business owners said the African Continental Free Trade Agreement (AfCFTA) is a welcome development, adding that almost all African nations have shown interest in the agreement.
Ruwase said, “We believe the pact will further boost trade in a continent with a population of 1.2 billion and market size of about U$2.5 trillion, as it allows members to specialize in their areas of comparative advantage.”
“However, it is important to note that AfCFTA may not work out as planned if members fail to reform their business environment, diversify their exports base, fix their infrastructural problems, address regulatory challenges as well as institutional constraints, and map out strategies to improve their economic competitiveness, he noted.
A high point of the event was the visit to UBA branch by Ndubisi, were a first- hand experience of UBA’s self- printing debit card machine was carried out. While at the branch it was a bee-hive of activity as tonnes of customers gathered in their numbers to enjoy the unique service recently introduced by the bank.
The new self-printing debit card machine allows for seamless business transactions with great value to customers and businesses. The Product is Self Service Mobile Kiosk designed to give customers control of the following Banking transactions as they can initiate and complete the following requests/transactions with little or no interaction with Bank staff.
Self-service debit card printing allows customers to obtain personalised debit cards at their convenience with faster Turn Around Time. (TAT). This hands control over to the customers to enjoy this service at any time of the day. It also allows customers to block their existing cards in case of theft or misplacement.
A cardinal goal of instant card issuance is the reduction of the time expended in furnishing the customer a debit/credit card. The self-service solution takes this further by ceding the responsibility of the CSO to the customer who initiates the process and follows it through till a card is produced.
The following services is also available on Self Service Kiosk; Statement Printing, Card hot listing, Account Opening/Customer onboarding, Funds Transfer, Airtime recharge, Bills Payments and so much more.
Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
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