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United Bank for Africa launches UBA Connect for CEMAC region

The United Bank for Africa, Wednesday August 2, launched its latest banking innovation service, UBA Connect for its branches in…

The United Bank for Africa, Wednesday August 2, launched its latest banking innovation service, UBA Connect for its branches in the CEMAC region. The service gives UBA customers the ability and convenience to instantly access their accounts in banking halls of branches anywhere within the region. This entails withdrawing cash over the counter with the use of checks and making cash deposits.

The bank’s customers in the CEMAC region are the first to experience the innovation. Going by the Managing Director and Chief Executive Officer of UBA Cameroon, Isong Udom, it is much easier for the system to work in the region because the countries use the same currency. He also said they chose to launch the product in Cameroon because the country is the economic hub of the sub-region. “Businessmen traveling within the region no longer have to worry about the cost and safety of moving around with large amounts of liquid cash on them” he said.

Ikye Idukpaye, who came all the way from the headquarters of the bank in Lagos, Nigeria, said the new product falls in line with the bank’s mission to lead banking in Africa. “You know everywhere our chairman goes (Tony O Elumelu) he preaches and teaches Africapitalism. Our innovations are tailored along that school of thought. We cannot let other banks dictate the rules; we are determined to take the lead as an African bank with an African vision. And that is how Africapitalism can be achieved. UBA CONNECT bridges the gap between space and time” he quipped.

Dominique Mapend, Deputy General Manager of UBA Cameroon for his part, said the service is limited to withdrawals and deposits. “It is not competing with money transfer agencies. We are also limiting the service in respect of international money laundering regulations. To avoid fraud, we have also decided to leave out the possibility of the use of counter checks” he said.

During the launch at a press conference in Yaounde, it was also announced that after the CEMAC region, the bank’s customers in the UEMOA region would be next in line to enjoy the innovation. UBA currently has 11 million customers in 19 African countries. It also has offices in Europe and the US. The bank is listed on the Nigerian Stock Exchange market.

 

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