Connect with us

E-Financial

UBA Wins Social Infrastructure Deal of the Year Award

Published

on

Kindly share this post

United Bank for Africa (UBA) Plc Pan-African financial services group, has won the African Investor (Ai) Social Infrastructure Deal of the Year award.

The award was announced at the Ai CEO Infrastructure and Sovereign Investment Summit in Cape Town, South Africa last week.

Now in their 8th year, the highly sought-after Ai Infrastructure Investment Awards formally recognises achievements across the main infrastructure sectors in Africa, and reward the institutions and personalities driving transactions and improving the continent’s infrastructure investment climate.

UBA was given the award for its significant investment in social infrastructure across the continent in building the economic capacity of the communities in which it does its business.

Commenting on the awards, Phillips Oduoza, group managing director/CEO, said it was a reflection of the bank’s commitment to supporting the growth of critical sectors of the African economy with its financial expertise and strong balance sheet.

“Infrastructural development is important is driving and sustaining Africa’s growth momentum. Over the years, we have built the expertise to package and support the right infrastructure deals that deliver value to the majority of Africans and support economic growth. We are happy that this award recognizes the significant efforts we have made in this direction”

Also commenting on the Awards, Hubert Danso, Ai’s chief executive officer and vice chairman said, “Showcasing Africa’s infrastructure investment success stories is critical to creating references and increasing the required finance and institutional infrastructure investment to develop and implement the continent’s unparalleled infrastructure investment opportunities. Africa investor is therefore delighted to host these unique awards and congratulates the winners and all those that entered and participated in these important Ai Awards.”

The Social Infrastructure deal of the year award is third award UBA is winning in the last one month. The bank, in May 2015 won the Corporate Affairs Commission (CAC) Corporate Citizens Award in the ‘Extensive Compliance Category at the maiden edition of the awards ceremony organised by CAC in Abuja.

The Corporate Citizens Award, which is open to all registered companies in Nigeria, promotes the culture of good corporate governance in the Nigerian environment by recognising corporate citizens that have conducted their affairs in compliance with statutory requirements and best practices.

In the same month of May 2015, UBA Foundation, the corporate social responsibility arm of UBA Plc, also won the inaugural “Spirit of Lagos Citizens’ Day Award” in the Business and Corporate Organisations category.

The Citizens Day award is set aside by Lagos State to recognize and celebrate individual and corporate citizens doing extra-ordinary work in their communities, businesses and the public service.

UBA is a highly diversified financial services institution and leading provider of innovative e-banking solutions across Africa.

UBA is 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 8 million customers.

These customers enjoy a bouquet of products and services tailored to meet their different financial needs backed by cutting edge technology that offers secured and convenient real-time online banking services.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

Published

on

Kindly share this post

“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


Kindly share this post
Continue Reading

E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

Published

on

Kindly share this post

Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

E-Financial

CBN Urges Banks to Expedite Action on Recapitalisation

Published

on

Kindly share this post

Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


Kindly share this post
Continue Reading

Trending