UBA Bags Award

The United Bank for Africa (UBA) Plc said it has been adjudged the “Best Transaction Bank” from Africa in 2014 by UK based magazine, The Banker.

The award, according to a statement from the bank, was hinged on its e-banking platforms.

This, it noted, has positively changed the way businesses manage their cash flow, payments, collections, liquidity, trade and value chain management across their business operations in Africa.

According to the magazine, the judges were impressed by the bank’s demonstration of the improvements made to its transaction services business.

Transaction Banking Editor of the ‘The Banker’ magazine, Jane Cooper said

the judges looked at entries that demonstrated clear strategy, as well as improvement and progress in the last 12 months.

“Investment in technology was not the deciding factor, but rather improvements that are of real value to the bank's customers,” he added.

Group Managing Director/Chief Executive Officer of the UBA Group, Mr. Phillips Oduoza, while commenting on the award, noted that the endorsement validated the concerted efforts to ensure that customers of the bank across the continent were offered the best and most convenient solutions that are most critical to their business processes.

“Our U-Direct Corporate offers a single platform solution for cash management to assist businesses and government in Africa to make payments, collections, manage cash easily, and even do trades.’’

“It has been well received because of its flexibility, automation, ease of doing business and cost savings. A unique aspect of this product is that it allows busy executives to approve requests and view balances on their mobile devices,” he added.

Also, Divisional Head, e-Banking, UBA, Yinka Adedeji explained that the bank has been able to innovatively apply technology to help both small and big businesses in Africa boost productivity and significantly reduce operating costs,

thereby enhancing their competitiveness in a highly challenging business environment.

Additionally, he stressed the need for more investments by African banks in improving their transaction banking capabilities especially in collections and payment as well as to improve the security features of their transaction banking platforms.

Thisday