UBA Wins African Bank of The Year in Nigeria, 8 Other Countries

UBA Wins African Bank of The Year in Nigeria, 8 Other Countries

  • The United Bank for Africa (UBA) has won Africa's Bank of the Year for 2023
  • The Banker Magazine disclosed that the bank performed exceptionally in the outgoing year as a top bank on the continent
  • The bank's eight subsidiaries in eight African countries clinched the top prize

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The United Bank for Africa (UBA) has won nine awards at the Bankers Awards 2023, organized by The Banker Magazine, a Financial Times of London publication.

The awards included the Bank of the Year 2023 and were presented to the financial institution in London, the United Kingdom.

UBA, Banker Magazine
Chairman of UBA Group, Tony Elumelu and Group Managing Director, Oliver Alawuba Credit: Bloomberg/Contributor
Source: Getty Images

UBA wins Bank of the Year in 8 countries

The bank said the awards solidified its position as Africa's leading financial institution.

Read also

Tony Elumelu’s UBA set to distribute $6 billion to farmers, drivers, others

Also, the bank's subsidiaries emerged as Bank of the Year in eight of the 20 countries with a presence in Africa.

The subsidiaries include UBA Cameroon, UBA Chad, UBA Ghana, UBA Cote d’Ivoire, UBA Mozambique, UBA Congo, UBA Sierra Leone, and UBA Tanzania.

It is the second time in the last three years the bank has clinched the award as Africa's best bank after winning it in 2021.

UBA MD explains the reason for the award

Oliver Alawuba, UBA's Group Managing Director, expressed gratitude to the organizers for the award.

He said it is reassuring that the bank is on the right track and doing the right thing.

Editor of the Banker Magazine, Joy Macknight, said that UBA remains a clear winner across multiple criteria, having performed very well across major touchpoints with a robust financial performance in most of its markets.

Read also

Nigerian refineries attract investment from one of world’s largest oil field services companies

She said:

"In a year of strong competition among the continent's major banking groups, UBA has gained the edge on its rivals to win the Bank of the Year award for Africa for the 2nd time in three years. Congratulations. The award recognizes the bank's strength across Africa, including many of its most competitive markets."

The Banker Awards has celebrated top banking institutions since 1926 and is regarded as the industry standard for banking excellence.

Last year, one of Nigeria's tier-1 banks, Zenith Bank, clinched the Bank of the Year Award organized by the Banker Magazine.

Top financial institutions from Africa contested

The organizers said Nigeria's Bank of the Year Award was among Africa's most hotly contested this year, befitting Nigeria as the continent's largest economy.

Last year, the bank also won Number One Bank in Nigeria by Tier-1 Capital. Zenith Bank is regarded as the industry standard for exceptional banking.

Read also

CBN reportedly redeploys 8 top directors, others in "housecleaning" move

The Banker of the Year award is contested by top financial institutions, with winners chosen across Africa, Asia-Pacific, Central and Eastern Europe, and Northern America.

The Punch reports that Zenith Bank also won the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 as well as Bank of the Year (Nigeria) in the Bank of the Year Awards 2020.

“UBA N20.9 billion:” Top Nigerian banks with highest earnings from PoS, USSD, others in Q1 2023

Earlier, Legit.ng reported that Nigerian banks utilized technology in the first quarter of 2023, earning N96.483 billion from their electronic businesses.

The earnings represent a 23.84% spike from the N77.907 billion earned in the previous quarter of 2023.

The two highest earners from electronic business income were UBA and Access Holdings.

Source: Legit.ng

Online view pixel