UBA introduces e-electronic products to drive financial inclusion policy

United Bank for Africa Plc,(UBA) has introduced a diverse range of electronic banking products into the market which include the U-mobile account, U-direct as well as the U-collect accounts as part of its strategy towards serving and delivering quality services to customers and all its various stakeholders.

This was disclosed by its Divisional Head, E- banking, Dr.Yinka Adedeji at a media interaction in Lagos on Friday.

According to Adedeji, the idea surrounding the introduction of the initiative was to ensure that it creates more room for Nigerians to enjoy banking services as a way of driving financial inclusion for people from different strata of the society. He added that such initiative would assist in boosting more penetration for the bank while also promoting the desire of a cashless society.

Expatiating on the benefit of using the U-mobile electronic banking service, Adedeji explained that aside the fact the product has been designed to manage customers’ account, it can also assist in the payment of different household bills. He added that the account is available for use in different kind of phones such as smartphones.

While answering questions during the interaction, Adedeji revealed that over the last few years since electronics transaction started, a huge amount running into billions of naira have been expended on a monthly basis on each of the different channels.

He said, “We are dispensing N35billion on ATMs on monthly basis apart from December which is a peak period that goes as much as N95 billion. On U-mobile, we dispensed at least N7.7 billion while a total of 10 billion naira is expended on internet transfer transaction every month. The amount keeps growing”.

Asked to know if it was considering extending ATM services in the area of depositing notes, Adedeji responded that it was looking at that path, stating that there is enough problems dispensing notes and as such would not toy with the idea of cash deposit through the channel.

On whether cash management for banks was growing or the other way round, Adedeji pointed out that on the average, the cost of managing cash was increasing due to the poor quality of notes available.

Also speaking, Head of Credit and Debit cards products, Mr.Obinna Uma said the era of electronic banking as a support system was no longer in vogue saying it is now seen as a stand alone as far banking in the new century was concerned. He added that the numerous electronic channels now available would provide opportunity for customers to make desired choice at a very convenient and pocket friendly cost.

He said, “The bouquet of products in our kitty is quite many. These electronic channels would further help to drive financial inclusion and penetration because it can easily be replicated. UBA is building a sophisticated network system rather than investing in physical infrastructure. We are providing electronic service more as an ease of convenience and not as special services any longer.”


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