By Africa Links 24
Published on 2024-04-04 09:41:41
In a bid to foster a prosperous Africa, increasing intra-African trade is seen as vital. The African Continental Free Trade Area (AfCFTA) is a cornerstone in this endeavor. UBA is playing a pivotal role in making AfCFTA fully operational by focusing on promoting intra-African trade. With a presence in 20 African countries, UBA is driving efforts to enhance trade within the continent. Partnering with Afreximbank’s Pan-African Payment and Settlement System (PAPSS) further solidifies UBA’s commitment to intra-African trade, showcasing its dedication to economic development across Africa.
UBA’s international operations are structured to prioritize African development. The bank’s engagement with development partners and alignment with the development priorities of its customers underscores its dedication to fostering growth in Africa. With a presence in 20 African countries and strategic partnerships globally, UBA is well-positioned to facilitate business not only within Africa but also on a global scale, leveraging the abundant opportunities present on the continent.
As the former CEO of UBA Africa and now the Group Managing Director of UBA Plc, the critical factors redefining banking business in Africa are clear. Driving financial inclusion and leveraging digital technology are paramount in UBA’s approach. Building strong African institutions to support infrastructure development, SMEs, and overall economic growth is crucial. Collaborating with like-minded partners who share a vision for African development is key to realizing sustainable progress on the continent.
UBA has actively formed agreements and partnerships with institutions such as AfCFTA, the International Finance Corporation (IFC), Afreximbank, and the African Development Bank (AfDB) to advance its initiatives. Notably, UBA has committed $6 billion for SME financing in partnership with AfCFTA, demonstrating its readiness to support African businesses. The bank’s focus on empowering women-owned businesses and driving economic growth aligns with the broader objective of fostering sustainable development in Africa.
Looking ahead, UBA remains committed to expanding its presence in Africa and seizing opportunities for growth. The bank’s emphasis on consolidating its business within existing markets while remaining open to new African expansions underscores its dedication to serving the continent. As UBA continues to navigate economic challenges, its focus on managing risks while capitalizing on opportunities remains steadfast.
In recent years, international transactions have significantly influenced UBA’s performance. From securing financial packages from institutions like the African Development Bank Group to facilitating FX liquidity support facilities for Nigeria, UBA has played a critical role in addressing economic challenges in the region. The bank’s capacity to finance key sectors such as infrastructure, agriculture, manufacturing, and SMEs has positioned it as a key player in driving economic growth and development.
UBA’s unwavering commitment to excellence, innovation, and partnership has set it apart as Africa’s global bank of choice. With a focus on corporate governance, value creation for shareholders, and promoting economic development across the continent, UBA continues to be a driving force in shaping the future of banking in Africa.
