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UBA Rewards 20 More Customers in Final Draw of Wise Savers Promo as 80 Customers Win N120m



l-r: Head, Micro-small, Small and Medium Enterprises(MSMEs), United Bank for Africa(UBA) Plc, Mr Babatunde Ajayi; Group Head, Direct Sales Agency, UBA Plc, Mrs Ogechi Altraide; Group Executive, Transformation and Resources, UBA Plc, Mr Chiugo Ndubuisi; Group Head, Marketing, UBA, Mrs Dupe Olusola; Group Executive, Customer Fulfilment Centre, UBA Plc, Mr Anant Rao; and Group Head, Brand Management, UBA Plc, Mr. Lashe Osoba, at the Grand Finale of UBA Wise Savers Promo where over 20 UBA Savings Account Customers won N1.5m each, bring the total amount won during the promo to N120m, in Lagos on Wednesday

United Bank for Africa (UBA) Plc, Pan African financial institution, has again rewarded another 20 customers who have emerged winners in the final draw of the UBA Wise Savers Promo, winning N1.5 million each, bringing the total amount won by 80 customers for the duration of the draw to N120 million.


The electronic raffle draw, which was held at the UBA Head Office in Lagos on Thursday, October 10th 2019, was witnessed by the relevant regulatory bodies including the National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Council.


Lucky customers who emerged winners in the fourth draw cut across all regions of the country. They are Lucy C Izunwanne; Agatha N Osifo-Whiskey; Aja-Ukpabi Bridget Ndidiamaka; Ajufo Patroy; Arewa Mathew Oluwatosin; Medline Paula; Olaniyi Joseph Ososba; Odibe Franca Nkechi; Kofo T Ogunsipe; Thany Abdullahi.


Others are Favour Jimmy Ufot; Orok Nsikak Uwem; Enyatam Daniel; Peace Ekemerighe; Yusuf Muhd; Alade Jamiu; Ibrahim Saheed; Ali Sarah; Zainabu A Adamu and Hemen Queen Torkwase.


The just concluded promo, which commenced in September last year, ran till the end of September 2019 and saw a final 20 customers from across Nigeria become millionaires, winning N30 million in the grand finale of the draw.


Speaking during the event, UBA’s Group Head, Customer Fulfilment Centre (CFC) and Telemarketing, Mr. Anant Rao, said that since the promo began late last year, the bank has been impressed at the level of response so far by its customers across the country, adding that the purpose of the campaign is to reward loyal customers while encouraging the savings culture.


He noted that due to the promo, over two million customers qualified for the promo, adding that there has been a remarkable increase in the number of participants in this edition stating that the bank’s objective of helping customers’ save for the rainy day is being achieved.


He said: “It is very easy to spend money but to save is a habit all must imbibe. Our key objective is to encourage our customers to save regularly. We are here to support our customers and to encourage them to save as well.”


The Group Executive, Transformation and Resources, Transformation and Resources, Chiugo Ndubisi, who commended and appreciated customers at the event said, “We had two major objectives for this promo which were to create and encourage a savings culture and to reward loyal customers and we have achieved this. We will be coming out with a bigger promo very soon and we are sure that even more of our customers will benefit from the next promo.


“We will continue to listen and give them nothing short of the best that they deserve. UBA will not relent, because we are impressed with the impact this has made so far and will continue to touch the lives of our loyal customers positively,” he explained.


Some of the lucky winners that were contacted on phone after the draw were elated,  describing  their rewards as  life changing. “I didn’t expect it and I am so grateful to UBA because this will go a long way to meeting my business needs and charting a new course for my life,” says one of the winners based in Benin, Edo State .


The criteria for qualifying for the draw was to save at least N30,000 in a UBA savings account or in instalments of N10,000 each for a period of three months. customers were able to open a savings account on any of the numerous bank channels, including Magic Banking (*919*20#) and LEO, or in any of the UBA branches across the country, and start saving to stand a chance of winning.


