By Ibukun Emiola

The Chief Executive Officer (CEO), First Bank of Nigeria Ltd., Mr Adesola Adeduntan, says technology will drive financial inclusion and increase efficiency in the banking system as trends evolve globally.

Adeduntan said this in Ibadan on Wednesday at the inauguration of the FirstBank Digital Xperience Centre, in the University of Ibadan (UI) campus.

According to him, the centre is the second of its kind established by First Bank, adding that it is the only bank in Nigeria with a fully automated digital banking system.

Adeduntan explained that people without internet access could use the machine to open accounts, transfer money or issue debit cards on their own, with the help of the humanoid robot without interacting with human beings.

The CEO noted that automated digital banking would help solve challenges customers faced in their banking operations.

“The robot can help you make enquiries and you can even work with the robot to help you block your account, in case you suspect fraud.

“The first branch of the digital experience centre is located in Victoria Island, Lagos, and we purposely chose University of Ibadan as the second location because of our longstanding relationship with the city of Ibadan and the institution itself.

“We believe that the students, lecturers and all our customers in this neighbourhood will benefit significantly by making use of this facility,” he said.

He added that the centre had cash recyclers, adding that this meant that customers did not have to visit any of its branches to deposit, and customers would no longer be stranded because banks do not open during the weekend.

Adeduntan said the technology used relied on biometrics, making it secure and safe for customers, while also creating more value-adding jobs for staff.

In his remarks, the Vice-Chancellor, University of Ibadan, Prof. Kayode Adebowale, said it was a privilege for UI to have the digital experience centre of the bank.

Adebowale said it would bring benefits to the staff and students and, as stated by the bank’s CEO, it would be a meeting point between the gown and town.

Similarly, Mr Callistus Obetta, Group Executive Technology Officer, Digital Innovation, and Banking Services, First Bank of Nigeria Ltd., said technology had been changing the way people live, work and interact as well as the way people do business.

“Nigerians are known to be pioneers, both in terms of banking and education. We are here in the University of Ibadan and technology is embedded in the way we do things and we are ready for that,” he said.

Obetta noted that the centre would enhance effectiveness and efficiency in business operations, and save time which would enhance overall productivity.

The News Agency of Nigeria (NAN) reports that the first Digital Xperience Centre by the bank was launched at the remodelled Adetokunbo Ademola Branch, Victoria Island, Lagos.

Edited by Deborah Coker/Oluyinka Fadare

By Rukayat Adeyemi

Mr Oliver Alawuba, Group Managing Director, United Bank for Africa (UBA), has reiterated  the bank’s commitment to enhancing customer experience.

He also expressed optimism on greater achievements for customers and shareholders.

In a statement signed by Mr Nasir Ramon, Group Head, Media and External Relations of Corporate Communications, UBA, in Lagos, Alawuba, was quoted to have said this while marking his first year anniversary in office.

He also promised investors and customers that the best is yet to come.

The News Agency of Nigeria (NAN) reports that ‘UBA 4.0 Team’, led by Alawuba, took over the reins of leadership in August 2022.

According to him, the bank has since achieved record-breaking profit margins and witnessed transformative growth across the international and African markets.

Alawuba, who expressed gratitude to his team and other internal stakeholders for the many successes achieved in the last 12 months, said that through their collective efforts, the bank had celebrated major business wins across various markets.

This, he said solidified its position as a leading financial institution in the region.

He said, “I want to express my gratitude to every one of you, our dedicated and talented team leaders and members for your commitment to our customer-centric vision and the spirit of execution displayed in our successes so far.

“Through our collective efforts, we have recorded major business wins across our various markets, improved on our financial performance, enhanced customer service delivery and are on the way to achieving a more connected brand.

“These achievements have not only strengthened the bank’s standing but have also provided a solid foundation for even greater accomplishments in the future,” Alawuba said.

The chief executive officer explained that the bank would not rest on its oars in its drive to deliver on its promise of being the leading financial services provider in Africa and beyond.

“We will continue to focus on our three levers of transformation, these being People, Process and Technology,” he added. (NAN)

Edited by Olawunmi Ashafa

By Kadiri Abdulrahman

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Monday raised the country’s Monetary Policy Rate (MPR) from 18.5 per cent to 18.75 per cent.

The Acting Governor of the CBN, Mr Folashodun Shonubi made this known on Tuesday, while presenting the communique from the MPC meeting.

The News Agency of Nigeria (NAN) reports that the MPR is the baseline interest rate upon which other interest rates are built.

Shonubi announced that the committee also adjusted the asymmetric corridor from from +100/-700 to to +100/-300 basis points around the MPR, retained the Cash Reserve Ratio (CRR) at 32.5 per cent; and retained the Liquidity Ratio at 30 per cent.

