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UBA Assures of Innovative Services to Boost Trade, Financial Inclusion in Africa

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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.

 

 

 

 

 

 

 

 

 


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E-Financial

NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m

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Banks in Nigeria closed 29.4 million accounts as of March 2025, according to the latest report by the Nigerian Interbank Settlement System (NIBSS).

NIBBS: Banks Close 29.4m Accounts, Dormant Accounts Hit 33.39m

The figure represents a sharp year-on-year increase of 30.43 per cent from the 22.54 million closed accounts recorded in March 2024.

It also reflects a steady rise in account closures over recent months, with 33.29 million closed accounts reported in February 2025 and 29.43 million in January.

The report also revealed a significant increase in dormant accounts, which surged to 33.39 million in March 2025, up from 19.79 million in the same period in 2024, a 71.3 per cent rise in inactive accounts over the past year.

Despite the spike in closures and dormant accounts, the number of active bank accounts rose from 219.64 million in March 2024 to 320.05 million in March 2025, representing an increase of over 100 million, or 45.7 per cent.

NIBSS defines a dormant account as one that has seen no deposit, withdrawal, transfer, or point-of-sale transaction for a period of six months.

The surge in account closures and dormancy follows the Central Bank of Nigeria’s directive issued in December 2023, mandating commercial banks to restrict Tier-1 accounts not linked to a Bank Verification Number (BVN) and National Identification Number (NIN) by March 1, 2024.

In response to the directive, BVN enrolment increased from 61.6 million in April 2024 to 66.23 million by July 2025, as more Nigerians rushed to meet the CBN’s compliance deadline.

 

 


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Cardoso, CBN Boss Risks Arrest over Alleged N5.2 Trillion Unremitted Funds

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The Joint Committee of the House of Representatives on Public Accounts and Public Assets has threatened to issue a warrant of arrest against Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), over repeated failure to honour its invitations regarding the probe into non-compliance with the Fiscal Responsibility Act 2007 and Finance Act 2020.

Cardoso, CBN Boss Risks Arrest over AllegdedN5.2 Trillion Unremitted Funds

Olayemi Cardoso,, Gov, CBN

In a joint statement released on Friday and signed by Hon. Bamidele Salam and Hon. Ademorin Kuye,  chairmen of the committees, the lawmakers decried the CBN governor’s continued disregard for legislative summons.

The committee is investigating the non-remittance of operating surplus as well as the mismanagement of unclaimed dividends and dormant account balances.

According to the committee, the Office of the Auditor General for the Federation reported a liability of N5.2 trillion in unremitted operating surplus due to the federal government from 2016 to 2022; a claim corroborated by the Fiscal Responsibility Commission in a separate submission to the National Assembly.

The committee cited provisions of the Finance Act 2020, which mandate that unclaimed dividends from publicly listed companies and dormant bank account balances older than six years be transferred into the Unclaimed Fund Trust Fund. The fund is to be managed by a Governing Council led by the Minister of Finance and the Debt Management Office (DMO).

Contrary to this, the CBN maintains that the Financial Institutions Act 2020 empowers it to manage dormant balances.

However, the committee noted that the Attorney General of the Federation has issued a legal opinion affirming that the Finance Act 2020 remains the valid law guiding the management of such funds.

Following extensive submissions, the committee resolved that the CBN must remit N3.64 trillion, representing 70% of the undisputed N5.2 trillion operating surplus, within 14 days from receipt of its June 27, 2025, directive, pending final reconciliation of the disputed amount.

Additionally, the apex bank was directed to submit a detailed report on the total sum of unclaimed dividends and dormant account balances by June 30, 2025.

The CBN was also ordered to transfer these funds into the Unclaimed Fund Trust Fund within 14 days and furnish the House with evidence of the transaction.

The lawmakers expressed frustration that, despite the clear directives and ample time, the CBN governor has failed to respond or appear before the joint committee to provide an explanation.

“In view of this continued defiance, the Committee will be compelled to exercise its constitutional powers to compel Mr. Olayemi Cardoso to appear before it,” the statement warned.

 


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Moody’s Upgrades Ecobank’s Outlook to Stable

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Moody’s has upgraded the outlook on Ecobank Transnational Incorporated’s long-term issuer and senior unsecured debt ratings to stable from negative.

In the latest rating commentary, made available to media on Thursday, Moody’s also affirmed the pan-African banking group’s B3/Not Prime long- and short-term issuer ratings; B3 senior unsecured debt rating; b2 notional Baseline Credit Assessment and b1 Adjusted BCA.

ETI’s subsidiaries operate across 38 countries, including 35 African countries, and total assets of $28.9bn as of March 2025, details from the rating note highlighted. Moody’s said the decision to change the outlook to stable on the long-term issuer and senior unsecured ratings reflects ETI’s resilient financial performance.

The rating upgrade also takes into consideration higher dividends being upstreamed to ETI, resulting in lower double leverage and reduced refinancing risk.

The rating adjustment also reflects an expectation that the recapitalisation process of Ecobank Nigeria Limited will be completed by the end of 2025, with limited impact on the group’s financial fundamentals.

“The stable outlook also captures our expectation that a series of capital-boosting initiatives and actions to cure Ecobank Nigeria’s total capital position will be completed before the end of 2025”, according to the ratings agency.

In May 2025, ETI received shareholder approval to raise $250 million in Additional Tier 1 (AT1) capital and announced the launch of the transaction effective 9 July 2025, of which a portion is expected to be downstreamed to Ecobank Nigeria as AT1 capital during Q3 2025.

Ecobank Nigeria’s plan to raise $200m in AT1 capital was noted in the rating note. The ratings analysts said they consider

“We also note that Ecobank Nigeria’s recent successful offer to tender $150m of its February 2026 $300 million notes and consent to remove the capital adequacy ratio covenant from this bond’s terms alleviates risks of an event of default in Nigeria that would trigger cross default at the ETI level. Over the past year, ETI has shown resilience in its financial performance, which supports our change in outlook to stable. Liquidity risks are being moderated by the group’s gradually improving profitability during 2024 and Q1-2025.

“This has translated into a 22 per cent increase in dividends upstreamed to ETI during 2024, these being received from 22 dividend-paying subsidiaries compared to just 14 in 2021,” the rating commentary revealed.

In turn, albeit high, ETI’s double leverage ratio, which measures the liquidity risk taken on by the holding company, as a result of it borrowing in order to invest in the equity of its subsidiaries, has eased to 168 per cent as of December 2024 from 173 per cent in 2023.

Additionally, the stable outlook reflects reduced liquidity risk at the holding company level with the refinancing of short-term liabilities in 2024 with longer-term funding.

Moody’s said this is underpinned by demonstrated market access, notably through senior unsecured notes issuance of $400m in October 2024 and a tap increase of $125m in May 2025, maturing in October 2029.

ETI’s B3 long-term issuer ratings affirmation reflects the affirmation of the group’s b2 notional BCA; the affirmation of the group’s b1 adjusted BCA as captured by a one-notch uplift for affiliate support, reflecting Moody’s assessment of a moderate probability that the firm’s major institutional shareholders would extend support to the group. Moody’s said asset quality for the group has improved over recent years.

 


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