UBA celebrates Africa Day in style

The UBA Group on Friday, May 23, 2014 celebrated Africa Day in all its 19 countries of operations across Africa ahead of the official celebration by African nations on May 25, 2014.

UBA GMD/CEO, Phillips Oduoza, Head Office Best Dressed Male, Collins Ugwu, Head Office Best Dressed Female, Nkeseobong Ufot, and Head Group Operations, Feyi Ogoji. 

Africa Day is dedicated to celebrating the diversity of the African continent, as well as to highlight the cultural and economic potential that exists on the continent. Staff group wide celebrated the day in style by coming to work dressed in their best African attire.

Staff at the Head Office 

The celebrations took off at the bank’s Head office, UBA House on Marina, Lagos, Nigeria with an unusual welcome for staff into the building on Friday morning. 

Staff of Oron Business Office, Akwa Ibom State. 

A dancing troop was on hand to welcome staff with the best of acrobatic display that can only be seen in African dancing steps.

Inside the building, African themed decorations added a special touch to an African Day celebration for a pan-African bank that takes huge pride in its African heritage.

Best Dressed Male UBA Guinea 

“UBA is proud to be at the heart of the African Renaissance. With our strategic spread in 19 of the most vibrant countries on the continent, we are indeed part and parcel of the African progress story” Kennedy Uzoka, DMD and CEO, UBA Africa stated in an internal communication mail sent to the bank’s staff worldwide.

Staff, dressed in colourful African fabrics brightened the day despite a cloudy Friday morning. It reflected the optimism that is fast spreading across the continent after years of being considered the world’s “dark continent.”

Staff of Calabar Business Office 

“A silver lining is spreading hope and optimism across the continent.” DMD had stated in his internal communication staff. 

He noted that “The economic potential of the continent has indeed become a magnet for foreign investors with annual foreign investment inflow increasing by more than five-fold since year 2000 ( UNDP and AfDB)”

Staff of UBA Tanzania 

While explaining that “UBA is now one of the biggest employers of labour and provider of relevant financial solutions to help build the Africa of our dream, the DMD acknowledged that “we are still serving only a fraction of our potential African market noting the bank’s over seven million customers make up just only a few of Africa’s slightly more than a billion population of which an estimated 128 million earn in excess of $5,000 as annual income which shows the potential for growth as Africa’s Global Bank.

Staff of UBA Uganda

He urged staff to celebrate the day with pride because “we are in the continent of opportunity.” 

Staff dancing at Head Office. 

My secret passport-Ruby

  

Saving 10% here and 15%  there, could add up to a lot especially if you are a lady  that spend a lot of time just shopping. Shopping is just one of the little indulgences I allow myself, after working so hard. Come to think of it, who can really do without shopping? 

The truth!  Shopping is as necessary to life as the breath of life. No week goes by without the need to shop for something whether it is a basic household item or an impulse buy of an irresistible jewellery. We all do shop. Some impulsively, some planned. But we all do shop so do not make me feel guilty for shopping.

The bottom line, I have learnt to accept the inevitability of shopping. So now, I am more conscious about my shopping and have devised a secret trick to ensure that my shopping does minimal damage to my budget. (The men must not know about this)

You want to know my secret trick? It is my Ruby account at UBA. It is my passport to great discounts at great outlets spread throughout the country. With my Ruby account special Gold Debit Card, all I do is flash it, and off goes 15%, sometimes 20% on that pricy item I just bought. Often, my friends just look at me and wonder “What did you just do to deserve that?” and, sometimes I show them my Ruby Gold Debit Card, and other times I just smile.

My Ruby account with UBA is just great. I enjoy zero COT on my minimum balance, attractive interest rates, and also enjoy access to consumer credit facilities. So even if see that item that I cannot afford immediately, I can still pick it up and get my bank to pay for it, while repaying over time without putting unnecessary pressure on my finances.

What I find most thrilling about my Ruby Account Debit Gold Card is the amazing discounts at exclusive spas across the country. I am able to get facials, skin care, hair treatment, my cosmetics, and beauty therapy, all at great discounts that keep my colleagues wondering “how can she afford all this”.  Of course, I am yet to reveal my little secret.

