United Bank for Africa (UBA) celebrated its 75th anniversary on Monday, May 20, 2024. A moment to revisit the political efforts and strategies implemented to enable the bank to become the leading African bank worldwide. What are the keys to the emergence of the UBA banking group in sub-Saharan Africa? In this report, we present some of the factors that have contributed to the bank’s success.
True to its bold vision of a commitment to innovation and strategic pan-African expansion, the UBA Group has adapted to changes in the global banking sector, focusing on digitization and sustainability to establish itself as one of the continent’s most competitive banks and a driving force for economic development in Africa. Founded in 1949, the banking group celebrated its 75th anniversary on May 20, 2024, providing an opportunity to assess the results achieved so far.
Muyiwa Akinyemi, Deputy Managing Director, UBA Group – Nigeria
“Excellent, and transformative I must say. Throughout my career in UBA I think I have worked out in all the countries I must say because at some points at a time I was the head corporate of banking, wholesale banking across Africa and I have seen the transformation of UBA in all those countries and the impact we have made in all those communities as well from the streets of Maputo in Mozambique down to Senegal.”
With 20 subsidiaries across the continent and more than 20 million customers, the pan-African bank has grown rapidly to become one of Africa’s leading commercial banks. In 2021, the bank achieved an estimated pre-tax profit of 153.1 billion Naira, or around $115 million, for a growth rate of 20.3%, according to the 2021 annual report. One of the keys to this positioning is the bank’s dynamic human resources, constantly striving to improve the quality of its services.
“Notre personnel, son engagement et sa résilience. La détermination de notre personnel à exceller à tout moment, à gagner et à gagner pour le client est ce qui nous a poussés et vous avez des gens qui ont consacré leur vie, leur service et leur carrière à développer cette banque africaine, à développer ce modèle pour les entreprises africaines et c’est quelque chose qui est comme une ruche d’abeilles.”
Muyiwa Akinyemi, Deputy Managing Director, UBA Group – Nigeria
The other key to UBA’s success story is its expansionist vision. Realizing the sector’s potential, UBA acquired the assets of several other banking institutions, including those of London Trust Bank (LTB) in Nigeria. A strategic policy that has transformed the banking group into a leading pan-African bank, while strengthening its position as a key player in the African banking sector with a competitive range of financial products and services.
3In 25 years, you will have a service or a point of contact in every home in Africa. The 1.3 billion Africans will have contact with UBA. Be it a staff, a customer, or a service provider, every household in Africa will have a UBA in them.By driving what we see as the need of each of those households. You know, we’re transforming lives. That’s our mission. That’s what we’re doing across Africa.”
Muyiwa Akinyemi, Deputy Managing Director, UBA Group – Nigeria
The banking institution, which started modestly as Union Bank of Nigeria before becoming UBA in 1961, continues to play a crucial role in Africa’s economic and financial development, and its future looks bright as it continues its growth and commitment to the well-being of African communities.
