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UBA Wins 2023 Global Finance Best SME Bank, Other International Awards

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has continued to elevate its global standing, coveting several prestigious international awards, signaling the Bank’s continuous contributions to the economic development of Africa.

The recognition of the bank’s outstanding performance reaffirms its status as a leading player in the financial industry with critical financial intermediation, project financing, trade facilitation and advisory in Africa and beyond.

UBA emerged Global Finance’s Best SME Bank for 2023 in Nigeria, Ghana, and Mozambique, awards that spotlight the bank’s continuous resolve towards supporting small and medium scale businesses which is the life of any growing economy.

Also, the bank, with presence in 20 African countries won the 2023 FMDQ Gold Awards in three key categories of Money Market Liquidity Provider; FX Market Liquidity Provider and Dealing Member of the Year, while UBA was also named as Global Finance’s Safest Bank in Senegal 2023.

Responding to the FMDQ Group Awards, the Group Chairman, Mr. Tony O. Elumelu (CFR) said “this recognition is a testament to UBA’s impressive capital strength and capacity to provide liquidity to African financial markets even in the face of harsh economic realities, our market knowledge, dedication to customer services and the trust of our clients.”

UBA Ghana clinched the World Business Outlook Awards for 2023 as the Best Banking Services Provider Ghana 2023; Leading Financial Services Institutions Ghana 2023 and the Banking CEO of the Year Ghana 2023 which was won by Mr. Chris Ofikulu, the then CEO of UBA Ghana.

Earlier, the financial institution was highly celebrated as it clinched nine prestigious awards including the highly coveted Bank of the Year Africa 2023 at The Bankers Awards 2023, organised by The Banker Magazine – a publication of Financial Times of London, the world’s leading business newspaper.

UBA’s subsidiaries in eight countries including: Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo, Sierra Leone, and Tanzania, underscoring the bank’s dominance and impact across diverse African markets.

Group Managing Director, Oliver Alawuba, who received the awards on behalf of the bank, expressed his gratitude and excitement, and said the recognitions come as a reassurance that the bank is on track in its goal at consolidating its leadership position in Africa, as it continues to create superior value for its stakeholders.

“UBA is honoured to be named the Bank of the Year in these eight countries and to receive the overall Award for Africa. This accomplishment is a testament to the hard work, dedication, and innovative spirit of the entire UBA team. We remain committed to delivering top-notch banking services that positively impact the lives of our customers across the continent,” Alawuba added.

Speaking about consistent excellence in the financial services sector across the continent which has earned the bank great accolades overtime, Editor of the Banker, Joy Macknight, noted that UBA remains a clear winner across a wide range of criteria, having performed impressively across its footprint with a strong financial performance across most of its markets.

“In a year of strong competition among the continent’s major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the third time in five years. Congratulations. The award recognises the bank’s strength across Africa, including many of its most competitive markets,” Macknight stated.

UBA recently joined companies with N1trillion capitalization having seen its shares grew by over 260% since the beginning of 2023. The N1trillion mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth trajectory and unwavering market confidence.

UBA provides banking services to more than 25 million customers across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris, and Dubai, 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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Black Market Dollar To Naira Exchange Rate Today 27th February 2024

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Black Market Dollar To Naira Exchange Rate Today 27th February 2024 can be accessed below.

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 27th February, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1690 and sell at N1700 on Tuesday 27th February 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1690
Selling Rate N1700

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1488
Selling Rate 1489

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Nigeria’s GDP Jumped By 3.46% – NBS

Nigeria’s Gross Domestic Product (GDP) expanded by 3.46 per cent in the fourth quarter (Q4) of 2023.

This was revealed by the National Bureau of Statistics (NBS) in its latest report stating that the growth rate was slightly lower than the 3.52 per cent growth seen in the same quarter last year but higher than the 2.54 per cent growth recorded in the second quarter (Q2) of 2023.

The NBS revealed these findings in its Q4 GDP report released on Thursday, attributing the growth primarily to the services sector, which experienced a 3.98 per cent increase.

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The Alternative Bank Fosters Rural Economic Growth in Katsina

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The Katsina State Government via the State Governor, His Excellency, Dikko Radda, has aligned with The Alternative Bank’s mission to support rural economies through innovative financial solutions, tailored to empower local businesses and stimulate sustainable development across the state.

This official endorsement marks a significant milestone for The Alternative Bank as it embarks on a new chapter in Katsina with the launch of its first branch in the state.

During the visit, the Katsina State Governor, Dikko Radda, emphasised the importance of combating poverty, particularly in rural areas, urging the bank to collaborate with the state government in its efforts to address this challenge.

Represented by his Special Adviser on Banking, Malik Anas, the Governor expressed confidence in the success of The Alternative Bank in the region.

Photo caption:
From L- R: Special Adviser to the Governor of State on Economy and Industry, Alhaji Malik Anas; Representative of the Emir of Emir of Katsina State, Alhaji Iro Maikano and Hajiya Fatima Dikko Umar Radda, wife of Katsina State Governor during the opening of a branch of The Alternative Bank Limited in Katsina recently.

In his words, “One of our aims as a government is to enhance the growth of our people, especially those in rural areas. We seek the cooperation of The Alternative Bank in this area. We are ready to give the necessary support to the bank to forge ahead and contribute to the economic development of Nigeria.”

Dr. Abdulmumin Usman, the Emir of Katsina, also expressed confidence in the bank’s endeavours, setting the stage for a harmonious relationship between the financial institution and its proud Katsina community.

Hajiya Fatimah Radda, the governor’s wife, echoed the state government’s support for the bank and stressed the importance of including the less privileged, such as widows and orphans, in the bank’s corporate social responsibility initiatives. She remarked, “It was found out that a large number of people living in the local governments of Katsina are largely unbanked, presenting a massive untapped opportunity for the bank.”

Alhaji Garba Mohammed, the Executive Director of The Alternative Bank, reiterated the institution’s commitment to financial empowerment for all customers, regardless of their status. He echoed the bank’s focus on providing efficient and technology-driven services to facilitate customer and national growth.

Mohammed remarked, “The Alternative Bank is a bank with a difference. Apart from being a non-interest bank, we promise our customers prompt, loyal, efficient, and technologically driven services. We also promise to promote financial empowerment among our customers, irrespective of their status.

“When our customers grow, our bank will also grow. This will also lead to the growth and development of our dear country, Nigeria.”

Furthermore, the bank’s Regional Business Executive, Mallam Wada Nas, assured the Katsina business community and denizens that The Alternative Bank is committed to meeting their banking needs with honesty, professionalism, and competence.

He affirmed, “We will serve truthfully and prioritise your banking needs. You can be assured of our professional competence.”

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Naira Vs USD: CBN To Ban Street Trading, Mulls Fresh Guidelines For BDCs

“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.

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Amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market, the Central Bank of Nigeria says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria.

The apex bank disclosed this Friday in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.

CBN plans to fix the minimum per capital share for Tier 1 and 2 BDC licenses to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general license.

“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.

A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.

A Tier 2 BDC is authorized to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”

The development comes amid a clampdown on illegal BDCs in Abuja, Lagos, Kano and Ibadan Oyo States by the operatives of the Economic and Financial Crimes Commission to stabilize the Naira against USD.

At the close of work on Friday, the Naira depreciated N1,665.50 per US dollar from N1571.31 on Thursday at the FMDQ market. Meanwhile, in the parallel market.

The Naira traded for N1,750 to N1,800 per USD on Friday compared to N1,680.00 on Thursday.

CBN had unveiled several FX interventions in the past months but the country’s foreign exchange crisis has, however, persisted.

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