United Bank for Africa Plc is a leading pan-African financial services group, operating in 20 African countries, as well as the United Kingdom, the United States of America and with presence in France.









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CBN Prints N177Bn New Naira Notes, Destroys N1.8Trillion Others



Godwin Emefiele, Governor of the Central Bank of Nigeria

Central Bank of Nigeria (CBN) has said a sum of N176.9bn was spent to print banknotes between 2015 and 2018.


This came as the apex bank also said that it destroyed unfit Naira currency notes worth N1.89tn in two years, 2017 and 2018.


These were disclosed in the 2018 annual report of the Currency Operations Department of the CBN.


According the CBN, N64bn was spent to print banknotes in 2018, compared with N49.5bn in 2017, indicating an increase of N14.5bn.


The CBN in 2016 spent N33.37bn on printing banknotes as against N30.09bn in 2015.


The Currency Operations Department of the apex bank was confronted with a number of operational challenges, which included the sale of newly minted naira notes; poor handling habits of banknotes by the public; hoarding of the naira and high cost of currency management.


Other constraints were the rising cases of counterfeiting of the higher denomination banknotes; public apathy towards the use of coins; disposal of banknotes waste in an unfriendly manner, and banknotes inter-leafing and other shortages discovered in the deposits of Deposit Money Banks and Bankers Warehouse.


The report disclosed that “a total of 119,663 pieces of counterfeit notes with a nominal value of N98.82m was recorded in 2018.


“This indicated a decline of 1.30 per cent in volume and an increase of 5.77 per cent in value, when compared with 118,126 pieces with a nominal value of N93.43m recorded in 2017.


“The ratio of counterfeit notes to the volume of banknotes in circulation was 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017.”


The report disclosed that N500 and N1000 denominations remained the most commonly counterfeited banknotes, which accounted for 65.29 per cent and 34.49 per cent, respectively of the total discovered counterfeit notes.


It stated, “The increasing trend of counterfeiting of higher denomination banknotes underscores the need for more concerted efforts in managing the risk.


“The bank will, however, sustain its publicity campaign, collaborative efforts with security agencies and collation of data on counterfeits to mitigate the incidence of counterfeiting.”


The report explained that out of the total order of 3,351.34 million pieces of banknotes, the Nigerian Security Printing and Minting Plc delivered 2,653.31 million pieces or 79.17 per cent as of the end of December 2018, leaving a balance of 698.03 million pieces or 20.83 per cent.


“In addition, the company, under a domestication arrangement, delivered 22.89 million pieces of Nigeria’s N100 commemorative centenary banknotes, awarded in 2014 to Crane Currency Sweden. As of December 31, 2018, a total of 992.50 million pieces or 99.3 per cent had been delivered. However, the NSPM had written to inform the bank that the balance of 7,460,000 pieces was part of the waste generated during the printing process involved in the domestication.”


The currency department of the CBN sustained the disposal operations in 2018 to ensure the circulation of clean banknotes.


“In pursuance of this objective, the department deployed 12 banknote destruction systems and four currency disintegrating systems for currency disposal activities during the period under review.


On the destruction of unfit notes, the CBN said “As at the end of December 2018, a total of 1,810.54 million pieces or 181,054 boxes valued at N915,075.17 million was disposed, compared with 2,575.18 million pieces or 257,501 boxes valued at N977,231.78 million destroyed in 2017.


“The boxes of unfit notes disposed in 2018 decreased by 76,447 boxes, while the value decreased by N62,156.62 million or 6.36 per cent compared with 257,501 boxes valued at N977,231.78 million disposed in 2017.”


Mrs Priscilla Eleje, director, Currency Operations Department, said the report showed the activities and initiatives of the department to ensure, among others, withdrawal of unfit banknotes and circulation of clean banknotes in a balanced denominational mix to meet public demand.


To maintain the integrity of the banknotes in circulation, the department, in collaboration with Deposit Money Banks, Bankers Warehouse Plc, and security agencies, continued to intensify its efforts at mitigating the incidences of counterfeiting during the period under review.


