United Capital Plc, a pan-African financial services institution, has announced the launch of its new subsidiary called UCEE Microfinance Bank.
In a statement on Monday, the company said that the bank is a digital-first microfinance institution fully licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation.
“The bank is set to redefine financial inclusion by offering a blend of innovative technology and tailored financial solutions designed to meet the diverse needs of its customers,” the statement said.
Peter Ashade, Group CEO of United Capital Group, explained the strategic vision behind their new venture.
“UCEE Microfinance Bank, our seventh subsidiary, extends our successful investment management model into consumer lending. We’re dedicated to empowering individuals and businesses with essential financial products, emphasizing our commitment to underserved segments and SME economic development.”
Tony Elumelu, chairman of Heirs Holdings Group, in his keynote address, lauded the group for its forward-thinking initiatives and impressive track record.
He praised the company’s role in advancing Africapitalism by promoting prosperity and economic transformation in Africa and expressed strong support for UCEE’s mission to serve Micro, Small, and Medium-sized Enterprises, reflecting his passion for supporting growing businesses.
The statement disclosed that the highlight of the launch was the unveiling of the UCEE app, a state-of-the-art platform designed to streamline access to the bank’s offerings.
“The app integrates savings options, personal and business loans, bill payments, and lifestyle management services into a single, user-friendly interface,” it said.
Esther Adeola-Balogun who was introduced as the inaugural Managing Director/CEO of UCEE Microfinance Bank, said “Our app is a comprehensive platform that integrates all our offerings into one seamless experience, from managing savings and loans to handling bill payments and lifestyle needs. We’ve adopted a multi-channel approach to ensure accessibility on any digital platform, anytime, for everyone.”
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