Celebrating United Bank for Africa’s 75 Years of Excellence, Enduring Legacy, By Olaotan Falade

A pioneering financial services institution known as the British and French Bank Limited (BFB) was born in Nigeria, in 1949, with a vision to provide exceptional banking services to the people. Seventy-five years on, United Bank for Africa Plc (UBA) stands tall as Africa’s global bank, with a rich history of innovation, resilience, and unwavering commitment to excellence. Olaotan Falade reviews UBA’s remarkable journey, contributions to Nigeria’s economic development, and bright prospects for the future.

 

The United Bank for Africa Plc (UBA), reputed as one of the ‘Big 4’ in the 1980s, is one of Nigeria’s surviving legacy financial institutions. Established in the pre-Independence era and 11 years before Nigeria attained independence on October 1, 1960, UBA is today a testament of an unwavering commitment to excellence and an enduring legacy that has evolved in many significant ways over the last seven-and-half decades.

 

Founded in 1949 as the British and French Bank Limited (BFB) and later transformed into United Bank for Africa, UBA consistently evolves to meet the changing needs of its diverse stakeholders, and demonstrating its ability to evolve and thrive in a changing banking and business landscape.

 

UBA’s early years (1949-1960) were marked by steady growth, driven by its founders’ vision to bridge the financial gap between Nigeria and international markets. The bank’s first branch opened in Lagos, in 1949, with subsequent expansions to major cities across the country. In 1961, the bank changed its name to United Bank for Africa, reflecting its pan-African ambitions.

 

Over the memorable period of time spanning 75 years, UBA has achieved an incredible transition from being a colonial era financial outlet to a financial powerhouse with global presence and impact. Standing tall as Africa’s global bank, UBA’s rich history of innovation, resilience, and unwavering commitment to excellence make it an iconic bank brand with remarkable contributions to Nigeria’s economic development and growth, as well as social impact.

 

By prioritsing innovation, organic and strategic growth and business expansion, the period 1970s-1990s saw UBA’s rapid expansion, with the establishment of subsidiaries in Ghana, Sierra Leone, and other West African countries. The bank was an early adopter of many pioneering innovative products, including the introduction of credit cards and electronic banking. UBA’s commitment to technological advancement enabled it to stay ahead of the curve, providing customers with convenient and secure banking services.

 

In driving its trajectory further, UBA made significant leap in its consolidation and growth agenda, as the period between 2000s-2010s saw the bank innovatively respond to the significant challenges and opportunities of the new millennium that brought disruptions to consumer behaviour and lifestyle. Among others, the period saw UBA’s rollout of new products and services, including Automatic Teller Machines (ATMs), and deployment of Information and Communication Technology (ICT) infrastructure to scale positive banking experience on-the-go.

 

Built on a solid foundation and a legacy of purposeful leadership and management teams, UBA has successfully navigated many challenges associated with the business ecosystems both nationally and globally. The bank has weathered periods of economic recessions, tough regulatory requirements, competitive landscape, and more recently, the challenges posed by technological advancements, while turning challenges into opportunities for growth, innovation and scalability.

 

For instance, UBA was one of the top banks that have successfully navigated Nigeria’s banking sector consolidation exercises, emerging stronger and more resilient. Strategic acquisitions, including the merger with Standard Trust Bank (STB), in 2005, not only stood out as a testament of the bank’s resilience but that singular act significantly expanded UBA’s footprint and strengthened its market leadership position.

 

Worthy of particular mention is that the period 2005 – 2015 remains the most indelible transformational phase for UBA in its 75-year history when Tony Elumelu, a foremost and renowned Nigerian entrepreneur, business turnaround strategist and philanthropist per excellence, became the Group Managing Director/CEO (2005-2010) and Chairman (2010-2015) respectively. His tenure had a profound impact on the bank some key highlights which include the strategic merger of young STB with the struggling UBA, in 2005 – a move that significantly paid off for UBA.

 

Elumelu’s midas touch also spurred an ambitious Africa and global expansion for the revitalised UBA, a vision he pursued with missionary vigour, elevating UBA to become Africa’s global bank within a short space of time. Apart from his tansformational leadership, he implemented a visionary strategy, expanding UBA’s footprint across Africa, and establishing it as a leading bank.