The other day, my car broke down unexpectedly on my way to an exclusive restaurant that my Ruby Gold Debit Card gives me privilege access. Immediately, I was on the phone to Avis car rental to pick me up. Then I put another call to AA rescue to pick up my bad car to the mechanic.  It is just part of the benefits I get having a Ruby account.

But then Ruby is also an exclusive club. My male colleagues could not believe their eyes the other day when my pictures appeared all over the national papers at an exclusive event held for professional women of style to network and share experiences. Everyone wanted to know how I got an invitation to such an exclusive event. 

I laughed silently. I have never told them about my Ruby Gold Debit Card secret. It is my secret passport that opens the doors to a great life. Let them keep wondering.   This is our little secret for all ladies of style, a gift from my UBA. 

Chigo originally contributed this article to Lion King Magazine, an in-house publication of the United Bank for Africa Group. 

Tips on how not to become a victim of ATM card skimming

Banks like UBA Plc have put in place the best in class technology to stop cyber criminals from stealing the hard earned cash of customers, but customers need to be vigilant to ensure that they do not get duped. Banks can do little to protect a customer who negligently gives out his or her bank details  to a fraudulent person. 

All a cyber criminal usually need to be successful is the ATM card details of a potential victim. 

ATM thieves have now stepped up their game in line with advances in technology and use several tricks to steal your hard earned cash. Two major tricks include;

Card Skimming is a method used by criminals to capture ATM card data from the magnetic stripe on the back of an ATM card. The scammers try to steal the victim’s details so they can access his or her accounts. Once scammers have skimmed the victim’s card details, they can create a fake or ‘cloned’ card with the victim’s detail on it. 

The criminal is then able to run up charges on the victim’s account.

Devices used for card skimming are smaller than a deck of cards and are often fastened in close proximity to, or over the top of the ATM’s factory-installed card reader. Once a victim inserts his or her card into the machine, the details are then captured by the false ATM device attached by the criminal.

 PIN capturing

In pin capturing, the criminal strategically attaches or positions cameras and other imaging devices to ATMs to fraudulently capture PIN numbers of unsuspecting victims trying to withdraw cash.

Some facts you should know about skimming devices

Skimming devices are normally attached to ATMs during quiet periods, especially early in the morning or late evenings. Though, the length of time skimming devices are attached can vary, but the criminals usually keep it attached for no longer than 24 hours, after which they are removed and victims details harvested.

For a criminal to carry out successful card skimming, he or she requires both a card skimmer (card reader) and camera (PIN capturing device) to be fitted to the ATM in order to steal card data.

The criminals may loiter nearby to observe customers and remove equipment after machine use. However, the downloaded information can be transmitted wirelessly to other devices held by the criminals.

Tips on how not to become a victim of ATM card skimming

There are several ways to reduce the chances of becoming a victim of ATM card skimming.

Familiarize yourself with the look and feel of the ATM key pad. Be alert for scratches, marks, adhesive, unusual join marks anywhere on the ATM key pad and any tape residue or sticky material on ATMs.  If you notice any of these signs on an ATM, do not use.

Avoid using an ATM machine that has its security cameras installed so close that it records your PIN. If the camera is looking at how you input your pin in the ATM, do not use.

Never use an ATM machine when other people are loitering, hanging over your shoulders, or straining their neck to see what you are doing. Do not accept help from strangers or even bank security to retrieve an ATM card stuck in an ATM machine. If your card is stuck, report to the bank. Be suspicious of any individual loitering in an ATM lobby offering ‘assistance' with PIN entry.  Also never keep a written copy of your PIN in your wallet or purse. The safest store for your PIN is your head.

Avoid using ATMs showing signs of tampering like, card entry slot appears newer or older than the rest of the ATM, awkwardly placed objects that obstruct access to the PIN pad or display screen, such as a poorly placed pamphlet holder, sticky residue on PIN pad or card entry slot, single ATM situated beside other ATMs displaying ‘out of order' signage.

Remember, ATM thieves, unlike armed robbers do not carry guns. But their impact on your bank balance when they hit, can be more devastating than armed robbers.

UBA  has one of the most elaborate IT infrastructure and secure ATM locations to stop ATM thieves from taking your hard earned money.  However, the first line and only secure line of defence remains YOU the card holder. So guide your ATM and online details jealously and be alert to the tricks of ATM thieves.

