Nigeria: UBA floats N3.0 billion Microfinance Bank

May 2008
Nigeria, May, 14 2008 - United Bank for Africa Plc (UBA) has floated N3.0 billion (25 m$) Microfinance Bank; following its approval by the Central Bank of Nigeria .

Tony Elumelu, Group Managing Director/Chief Executive Officer (GMD/CEO) of UBA confirmed this today in Lagos Nigeria at the Press Launch of UBA Microfinance Bank Limited.

“I am happy to inform you that the UBA Microfinance Bank is capitalised to the tune of N3.0 billion and UBA is the first universal bank to have Microfinance Bank” he said.

He affirmed that UBA got the license from the regulatory authorities to float a microfinance bank to support the small business people’s economic activities and livelihood.

“We have people in small businesses and they need some advisory services to enable them run their business right, they have the potentials, the economic conditions are right; but they don’t know how to go about it” Elumelu said.

“In looking at the financial state in Nigeria, West Africa and Africa, we realised the need for a key segment of the population, the segment that is un-banked and under-banked should be given access to financial services” he said.

In the same vein, Lizzy Osunde, MD/CEO of UBA Microfinance Bank confirmed that CBN issued an operating license to UBA Microfinance on April 25, 2008 and they commenced operations on April 28, 2008 at their maiden branch in Oke-Arin.

“We have since commissioned several customer contact centres equipped with dedicated agents and spread over strategic locations in Lagos; all in a bid to bring the bank to its customers doorstep” she affirmed.

Osunde confirmed that UBA Microfinance have currently applied for the approval of six additional branches from the CBN.

“Our long term vision is to extend our services to the entire nation and beyond, and we will be working closely with the CBN to achieve this” she affirmed.

“UBA Microfinance Bank is all about empowerment and we intend to do it right, by being there for our customers at every stage of their life” Osunde said.

Source : Zenith News

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