Union Bank Plc Deepens Digital Penetration ….60 % Of Clients Active On Union ONE

 

UBN Plc Profit Hits ₦13.2bn

Yemisi Izuora 

Union bank Plc said it has recorded significant growth in its digital penetration efforts as about 60 per cent of its clients are currently active on Union One.

The bank also has 8 new smarter banking centres for self-service as against 1 in 2013 with 52x growth in active mobile banking users since 2012; and almost 11x growth in active online banking users since 2012.

The bank also launched a new UnionMobile and USSD code – *228# which is described as a simpler, smarter way to spend Naira.

The bank launched the Centenary Art and Centenary Innovation Challenges, Celebrating the arts with the youth, in partnership with iOpenEye. Also launched a monthly panel discussion series, “Banking the Future” on CNBC Africa, as part of the bank’s thought leadership initiatives for the year with three episodes aired.

In a nutshell, below are the key takeaways from the H1 2017 earnings presentation made by the bank’s management;

  • The bank launched branches in Edo, Kano and Rivers
  • The bank has transformed about 180+ branches
  • In addition to 5 retail products and 20 bancassurance solutions launched in 2016, the bank has launched (1) UnionAccelerate for Commercial Clients (2) UnionKorrectQatar–a target savings product and (3) UnionSelf-Employed–A loan product for the informally employed.
  • The bank plans to continue to invest in the right people and improve staff productivity; and
  • Position itself through positive brand perception, investment in innovation and simpler & smarter bank.

In another development, Union Bank says it expects to close the sale of a 50 billion naira ($137 mln) share issue by the end of the year and hopes to win regulatory approval for it this quarter.The bank is planning to raise fresh funds to boost its capital adequacy and tap opportunities to lend to agribusinesses.

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