The history of banking in Nigeria cannot be told without the United Bank for Africa (UBA) being at the centre stage. Despite its longevity in the sector, it has continued to not only transcend the times but more importantly pioneer innovations in the banking sector.
Since it was founded in 1949, UBA has continued to evolve with the times, technology and innovation.
2024 particularly has been a unique year for the conglomerate.
On September 20, 2024, the bank celebrated its staffers across the globe in a twin-occasion tagged: ‘Time Capsule’, ‘Tribe Photo Wall.’ It was part of the year-long activities to celebrate 75th anniversary of UBA.
Oliver Alawuba, group managing director/chief executive officer, UBA, who spoke at the event, said: “There is no UBA without you. Wherever you are, we see you and we know that you count and that’s why we have gathered all the pictures to celebrate you because we are proud of you all for your contributions and all the sacrifices you have made for UBA. Today, we want to tell you by this occasion that you are part of UBA and you will remain part of UBA.”
He traced the journey of UBA since inception, recalling that “from the beginning of UBA from just ab small location behind us, UBA has become a global financial institution.”
He also told his colleagues: “We are so proud what UBA has achieved in the last 75 years. We want to use this occasion to show appreciation and to be grateful to all those who have worked with UBA from the founders of UBA. I want to thank specially and humbly, the Group Chairman, Tony Elumelu and all the Board members for the vision; for leading UBA to a great institution that we have today. We are grateful to all the executive directors, senior executives, board members in the subsidiaries, managers, branch managers, staff wherever they are, they count a lot and we are celebrating them all.”
For 75 years, UBA has been more than just a bank—it has been a force for growth, innovation, and impact across the globe. From humble beginnings in 1949, we have evolved into a leading financial institution, serving over 45 million customers in major financial hubs across four continents.
75 years in a glance
UBA has over seven decades of providing uninterrupted banking operations, dating back to 1949 when the British and French Bank Limited (BFB) commenced business in Nigeria. BFB was a subsidiary of Banque Nationale de Crédit (BNCI), Paris, which transformed its London branch into a separate subsidiary called the British and French Bank, with shares held by Banque Nationale de Crédit and two British investment firms, S.G. Warburg and Company and Robert Benson and Company.
In 1949, British & French Bank (BFB) commenced business in Nigeria with its first office in Lagos.
In 1961, UBA was incorporated as a Limited Liability Company, taking over the assets and liabilities of the British & French Bank.
In 1970, UBA became the first Nigerian bank to make an Initial Public Offering. In this same year, UBA’s London business became a subsidiary. In 1984, UBA established its New York branch.
In 1998, UBA became the first Nigerian bank to issue Global Depository Receipts. In 2005, UBA merged with Standard Trust Bank and also acquired Continental Trust Bank.
In 2007, the bank Successfully raised fresh equity capital. In this same year, UBA Capital (Europe) London opened.
From 2008 to 2011, UBA successfully raised N20 billion debt capital and acquired majority interest in banks in Burkina Faso and the Republic of Benin. Operations in other African countries; Kenya, Uganda, Cameroon, Cote d’Ivoire, Sierra Leone, Mozambique, Chad, Congo Brazzaville, Congo DR, Gabon, Guinea, Senegal, Tanzania and Zambia commenced. Within this period (2009), the Paris office opened.
In 2012, UBA won Financial Times’ Bankers Award for the overall Bank in Africa, Best Bank in Cameroon and Best Bank in Senegal. In 2013, it successfully divested from its non-bank subsidiaries and property management business. From 2014 to 2015 UBA Chad and Senegal were awarded Bank of the Year by the Banker Magazine. UBA also wins the Africa Investor Social Infrastructure Deal of the Year award.
In 2017, UBA successfully raised $500 million through a 5-year senior unsecured Eurobond and achieved Premium listing on the Nigerian Stock Exchange.
In 2018, UBA established a subsidiary in Mali, launched the first Artificial Intelligence Virtual Banking Bot, Leo on Facebook. It was named Africa’s Best Digital Bank by Euromoney.
UBA Capital Limited received its wholesome banking licence to commence full banking operations in the UK as UBA UK Limited.
In 2021, the Bank was again awarded the Prestigious African Bank of the Year by The Banker Magazine. UBA also won Best Bank in 13 of its African subsidiaries. It received its operating licence for the United Arab Emirates.
In 2022, UBA commences business operations in Dubai, the United Arab Emirates.