According to Shonubi, the committee is confronted with only two policy options, to hold or marginally hike the policy rate to offset the moderate increase in headline inflation.

“Considering the option to a hold, the committee reviewed the impact of the continued rise in inflation on various macroeconomic variables, noting the potential dampening effect on output growth.

“Members agreed unanimously that the previous series of rate hikes had indeed greatly moderated the pace of price development and was gradually but steadily yielding the expected outcome.

“The option to continue to hike the policy rate, albeit moderately, also presents a strong aliternative,” he said.

He said that this was premised on the expected liquidiiy injections into the economy, from the recent policy developments and the likely impact on inflation.

“The committee remained cautious in arriving at a policy decision as members noted the need to continue to support investment which will ultimately lead to the recovery of output growth.

“The balance of these arguments thus, leaned in favour of a moderate rate hike, to sustain efforts at anchoring inflation expectation, narrow the negative real interest rate gap, and improve investor confidence.

“The MPC, thus, resolved by a majority vote to raise the Monetary Policy Rate (MPR) by 25 basis points. Six members voted to raise MPR by 25 basis points while five memnbers voted to hold the MPR Constant.

“All members, however, voted to narrow the asymmetric corridor from +100/-700 to +100/-300 around the MPR,” he said. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

By Lydia Ngwakwe

United Bank for Africa (UBA) has unveiled the UBA Braille Account Opening Form, designed specifically to cater for the financial needs of the visually impaired.

The News Agency of Nigeria (NAN) reports that the new UBA Braille Account Opening Form was launched at the bank’s head office on Tuesday in Lagos.

The event which had in attendance key executive members of the bank and guests including Multi-Award Winner, Nigerian Musician, Producer, and Songwriter, Cobhams Asuquo, is the first of its kind initiative in the Nigerian and African market,

The General Manager, Lagos State Office for Disability Affairs (LASODA), Dare Dairo; Former Senior Special Assistant to the Lagos State Governor on Persons Living with Disability, Adenike Oyetunde-Lawal, as well as students from the Pacelli School of the Blind also attended the programme.

Mr Ugo Nwaghodoh, the Executive Director, Finance and Risk Management, UBA, said that the bank would continue to look for ways to make the physically challenged and others to be comfortable in their life-long relationship with the financial industry.

He said, “in our quest to drive all-encompassing financial inclusion, we decided to support the visually impaired by developing a Braille Account Opening Form and these special customers now have the same opportunities available to our customers.

“The ultimate benefit is to ensure that everybody has the right to select and choose the kind of account they want to operate, and this account opening form will go a long way to ensure this.”

He said that the UBA Braille Account Opening Form was produced with the support of Anglo-Nigerian Welfare Association for the blind and the first of its kind in the industry.

According to him, it is designed specifically to cater to the needs of visually impaired individuals.

With this innovative solution, he said, UBA had empowered blind customers to independently initiate and complete the account opening process, ensuring their seamless integration into the financial system.

“Until now, this unique and special section of the society has been disadvantaged, but with this ground-breaking initiative, UBA has fully demonstrated its unwavering commitment toward providing an excellent user experience for all its customers, regardless of their individual abilities or disabilities,” he added.

Endorsing the laudable initiative, Asuquo, described the braille account as an innovative initiative that would presents UBA as a bank with a heart that pays keen attention to the needs of the blind and disabled.

Asuquo said, “before now, we have always been at the mercy of the reader when we want to do things like open accounts for ourselves, but this account opening form has come to solve the problem of access which has previously been a huge limiting factor for people like me who are blind.

“With this initiative, UBA has promoted our ideal of inclusivity and has helped to put back freedom in our hands while opening us up to the variety of opportunities and options available to us.

“UBA has blazed the trail, I am beyond elated, as this new initiative will send a strong note to others to replicate the same feat and make people realise that banking services can and should be done with humanity in mind,” Asuquo said.

He thanked the bank for amplifying this much needed cause.

“I endorse this 100 per cent and I believe it is a much needed first-step that will lead to so many others,” he said.

Dairo, General Manager, Lagos State Office for Disability Affairs; LASODA, commended the entire team for conceiving the idea.

He said, “I am so elated at this initiative, and I am happy to hear that this is also going to be replicated in the 19 African countries where UBA is present.

“I say thank you to this bank for this beautiful project. It is true that government cannot do it all, and we are glad when we see institutions charting the course for others.”

UBA is one of the largest employers in the financial sector on the African continent, with 35,000 employees group wide and serving over 35 million customers globally. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma