Nwogu Ijeoma, a trader in Alaba international market and one thousand and fifteen customers across Nigeria emerged winners at the second quarterly draw of the DiamondXtra season 11 reward scheme powered by Access Bank Plc.
Speaking shortly after receiving the N1 million prize cheque, Ijeoma while expressing excitement at winning, told newsmen that she had been a customer of Access Bank for years, adding that Nigerians should partake in the initiative as it was real.
She said, “I have been banking with Access Bank for a long time now. The first time I got a call from the Bank, I did not even listen I hung up the phone but when they called again, I decided to give them a listening ear only to discover I have won a million naira. I am excited and I would encourage my friends and family members to bank with Access Bank so that they can partake in this initiative.”
Also speaking at the prize presentation ceremony, Head, Retail Product insight and capabilities, Access Bank Plc, Rob Giles, noted that the bank has stuck to its promise of keeping the initiative growing and ongoing. Giles revealed that over N5.4 billion in prize money have been doled out while adding that Access Bank is trying to make the prizes more accessible so that more Nigerians win every year.
He said, “The special thing about DiamondXtra season 11 is the difference we are making for people by giving rent allowance for a year and we had winners today who won in that category as well as education grant for 5 years, that is something that is really impressive in this season. we are also helping our youths get education which help makes more businesses grow.
“This product has been a successful product since the launch in 2008 and you do not have to have a large amount to save. For every N5,000 you save, you get one entry into the prize draw and that entry could win you any category of our prizes.”
Corroborating him, Head, Retail Market and Analytics, Access Bank, Chioma Afe, explained that the motivation behind the DiamondXtra initiative was born out of the need to transform the lives of its customers.
“We have 31 million customers across all our various products and for DiamondXtra, we have about 2.7 million customers and we want to ensure every single one of these customers have been impacted positively by this initiative in some way. We have also launched Diamondxtra on USSD *901# to make it easier for new customers to open accounts and for the existing customers to increase their deposits to grab more winning opportunities.
“The beauty about DiamondXtra is that today we see these winners but the draws that happen in the markets, we reward our customers with N10,000 – N50,000 because we realise that not anybody can be a millionaire but every kobo counts and I think after banking with us for such a long time, it would not be bad if we reward our customers. The motivation is that for every time we do this, we find that these monies are used to transform their lives. So we want to keep doing that,” she said.
DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The reward scheme has given away over N5 billion in cash and household items to over 15,000 loyal customers over the last 10 years.
To open a DiamondXtra account simply dial *901# from your mobile phone and follow the prompts and fund the account with a minimum of N5,000.
Click HERE to know more.
UBA poised to change the face of E-Banking with new mobile app
UBA mobile banking app is designed to give its customers increased control and accessibility to carry out transactions with ease.
Pan African financial institution, United Bank for Africa (UBA), Plc is set to change the face of digital banking services with its new mobile banking app aimed at delivering first-rate services to customers.
The new UBA mobile banking app, has been armed with benefits and features designed to give its customers increased control and accessibility to carry out transactions with ease.
UBA’s Group Head, Digital Banking, Kayode Ishola, who spoke about the new banking app to members of the press during an international virtual media parley on Monday, explained that apart from being able to decide where they want their cards to operate and block, view, or request new cards straight from the app to suit their specific needs, the app has been tailor-made to give customers what they want, how and in the way they want it.
Reeling off some of the features and benefits of the app, he said a lot of investment in cutting edge technology and attention to details was put into the new UBA mobile app.
Ishola said, “The new UBA Mobile App is your personal finance manager built with a distinctive user interface that will change the face of banking. With this app, we are reimagining banking as our engagement has moved from being channel-based to being platform-based. The speed of the platform has been made to match the speed of light as we have cut down significantly on the number of processes expected to carry out your transactions.
“Interestingly, we have worked towards creating behavioural insight for our customers and working around this to address the real needs of our customers using the Omni channel platform and running on our open digital platform, which is very interactive and armed with lifestyle services. It is sleek and trendy with seamless user interface” Ishola stated.
UBA’s Head, SME Banking, Sampson Aneke, said that apart from the fact that the app has been created with journey that has a high-level of intelligence – as it can work based on frequent transactions, it can also speak to the specific country where it is being used as the new mobile app runs concurrently in the 20 countries of UBA’s operation interacting in the different languages and cultures in line with the specific needs and regulation of the country in focus.
“This all-encompassing platform which boasts of a new user interface because of its sleek, modern nature of delivering seamless experience across several devices; can be used as a budgeting tool, loan application and also allows customers view their expenses according to their various categories such as the amount spent on data within a particular period;” Aneke added.
On the security features of the app, UBA’s Group Chief Information Officer, Onyebuchi Akosa, said that security of the app are best in class adding that the new platform, which will revolutionise the way banking services are offered, promises to deliver increased personalized banking via a watertight and highly-effective security system.