This article was first published in the Lion King Magazine, an in-house publication of United Bank for Africa Plc  

Seek credible local partners to invest in Africa – Phillips Oduoza, UBA GMD/CEO tells US Investors

Businesses and Investors from the developed economies, who are desirous of taking advantage of the bourgeoning business and investment opportunities in Africa, should seek credible local partners to help them in the process.

                 Phillips Oduoza, GMD/CEO, UBA Plc 

Speaking at the panel on pan-African businesses at the recently concluded three-day Milken Global conference in Los Angeles, California, Mr. Phillips Oduoza, the Group Managing Director and Chief Executive Officer (GMD/CEO) of United Bank for Africa (UBA) Plc    said it is imperative for the investors to partner with local players like UBA "that understand the business terrain to help them navigate around some of the seeming challenges of investing in Africa".

Understanding of the local culture, customization of products and initiatives were identified as critical factors to successfully invest in Africa by the panel which was made up of Phillips Oduoza, UBA GMD/CEO, Berand Petersen, Chairman, De Beers Consolidated Mines in South Africa, Ahmed Heikal of Citadel Group in Egpyt, Pade Durotoye, CEO Oando Exploration and Production Ltd and Jonathan Berman of Dalberg Consulting.

The Panel also called on prospective investors from developed countries to evolve new financial models that will enable them invest in the Ports, transportation and power sectors.  The panel also called for more of structured financing and capacity building as well as the need for prospective investors to listen more and dialogue constructively; have more Export Credit Agencies (ECAs) Development Finance Institutions (DFIs) and Sovereign Wealth Funds (SWFs) focus more on Africa.

The  panel on pan-African businesses discussed how entrepreneurs and industry leaders are harnessing the enormous potentials in Africa to transform the continent in diverse fields like manufacturing, technology, real estate, financial services, infrastructure and agriculture.

The main discussions centered on the questions that confront investors and businesses when approaching the African market, entry strategies as well as obstacles that threaten growth.   

The Milken Global Conference brings together some of the world's leading thinkers, visionaries and decision-makers to help find solutions to critical issues facing the world.

The Conference which took place from April 27 th to May 1 st 2014,  is in its 17 th year and brings together more than 3,000 people from around the world -- senior leaders with the mind and the means to create positive action for four days of intense discussion.

More than 650 speakers, including major investors, CEOs, government officials, scientists, educators, philanthropists, and journalists, take part in more than 140 sessions at the conference to discuss wide-ranging panel topics including: the worldwide water crisis, the future of Wall Street, the promise of impact investing, the four ways stem cells will change medicine, Africa's emerging energy landscape -- and dozens more.

"The Milken Institute utilizes its unique ability to convene leaders from across sectors and continents to extend our work addressing the core issues of access to capital, improving health care, and spurring job creation," says Institute CEO, Mike Klowden.

The Milken Global Institute boasts of the ability to bridge the words of business, finance and policy.

We are deepening our Nigeria operations and consolidating our investments in Africa”-Phillips Oduoza, UBA GMD/CEO.

Phillips Oduoza, Group Managing Director and Chief Executive Officer (GMD/CEO) of the UBA Group recently sat with a group of senior business journalists to discuss the recent realignment of the bank’s operations to boost efficiency. Here are excerpts from the interview. 

Background on UBA’s business re-alignment. 

In 2012, the Bank came up with a transformation agenda by launching 3-year Program, tagged Project Alpha. The Project is essentially to help us achieve industry leadership by 2015 through the implementation of key strategic initiatives.

Phillips Oduoza, GMD/CEO, UBA Plc  

In pursuit of Project Alpha plans, the Bank effected key changes to its operating structure and announced key appointments to drive its quest for industry leadership by 2015.

UBA’s Project Alpha is a 3-year road map of key transformation initiatives, designed to reinforce the Group’s strategic positioning and leverage its huge Africa presence to fully exploit the burgeoning opportunities in Africa’s economic renaissance

In order to accelerate the level of achievement of the Project Alpha objectives, the Group has announced the splitting of its operations into two broad divisions, UBA Africa and UBA Nigeria.

It is however imperative that I underscore the fact that the two divisions are mere directorates of the UBA Group and  there is no entity called UBA Africa or UBA Nigeria. 

