UBA unveils micro-finance bank

Akin Adewakun, Friday Ekeoba, Lagos - 14.05.2008

In tune with its determination to reach out to the nation’s informal sector and the teeming segment of the unbanked, United Bank for Africa (UBA) Nigeria Limited, on Tuesday, in Lagos, unveiled a wholly -owned subsidiary, UBA Micro-finance Bank Limited.

The UBA Microfinance Bank, with a capital base of N3billion, which makes it the nation’s most capitalized micro-finance bank, according to the bank’s Group Managing Director, Mr Tony Elumelu, was informed by the need to meet the needs of a key segment of the population, whose major challenge had been access to financial services.

He added that the intention of UBA in setting up the micro-finance bank was to cater for the financial needs of this segment which comprised of women, people with small businesses, who need some advisory services on how to move their businesses forward and individuals who need small loan to finance their lifestyles.

While charging the management of the new bank to brace up for the challenges ahead, since expectations, especially from the long-suffering investors, were high, he re-affirmed his confidence in the management of the new micro-finance bank to weather the storm.