UBA will offer mobile banking in Nigeria

Nov 29, 2010

The United Bank for Africa (UBA) can begin offering mobile financial services to Nigeria's unbanked population after winning regulatory approval from the country's central bank.

According to the Daily Trust, the move could benefit as many as 54 billion Nigerians who do not currently use a bank account and it will help supplement the 700 branches UBA currently operates in the country. "The [Central Bank of Nigeria] has approved the license for UBA to deploy mobile banking. We will roll it out very soon. It will basically be to promote retail banking," remarked Philips Oduoza, Group Managing Director for UBA, who was speaking at an event in Lagos over the weekend.

Mr Oduoza also used the occasion to reveal the financial institution has been granted permission to expand into the Republic of Congo. It presently operates in 16 African countries and has in excess of seven million customers, holding assets worth over $19 billion (€14.3 billion).