Intra-African trade is actually our key area of strength. Our presence in 20 African countries is mainly to drive intra-African trade and our partnership with AfCFTA is also to drive intra-African trade. You are aware that Afreximbank has a Pan-African Payment and Settlement System (PAPSS) for business transactions across Africa and UBA is at the forefront of that partnership.
So, intra-African trade is important and Africans need to trade more with each other; that will further improve our economic development across the continent.
What is the structure and function of UBAs international operations and how do they impact businesses across the continent?UBA is focused on African development. A lot has been happening in the continent and we recently met with development partners to discuss the agenda.
Some of our customers also share the same development priorities for Africa. And I believe that this is our time, this is the time for UBA, to work with other development partners and corporate organisations across Africa to develop the resources and opportunities that are available on the continent.
We are today present in 20 African countries and four others elsewhere. We believe that Africa has tremendous opportunities and we need to have partners and institutions that will be able to harness these opportunities for the people. So, UBA is well-positioned to facilitate business within Africa and the rest of the world.
Before you became the Group Managing Director of UBA Plc, you were the CEO of UBA Africa. Given such roles, what do you think are the critical factors redefining banking business in Africa?The most important thing today is for Africa to drive financial inclusion. We still have a lot of Africans that are left out of the banking industry and that is where UBA comes in.
UBA is at the forefront of using digital technology to drive financial inclusion, and we [also] think that we need to build strong African institutions that can support infrastructure development, support SMEs and the development of our continent.
Our goal is to work with several development partners who share the same vision the vision that we need to improve development in the continent. This development has to be done by Africans working with like minds that believe the continent must move forward.
Are there agreements and partnerships between the bank and other like-minded institutions to show that UBA is ready for these tasks ahead?We have taken critical steps to cement our commitment to African businesses. Remember that UBA had, working with the AfCFTA, put forward $6bn for SME financing.
We have also had talks with the International Finance Corporation (IFC), Afreximbank and the African Development Bank (AfDB).
We are looking at how to partner to move Africa forward, particularly regarding SMEs and the financing of women-owned businesses. We believe that African women can be empowered to do more for African development and we are at the forefront of these initiatives.
Do you have any plans for further expansion of your international operations?We will continue to expand UBAs presence in Africa. Today, we are consolidating; we think that within the countries where we are present, we can do more to increase our share of business. We also think that if the opportunity comes for other African expansions why not, we will take that opportunity. After all, UBA is for Africa.
There have been discussions that banks and banking regulators should be concerned about the rising interest rates and their impacts on loan repayment in this period of economic crisis. What is your take on that?Banking is a highly regulated business and we are happy with the good role our regulators are playing across various markets where we operate. We will continue to work within those regulations but we should not focus so much on the risks that we forget the opportunities.
We have to strike a balance and manage the risks and we also have to develop the opportunities that we have.
Can you elaborate on the recent pact signed by UBA and Saudi Export-Import Bank (Saudi EXIM)?UBA Plc, and Saudi Export-Import Bank (Saudi EXIM), a premier export credit agency in the Kingdom of Saudi Arabia, announced a partnership aimed at strengthening business growth and enhancing economic cooperation between their economies.
Both institutions signed a Memorandum of Understanding (MoU)to foster economic cooperation and trade relations between the two entities.The MoU was signed on the sidelines of the Saudi an