“The new app has also been built with the best-in-purchase security features and has been modelled appropriately to ensure that all the features are working properly to secure transactions maximally. It is also important to mention that the bank took into consideration the virtually impaired, and thus has used voice recognition as a channel for transaction which suits both convenience and the visually impaired customers,” he said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty million customers, across 1,000 business offices and customer touch points, in 20 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
UBA delivers double-digit growth in gross earnings, as profit hits N132bn
The Bank’s total assets also grew by 37.0 percent to N7.7 trillion for the year under review.
- Gross Earnings Crosses the N600bn Mark
- Proposes Final Dividend of N0.35k
Pan-African financial institution, United Bank for Africa Plc (UBA) has announced its audited results for the full-year ended December 31, 2020, recording impressive growth across its top and bottom lines.
The 2020 audited financials filed at the Nigerian Stock Exchange (NSE) on Monday, showed that bank’s gross earnings grew by 10.8 percent to N620.4 billion, compared to N559.8 billion recorded in the corresponding period of 2019. The Bank’s total assets also grew by 37.0 percent to N7.7 trillion for the year under review.
Despite the challenging business environment during the Covid-19 pandemic and the resultant effect on economies globally, the Bank’s Profit Before Tax was impressive at N131.9 billion, compared to N111.3 billion at the end of the 2019 financial year. In the same vein, the Profit After Tax rose remarkably by 27.7 percent to N113.8 billion compared to N89.1 billion recorded at the end of the 2019 financial year.
On the cost side, Operating Expenses grew by 10.1 percent to N249.8 billion, as against N217.2 billion in 2019, well below average inflation rate of 13.2 per cent for the year, thus reflecting the bank’s cost-effectiveness.
In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of N0.35 kobo for every ordinary share of 50 kobo. The final dividend, which is subject to the affirmation of the shareholders at its Annual General Meeting, will bring the total dividend for the year to N0.52kobo as the bank had paid an interim dividend of N0.17 kobo earlier in the year.
UBA recorded a remarkable 24 percent growth (to N2.6 trillion) in loans to customers, whilst customer deposits increased by 48.1 percent to N5.7 trillion, compared to N3.8 trillion recorded in the corresponding period of 2019, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the further deepening of its retail banking franchise.
Commenting on the result, the Group Managing Director/CEO, Kennedy Uzoka noted that the year 2020 was important for UBA Group, as it gained further market share in most of its countries of operation.
He said, “We ended a very challenging year on a reassuring note. The Bank recorded double-digit growth in both our top and bottom lines, as gross earnings and after-tax profit grew by 10.8% and 27.7% to N620.4billion and N113.8 billon respectively. Return on equity was 17.2%, even as our cost-to-income ratio moderated to 61.3%. Our earnings per share of N3.20 is a 26.8% growth from the preceding year, as we continue to ensure maximum value creation for our highly esteemed shareholders.
Continuing, Uzoka said, “Despite the tumultuous impact of Covid-19 pandemic globally and across our 23 countries of operation, we created N519.0 billion additional loans as we continued to support our customers and their businesses. Customer deposits grew 48.1% to N5.7 trillion, driven primarily by additional N1.8 trillion in retail deposits. As a global bank, we remain well capitalized and determined to successfully drive financial inclusion on the continent through our innovative products and vast network. Our capital adequacy and liquidity ratios came in at 22.4% and 44.3%, well above the respective regulatory minimum of 15.0% and 30.0%.
Speaking on the bank’s strategy, he said, “Our primary strategy will continue to focus on providing excellent services from our customers’ standpoint, putting the customer first always. Looking ahead, I am inspired by the achievements we have made since the launch of our transformation programme. We have expanded market share considerably across the geographies where we operate and are consolidating our digital banking leadership in Africa. We will continue to leverage our diversified business model and dedicated workforce to further strengthen our position as ‘Africa’s Global Bank’.”
Speaking on the performance, the Group Chief Financial Official, Ugo Nwaghodoh said, “The persistent low interest rate environment in 2020 exerted significant downward pressure on margins. Notwithstanding, our interest income for the year grew by 5.7% (to N427.9 billion), driven by 8.2% and 7.5% year-on-year growth on interest income on loans and investment securities respectively. Our interest expense declined by 8% (to N168.4billion) driven largely by a 34.2% decline in interest expense on customer deposits in our Nigerian operations, bringing down the Group’s cost of funds to 2.9%, from 4% in 2019.
Nwaghodoh said, “We have prudently stepped-up our reserves for loan impairments, hence the 37.4% YoY growth to N22.4billion, implying a 0.9% cost of risk. These reserves provide adequate cover for impairments and should help minimise the need for further reserves in the current year, in view of the improving global operating environment. Our NPL ratio has declined to 4.7% (from 5.3% in 2019), driven by growth in the loan book, robust credit risk monitoring architecture, and payment of Past Due Obligations (PDOs).
The CFO added that as Nigeria continues to see signs of recovery from the Covid-19 pandemic led by resumption of economic activities across the globe, increase in consumer spending, and continued progress on vaccine deployment, UBA is well-positioned for greater synergy across the Group. “We remain committed to our prudent risk management practices, and optimistic of best value for our stakeholders in the days ahead,” he added.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touchpoints, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
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