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UBA Introduces Chat Banking on Social Media Platforms

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UBA
  • UBA Introduces Chat Banking on Social Media Platforms

The United Bank for Africa (UBA) Plc has taken steps to change the face of e-banking with the introduction of Leo, a chat banking personality that enables its customers make use of their social media accounts to carry out key banking transactions.

At the official launch of the banking solution, which took place in Lagos thursday, customers of the bank were given a step by step demonstration on how to make use of Facebook chat function to enjoy banking services through chat sessions, thus representing a way of delivering lifestyle banking.

With the launch of the chat banking, which has already taken-off in the Facebook Messenger, the bank explained that it customers would be able to open new accounts, receive instant transaction notifications, check their balances on the go, transfers and airtime top up.

Also, users would be able to perform other transactions using the chat banking; including payments of bills, data top-up, mini-statements, loan applications; cheque confirmation, account freezing, among others.

The Group Managing Director, UBA, Mr. Kennedy Uzoka, who spoke at the event, said as part of initiatives aimed at putting the customer first, the bank was continuously developing strategies aimed at easing transactions for the bank’s numerous users, while ensuring utmost safety of their transactions.

He said: “The formulation of this product, is consistent with the bank’s customer first philosophy, where we are doing things not the way we like, but exactly what the customers want, where they want it, and in the exact platform they want.

“And so, we have been working with technology giants from around the world because for UBA with so many customers, we have to deal with those who have the global capacity.

“Therefore, we at UBA, have collaborated with facebook to come up with this. In future, Leo will show up with other platforms. All you need to do is to have an account with facebook.”

While Uzoka argued that this was the first time this kind of solution would be coming up in the continent, he expressed believe that with the huge number of customers the bank has as well as its growing customer base in all the 19 countries of operation, customers would be served using technology, and not just traditional technology, but modern and forward looking technology.

“Leo being an intelligent personality will give you feedback instantaneously as you transact your business on the platform. A solution that is from the customer’s standpoint which is easy to use by anyone regardless of your career,” he said.

On his part, the bank’s Group Head, Online Banking, Mr. Austine Abolusoro, who took participants on a step by step procedure of the process for working with Leo, explained that Leo is be a chat machine, but is an artificial intelligence service as well a personality meant to address any type of banking concern.

“Leo is ready and waiting to help with most transactions and to deliver any form of banking services. Leo is operating a lifestyle banking platform on facebook messenger to assist with your transactions while chatting with your friends and business partners. The security with this platform is that for every transaction, an OTP (One Time Password) is generated to the phone number that is registered on the account.”

He explained that the UBA chat banking with Leo was not just the typical products that we see, it comes with the product that anybody will understand to ease transactions and help to keep up the lifestyle of individuals, adding that it is designed from the customer’s standpoint.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

Sterling Bank Approves Audited Financial Statements for 2020

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Sterling Bank

Board of Sterling Bank Approves 2020 Audited Financial Statements

The Board of Sterling Bank Plc said it has approved the audited financial statements for the year ended 31, December 2020.

The lender said the approval was done at a meeting held on 23rd February 2021.

Details of the financial statements will be released upon approval of the Central Bank of Nigeria (CBN), Sterling Bank stated in a statement filed with the Nigerian Stock Exchange on Thursday.

It said “We are pleased to inform our shareholders and other stakeholders that the Board of Sterling Bank Plc at its meeting of 23rd February 2021 approved the audited Financial Statements for the year ended 31st December 2020 subject to the approval of the Central Bank of Nigeria (CBN).

“Kindly note that details of the Financial Statements will be communicated to you upon approval of same by the CBN.

“Consequently, the closed period for trading in the shares of the Bank by its insiders which commenced from 8th February, 2021 will continue until 24 hours after the Audited Financial Statements for the year ended 31st December, 2020 are released on the floor of the Nigerian Stock Exchange.”

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Banking Sector

CIBN, NIBSS Introduce e-Payment Certification Programmes

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NIBSS

CIBN, NIBSS Introduce e-Payment Certification Programmes

The Chartered Institute of Bankers of Nigeria (CIBN) in collaboration with Nigerian Interbank Settlement Systems Plc (NIBSS) have introduced professional certification programmes on electronic payments for financial service providers and institutions.

