Why Tony Elumelu, UBA Chairman, launched Ucee Microfinance Bank

• The Chairman of the United Bank for Africa (UBA), Tony Elumelu, has unveiled Ucee MFB
• Elumelu disclosed at the unveiling that the new bank will exceed the expectations of Nigerians
• He disclosed that the digital-centric bank will improve the lives of Nigerians and create prosperity

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Chairman of the United Bank for Africa (UBA), Tony Elumelu, has launched Ucee Microfinance Bank, a subsidiary of United Capital Plc, a leading investment and financial services group.

Elumelu performed the unveiling in Lagos and was accompanied by Stephen Nwadiukpo, the Chairman of Ucee MFB, Peter Ashade, the Group CEO of United Capital Plc, and Esther Adeola-Balogun, the Managing Director/CEO of Ucee MFB. 

Chairman of Heirs Holding and UBA, Tony Elumelu unveils a new microfinance bank Credit: Bloomberg/Contributor
Source: UGC

Elumelu promises robust services

The serial entrepreneur and chairman of Heirs Holdings disclosed that the new bank was birthed to fulfil the group’s long-term dream.

According to Daily Trust, the new bank is committed to improving lives, creating prosperity, and helping society live comfortably.

Elumelu expressed hope that the new bank would surpass the collective expectations of the group, consumers and the Nigerian public.

He expressed confidence in the bank's leadership's ability to take it beyond Nigeria's shores.

Ashade said that Ucee MFB strives to drive financial inclusion and increase access to capital financial services in line with the Central Bank of Nigeria (CBN) objectives.

He said:

New bank to be accessed digitally

Adeola-Balogun explained that the new microfinance bank was digitally focused on bridging the gap between digital and traditional microfinance banking operations.

She said that beyond profit-making, the Ucee MFB was ready to impact the lives of Nigerians.

According to her, the bank’s medium of reaching the Nigerian public is via its mobile app, a one-stop shop for all its products and services.

She said:

Another Nigerian bank sets to begin operations

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has granted OurPass, an e-commerce one-click checkout company, a banking license to operate as a Microfinance Bank.

The new approval gives OurPass the full authority to create new customer banking products and makes it the latest bank in Nigeria.

TechCabal reports that OurPass said it plans to begin operation in September 2024 and will offer business accounts, loans and business management tools for businesses.

Source: Legit.ng