 

Elumelu introduced innovative digital banking solutions, enhancing customer experience and convenience; expanded UBA’s retail banking operations, increasing accessibility and financial inclusion; and championed support for SMEs, providing critical financing and advisory services.

 

Sharing his vision for UBA, he said, “Our goal is to make UBA a beacon of excellence in African banking. We must empower African entrepreneurs to drive economic growth and development.”

 

Through modernisation and digital transformation, which began in the 2010s and continuing till present, UBA’s digital transformation has been remarkable, with investments in cutting-edge technology, mobile banking, and online platforms. The introduction of Leo, UBA’s artificial intelligence-powered Chabot, revolutionised customer service, providing 24/7 support and convenience.

 

The bank’s contributions to Nigeria’s economic development and national Gross Domestic Product (GDP) growth remain remarkably outstanding throughout its 75-year history. UBA’s vital role in Nigeria’s economic growth and development include driving financial inclusion by expanding access to banking services for the underserved population, particularly in rural areas. The bank has provided critical financing and advisory services to small and medium-sized enterprises (SMEs), thereby bolstering the capacity of the SME sector to scale and grow in a sustainable manner.

 

The bank’s footprint in infrastructure and agricultural development is also noteworthy. UBA has played pivotal roles in financing major infrastructure projects, such as power generation and transportation. By facilitating access to funding for farmers, UBA has bolstered food sufficiency/food security in Nigeria, while its impact on job creation is phenomenal. The bank has created thousands of jobs, contributing to Nigeria’s economic growth.

 

In line with its commitment to making positive impact beyond banking, UBA through its Corporate Social Responsibility (CSR) vehicle – the UBA Foundation – has also empowered communities across Nigeria through numerous impact-making initiatives. The bank’s social investments span across Education, Environment, Empowerment, and special projects, including healthcare and partnerships. Examples of the bank’s CSR programmes include the National Essay Competition, which provides scholarships to outstanding students, and the Read Africa initiative, which promotes literacy across the continent.

 

The bank also plays a pivotal role in environmental sustainability aimed to reduce its carbon footprint, as well as promote green practices. Some of its programmes include Tree Planting for Sustainability. In demonstration of its broader mission to drive inclusive growth and development in the communities it serves, UBA also launched a dedicated Braille account opening platform that empowers visually-impaired persons for unhindered access banking services.

 

With eyes set on another brighter and a more rewarding 75-year milestone, the management of UBA said the bank remains resolutely committed to its vision of being the undisputed market leader and a dominant financial services institution in Africa, while delivering superior value to all its stakeholders. The bank also assured of its commitment to its core values of excellence, innovation, enterprise, and execution.

 

The GMD/CEO, Oliver Alawuba, stated thus: “This milestone is not just a celebration of longevity, but a testament to resilience, innovation, and unwavering commitment to excellence that have defined UBA’s journey over the decades.

 

“I would like to reiterate UBA’s commitment to Customer First Philosophy, which is our primary business strategy. We will continue to invest in innovative products, services, and digital platforms that enhance customer experience and drive operational efficiency.”

 

Alawuba, who doubles as the Chairman of Body of Bank CEOs in Nigeria, stated further, “,The past 75 years have been marked by stability and excellence, pillars upon which UBA’s legacy stands tall.”

 

UBA’s legacy of excellence has been recognised through numerous awards and honours, including Best Bank in Nigeria (Euromoney Awards, 2020), Best Digital Bank in Nigeria (African Banker Awards, 2020), and Bank of the Year (The Banker Awards, 2019), just to mention few.

Indeed, UBA’s 75-year journey is a testament to its resilience, adaptability, and dedication to Nigeria and Africa’s sustainable growth and development. As the bank looks to the future, its commitment to innovation, digital transformation, and customer satisfaction remains unwavering. UBA’s enduring legacy serves as a beacon of hope for Nigeria’s economic prosperity and a shining example of African excellence in the financial sector.