E-Financial
UBA Expands Frontiers of Banking with Mobile App
United Bank for Africa (UBA) Plc, Pan African financial institution, has said that the recent upgrade of the UBA mobile app was to enable the bank offer customers’ seamless means to pay for goods and enjoy world class digital banking services.
Sampson Aneke, group head, Digital Banking, UBA, who stated this during a revealed this during a virtual media briefing with journalists across the continent, said that bank’s digital transformation, through its huge investment in technology enabled it to introduce features in its refreshed version of mobile app. that allow group transfer and transfer to a telephone number.
According to Aneke, the bank, anticipated that the COVID-19 pandemic would hasten digital banking penetration as well as financial inclusion across the continent.
“So some of these things that would replace point of sale (PoS), some are already here while some are still in the making like QR code we already have in the current app, so you wouldn’t need PoS.
“We are making QR code so easy so that you can on your app the merchant to like and use regularly. There a lot of things we are doing to make life easy for our customers and to help maintain good hygiene because the current situation calls for seriousness as far as hygiene is concerned.”
Aneke, also said the new UBA app has a feature that allows transfer to telephone numbers. Another feature the bank introduced in the new app is that it allows group transfer.
Also speaking during the media briefing, Jude Anele, group head, Consumer and Retail Banking, said: “The era of people going to ATMs to punch keys, slotting cards at PoS terminals where you need to use your fingers to punch the buttons is almost going because of health concerns.
“Most of the transmission you might get and other aliment would come from such. So, what would gain ground is contactless payment systems where you don’t have to make contact to be able to pay.”
He added: “If you go to countries like Kenya and most parts of East and central Africa, you would find that while financial inclusion is deepening over there is because of the spread and depth at which financial technology and mobile payments has gone in those countries.
“I believe that what COVID-19 has done for Africa, from a positive perspective is that it would actually hasten the adoption of digital banking which is actually the most cost-effective way to reached the unbanked.”
Anele further said: “What would take effect now and in the near future in payments in banks would largely be contactless payments. And contactless payments would happen largely around person to person transfers, USSD and that would include many people.”
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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