In 2023, it launched the Braille Account Opening Form. In the same year, UBA and AfCFTA signed a $6B SME finance agreement. UBA won Financial Times’ Bankers Award for Best Bank in Africa
Taking the lead in Africa
UBA is the leading sub-Saharan African bank with over 21 million customers, 20,000 employees, and 1,000 branches across 20 African countries.
Headquartered in Lagos, Nigeria, UBA has been providing superior financial services to small business, corporations, governments, institutions and individuals globally for over seven decades.
UBA is Africa’s Global bank with a rich history spanning over seven decades. The bank which is headquartered in Lagos, Nigeria, is one of the most recognised financial institutions to originate from Sub-Saharan Africa with thriving operations in 20 African countries – Republique du Benin, Burkina Faso, Cameroun, Congo Brazzaville, Congo DRC, Cote d’ivoire, Gabon, Ghana, Guinea, Kenya, Liberia, Mali, Mozambique, Nigeria, Senegal, Sierra Leone, Tanzania, Tchad, Uganda and Zambia.
UBA provides corporate, commercial, SME, consumer and personal (retail) banking services to more than 45 million customers, served through diverse channels: over 1,000 business offices and customer touch points with 2,669 ATMs, 87,223 PoS, and robust online banking services. Additionally, UBA offers pension custody and related services.
The bank has proven expertise and capacity in key sectors of economies across Africa, especially in Oil and Gas, Infrastructure Finance, Agric, and Commodity/Export, and this positions us as a preferred partner for structured solutions to key governments and corporates operating in/into Africa
Driving digital transformation
Always ahead of the curve, UBA introduced Africa’s first banking chatbot, Leo, revolutionising customer interaction and the first to introduce cash deposit ATMs in Nigeria.
Today, UBA continues to be one of the leaders in digital banking, making banking faster and smarter for millions.
UBA has invested in cutting edge technology in a bid to boost its overall service offering to customers, a development that has shown its unalloyed commitment to establishing its dominance across Africa.
According to Sampson Aneke, its Group Head, Digital Banking, the 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.
Aneke explained that the group transfer was introduced to empower micro, small and medium enterprises (MSMEs), while the feature that allows transfer to telephone numbers is to enhance financial inclusion across Africa against the background of the challenges of the COVID-19 pandemic.
UBA Plc has said it would utilise the net proceeds of its ongoing N239. Four billion rights issue to invest in additional digital technologies and business expansions that will strengthen the bank’s seven and half decades of impressive performance.
Building communities and businesses
Through its Corporate Social Responsibility (CSR) initiatives, like the UBA Foundation, the bank has supported education, entrepreneurship, and sustainable development across Africa.
The bank’s projects have empowered countless individuals, from students to small business owners.
Education and Skill Development: Through UBA’s ‘Read Africa initiative,’ the UBA Foundation provides books and learning resources to students across Africa, promoting literacy and encouraging a reading culture. By investing in the education of Africa’s youth, UBA is helping to build the next generation of leaders and thinkers, ensuring that young people are equipped with the knowledge and skills necessary to break the cycle of poverty. The bank has also facilitated scholarships and grants that enable students from disadvantaged backgrounds to access quality education, thereby narrowing the opportunity gap.
Economic Empowerment and Entrepreneurship: Another key pillar of UBA’s CSR efforts is economic empowerment. The bank has consistently supported entrepreneurs across the continent, recognising that small and medium-sized enterprises (SMEs) are critical to Africa’s economic stability and job creation.
Through training programs, financial assistance, and mentorship opportunities, UBA has been able to foster innovation and entrepreneurship, particularly among youth and women.
The Tony Elumelu Foundation, closely aligned with UBA’s goals, plays a pivotal role in this respect. Through its flagship entrepreneurship program, it has empowered thousands of entrepreneurs across Africa by providing seed capital, training, and networking opportunities.
Job Creation and Financial Inclusion: Beyond the immediate impact of its CSR initiatives, UBA has been instrumental in job creation, both directly and indirectly.
The bank’s expansive operations across Africa employ thousands of individuals, providing stable employment opportunities in regions where jobs are often scarce. In addition, by expanding access to financial services in underserved communities, UBA has enabled many individuals to participate in the formal economy for the first time.
Looking ahead
As UBA celebrates 75 years of success, its goal remains the same; connecting people and fostering progress worldwide. With an unwavering commitment to enterprise, excellence, and execution, we are poised to continue our global influence for generations to come.
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