Both organisations disclosed that the programme was designed to enhance the electronic payment skills and knowledge of financial practitioners in order to equip them with efficient tools and information required to upscale innovation and services.

Speaking to journalists at a media briefing in Lagos, yesterday, the Chief Executive Officer, Chartered Institute of Bankers of Nigeria, Mr. Seye Awojobi, said the initiative is an international programme, well grounded in the local realities of the Nigerian e-payment industry and captures the current dynamics, as well as aspects of digital financial services practices.

“This programme would set the standards for e-payment expertise in Nigeria; foster a category of high performing professionals in the industry and build a resilient, safe and secured payment technology driven platform.

“The curriculum for the programme adequately covers recent methods required, which are in line with global practices.

“The introduction of the scheme cannot be more timely than now considering the COVID-19 pandemic, which created serious disruptions in our professional and personal lives,” he added.

On his part, Chief Executive Officer, Nigerian Inter-Bank Settlement Systems Plc, Premier Oiwoh explained that the introduction of the programme would determine the capacity and work experience criteria required to recognise beginners, intermediate and advanced.

“It would create a growth roadmap for fledging e-payment workers, including the unemployed who has the desire to make a career in the electronic sector.

“Also, it would enable us continue to tackle the issue of insecurity within the financial technology payment and banking space,” he added.

The institutions also noted that in order to maintain a certification credential, the practitioners must earn some recertification credits over a three year span and valid for three years after it has been issued.

The CIBN last week has reintroduced its mentoring scheme. The initiatives aims at up-scaling the leadership capacity and productivity of workers within the financial and banking sector.

Speaking during the virtual forum, Director General, Securities and Exchange Commission, Lamido Yuguda, had explained that mentoring schemes are essential for the sustenance and development of the sector as it is built upon values such as trust and professionalism.

“These values can be taught. But are reinforced when practiced by the senior co-workers and emulated by junior colleagues. Such initiatives enable workers to avoid being distracted by the material, prestigious and monetary incentives the space presents.

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Finance

Stanbic IBTC Offers Low-Interest Agric Loans

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Stanbic IBTC Bank

Stanbic IBTC Offers Low-Interest Agric Loans

Stanbic IBTC Bank Plc has reaffirmed its commitment to the growth of Nigeria’s agriculture sector by supporting farmers and other players in the agricultural value chain.

As the demands on agribusinesses change seasonally, the financial institution provides financing solutions for agricultural enterprises to suit their requirements.

A statement explained that the needs range from availability of resources, to farming equipment, as well as enhancement of seasonal cashflow, amongst others.

Stanbic IBTC Bank offers various low-interest credit facilities across the agricultural sector that will help clients to cushion the impacts of the Covid-19 pandemic.

Speaking on this, Head, Agribusiness, Stanbic IBTC Bank, Wole Oshin, said the agribusiness financial solution was geared towards ensuring that players in the agriculture space are not hindered by lack of finance.

He said: “The bank’s suite of agribusiness solutions minimises risks, ensures maximum control and optimises profits associated with international trade by making transactions smoother, simpler and safer for all parties involved.

“Some benefits of the Stanbic IBTC Agribusiness Finance include: availability of gap-funding for unforeseen financial needs, maintenance of cash flow and flexibility of repayment terms based on the type of funding. This facility is also versatile and can be utilised for funding resources, vehicles and farming equipment.”

Oshin noted that agricultural enterprises could access overdraft to finance their short-term cash flow and working capital needs.

“With quick and flexible processes, funds are available when needed and interest is paid only on funds utilised, not on the full amount on which the limit is set,” he added.

He further reiterated that the asset finance solution could aid in the financing of all farming vehicle and implement needs, with a wide range of packages to suit business’ cash flow and tax requirements.

“Vehicles and assets such as tractors, harvesters, irrigation equipment and so on, to enhance production,” he said.

Other available facilities are Business Revolving Credit Loan, Agricultural Production Loan and Medium-Term Finance.

These are suitable for grain farmers, individual farmers, groups and entities in the agricultural sector. Our loans are designed to accommodate the purchase of various agricultural inputs (like seeds, fertilizers etc), livestock, agriculture-related products and asset acquisition.

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