Phillips Oduoza, GMD/CEO, UBA Plc 

With the creation of UBA Africa Division, the Bank will be able to grow and deepen the bank’s presence in member countries, optimise the ensuing synergies within the network, deepen service delivery excellence, and grow productivity for improved profitability.

The rationale for expanding our revenue base

As a Bank, we have always realized that expanding into other African countries is a key strategy for expanding our revenue base.  You will recall that Standard Trust Bank (STB) was the first Nigerian bank to venture into Ghana which was the initial step for the bank’s expansion into West Africa and Africa. This conviction has helped to shape our thinking about venturing into Africa

The rationale becomes more compelling when you imagine the heavy dependence of Nigeria on crude oil for its earnings and the attendant volatility and uncertainties. So, we felt that one of the strategies to add value to our shareholders, was to diversify our investments and revenue streams as a means to naturally hedge against uncertainties around our income streams

Our Africa Play

We commenced aggressive expansion into  Africa in 2008 following the merger of STB and old UBA. We started with Cameroon in 2008, then went into Benin Republic, Burkina Faso, and then Kenya, Tanzania, Uganda, Zambia, Mozambique, Democratic Republic of Congo, Congo Brazzaville, Sierra Leone, Guinea Conakry, Chad and so on.

Huge business opportunities abound in these countries and playing in these economies from the home front has enabled us to understand the economic drivers in these economies. We have also improved our country-to-country synergies to create competitiveness and thus enhance profitability from our African play

Post African expansion

After the investments have been done, we started developing the businesses.  It is important to understand that this process of setting up in a country involves getting the banking license, putting in place infrastructure and the people, and then keying into the economic drivers of the country, to start developing your business.  This is what we have been doing since 2011.  Having made the investments in the last few years, we believe that this is the time to start taking the full benefits of our investments in Africa.

Phillips Oduoza,  GMD/CEO, UBA Plc

How we intend to maximize benefits from African business

With the new structure, we will extract more value and maximize the benefits from our investments across Africa. Our plan is ensure that UBA Africa contributes 50% of the Group’s earnings from its current position of 20%.  We believe that high average GDP growth rate of African countries is indicative of the burgeoning opportunities that can help to deliver better returns for our African operations.

To this end, the UBA Africa Division will be made up of the 18 African country subsidiaries of the UBA Group outside Nigeria. UBA Africa will have a CEO supported by two Deputies along the Bank’s two core product lines: Wholesale Banking (comprising, Corporate Bank, Institutional Bank and Public Sector) and Retail Banking (comprising Personal Banking and SME Banking).

Kennedy Uzoka, Deputy Managing Director, has been appointed as the Chief Executive Officer, UBA Africa while Emeke Iweriebor, an Executive Director, has been appointed UBA Africa Deputy CEO, Retail Bank; and Oliver Alawuba is now UBA Africa Deputy CEO, Wholesale Bank.

The new UBA Nigeria Division of the Group which will be managed by Mr. Apollos Ikobe, DMD Domestic Bank. UBA Nigeria Division will consolidate all of UBA’s Nigerian businesses into a single division and will comprise all the Regional Banks in Nigeria, Corporate Bank, Energy Bank, and UBA Pensions.  The Nigeria division will intensify the bank’s focus on the Nigerian market, the largest economy in Africa, with the aim of expanding its market share, while deepening UBA’s wallet share of existing businesses.

Support for UBA Africa and UBA Nigeria

Both UBA Africa and UBA Nigeria directorates are going to be supported by the Group verticals like a common technology, a central processing unit, and human resources. In addition to the verticals, you also have functions like treasury, which will manage the liquidity for both directorates. We also have UBA London which will also support both sides of the business. Our representative office in Paris will essentially support our French speaking African operations, and our franchise in New York which will support both businesses.

Visibility for African operations

What we have done with this restructuring is to create a focus and visibility for our African operations. We have put a deputy managing director in charge with the country subsidiary CEOs reporting to him. 

Governance for the new structures

The new divisions will not affect the current operational structure of the subsidiaries. Each subsidiary still has a board and CEO fully regulated by the regulatory authority in the respective host country central bank as well as Nigerian central bank.

Future of UBA expansion into Africa

It is important to say that the Bank is still bullish about its African expansion plan. However, we have completed the phase 1 and we are now consolidating and hope to launch phase 2 of the expansion plan immediately after the consolidation phase.