A total of 119,663 pieces of counterfeit notes with a nominal value of N98.82m was recorded in 2018.


This indicated a decline of 1.30 per cent in volume terms and an increase of 5.77 per cent in value terms, when compared with 118,126 pieces with a nominal value of N93.43m recorded in the corresponding period of 2017.


It added, “The ratio of counterfeit notes to volume of banknotes in circulation was 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017.


“The N500 and N1,000 denominations remained the most commonly counterfeited banknotes, which accounted for 65.29 per cent and 34.49 per cent respectively of the total counterfeit notes discovered.”


Currency-in-Circulation grew by 0.8 per cent to N2.32tn at the end of December 2018.


The growth in CIC reflected the high dominance of cash in the economy and increase in economic activities.


A breakdown of the CIC indicated that, in terms of volume and value, the proportion of higher denomination banknotes (N100, N200, N500 and N1,000) in total rose from 41.9 to 44.3 per cent and 96.9 to 97.6 per cent, respectively.


The lower denomination currency notes continued to be preponderant in terms of volume, constituting 55.7 per cent of the total.


In value terms, it constituted 2.4 per cent of the total banknotes.


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Helios Towers Prices IPO @ Low End of Range



African mobile networks operator Helios Towers has priced its initial public offering at 115 pence per share, giving it a market capitalisation of 1.15 billion pounds ($1.45 billion).

Helios shares will begin conditional trading on London Stock Exchange at 0700 GMT on Tuesday after selling a total of 250 million pounds of shares.

The company priced at the low end of its pricing range, as reported by Reuters on Monday.

Investors will be watching closely to see how Helios fares in early trading as the first post-summer IPO in London, after Kazakh fintech postponed its float last week.

Helios operates phone masts in the Democratic Republic of Congo, Republic of Congo, Ghana, South Africa and Tanzania.

It had shelved previous plans for its IPO amid concerns about political risks in DRC and Tanzania.

Helios has said it will use the proceeds for expanding its services, including possibly into new countries.

Kash Pandya, Chief Executive of Helios, said the float “signifies our commitment to spreading mobile infrastructure across Sub-Saharan Africa”.

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Path Solutions Holds 13th Winning @ IFN Service Provider’s Poll 2019



Path Solutions, the global provider of Islamic software solutions and services today announced that it was voted ‘Best Islamic Technology Provider’ at Islamic Finance news Service Providers Poll 2019.

Path Solutions has made history after winning 12 consecutive awards, 13 times in total, at IFN Service Providers Polls, surpassing last year’s record by receiving a record-breaking number of votes, cementing what seems like unassailable dominance over the Islamic financial services sector. International Turnkey Systems was voted second, while 2018’s runner-up Oracle FSS came third.

With digital transformation dominating the financial industry, Path Solutions has captured high-profile new business across the globe this year, with new clients in Africa and Asia selecting the company’s best-selling iMAL Islamic core banking platform incorporating advanced analytics and intelligence, risk and compliance, CRM with 360-degree view, and digital modules. iMAL helps banks to transform from legacy systems to open platform empowering their full digital transformation initiatives.

“We feel honored to have won the ‘Best Islamic Technology Provider’ award from REDmoney over the years, which reflects our long-standing commitment to supporting the Islamic finance industry with flexible, scalable and innovative Sharia-compliant solutions that have been specifically designed around the customer journey across all business lines. We look forward to continuing to empower Islamic banks with cutting-edge technologies, enabling them to reap the benefits of end-to-end digitalization”, said Mohammed Kateeb, Group Chairman & CEO at Path Solutions.

Voted by the readers of REDmoney’s industry leading publication – Islamic Finance news – the IFN Service Providers Poll is regarded as the industry’s top-rated poll whose results offer a comprehensive and independent guide to the world-class providers to the Islamic financial services industry. The readership of the magazine comprises of government officials, corporate executives in high-profile companies as well as professionals in the financial services business.

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