UBA to increase consumer lending portfolio to 25 per cent

Pan African Financial Institution, United Bank for Africa (UBA) Plc, in furtherance of its commitment to the support of businesses and financial inclusion in Africa has revealed plans to increase its consumer lending portfolio from 10 per cent to about 25 per cent.

According to the bank, The Group Head Consumer Lending, Mr Anant Rao, speaking on the theme: ‘Stimulating Nigeria’s Economic Growth and Impacting People’s Lives.’ at a virtual media parley on Wednesday, said increasing consumer loans would be a much-needed catalyst to inclusive economic growth.

Rao while noting that UBA has a customer-first philosophy, said the consumer lending space was an opportunity to grow across Africa and fortunately, Nigeria, with more than 200 million population, has the demographic dividend.

“We want to resize ourselves and our operating model and ensure that in the future, consumer lending contributes a significant portion of our loan portfolio. Today, it contributes less than 10 per cent, but our ambition is to go beyond 25 per cent. We have the right under riding infrastructure, right technology platforms and the right recovery infrastructure.”

“Our vision is to be the most innovative and preferred bank in Nigeria and in Africa in terms of consumer lending, with the best consumer credit in the market. Obviously, we are not going to lend indiscriminately and recklessly as we want to ensure we protect our capital and depositors’ money and ensure that we are very responsible.

“We understand the market and we have the ability to under right very well and we have the ability to recover our money very well. We want to be accessible, convenient and affordable to all our customers.”.

Speaking on UBA’s Click Credit, a much loved and accepted facility that makes instant cash available to customers with salary accounts within minutes, Rao said Click Credit product is an instant loan with no form of documentation, paperwork or queues and is available within seconds of request.

In fact, anybody who owns a mobile phone can borrow from UBA,” Rao said, adding that the product can also be accessed via USSD, Leo, U-Mobile and Internet Banking.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touchpoints, in 20 African countries.

With a presence in the United States of America, the United Kingdom and France, 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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CLAIM 1: A Twitter user claims UNICEF said any efforts to block children from accessing pornography might infringe their human rights.UBA to increase consumer lending portfolio to 25 per cent

UBA to increase consumer lending portfolio to 25 per cent

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