The United Capital Group (UCAP) has unveiled the first digital MicroFinance Bank in the country.
This is in an effort to bridge financial inclusion gap in Nigeria and increase access to financial services.
BRANDPOWER reports that with this, UCAP has become the first digital microfinance institution to start Microfinance Bank in Nigeria.
BRANDPOWER reports that UCEE is a subsidiary of UCAP, which began operations in Lagos and is adopting a hybrid banking model by integrating technology of a neo bank with an operational infrastructure of a traditional bank.
Mr Peter Ashade, the Group Chief Executive Officer (CEO) of United Capital, said the introduction of the Microfinance Bank was inspired by promoting financial inclusion as a tool for economic empowerment and to improve lives across Africa.
Ashade described the opening of the bank as a significant milestone in the journey of United Capital services industry, marked by legacy, growth and transformational business success.
He said: “Our activities here today mark not only the unvieling of a new financial institution, but the beginning of a vision that aims to redefine banking experience in Nigeria to bring about positive changes in the lives of our people.
“The opening of UCEE is a crown to the sixth decade journey of UCAP, which started as a department with the United Bank For Africa ecosystem”.
According to him, the group is determined to replicate the success story of UCAP at the newly birth Microfinance Bank.
He said the Microfinance Bank, since its inception, has grown to understand the plight of strong spirited Nigerians living in rural areas.
Ashade noted that data revealed that approximately 40 million Nigerians remained formally excluded from financial ecosystem.
“It will be our joy to see the entire ecosystem do more to provide the last man access and focus on deepening financial inclusion.
In her remark, Ms Esther Adeola-Balogun, Managing Director/CEO, UCEE Microfinance Bank, said the financial institution was opened to democratise access to credit and innovative banking solutions.
Adeola-Balogun stated that the bank would redefine banking to be more than just transactions, but to serve as partner in supporting and enhancing the quality of lives of customers.
She explained that financial institution’s medium of reaching the public is through its Mobile Application, which is a one-stop shop for all its services and products for both public and private sector salary earners as well as traders.
“The bank has already hit the ground running especially in the heart of the Lagos Island market, where we are located.
“We are already selling our MSMEs products to the market traders.
“The mobile bank is the first stop centre for the bank, but there is a banking hall for customers who are not technologically savvy to walk in and transact,” she said.
She said that the bank’s customers would enjoy access to wide range of services which includes: loans, savings, deposits, cardless withdrawals and bill payments, among others.
The managing director added that the microfinance bank would provide personalised financial solutions, from saving plans to budgeting tools, to help its customers not only manage their money, but to empower them.
Also speaking, Mr Tony Elumelu, Chairman, Heir Holdings, lauded UCAP for its forward-thinking initiatives and impressive track record.
Elumelu commended the company’s role in advancing “Africapitalism” by promoting prosperity and economic transformation in Africa.
He expressed his support for UCEE’s mission to serve Micro, Small, and Medium-sized Enterprises (MSMEs), which reflects his own passion for supporting growing businesses.
Sir Stephen Nwadiuko, Chairman, UCEE Microfinance Bank, said the bank chose to operate largely digitally because that is what drives business currently.
Nwadiuko added that the bank would leverage other physical platforms to increase its market share in the industry.
He said: “We believe that everyone regardless of their background or financial standing deserves equal access to financial empowerment.
“This fusion enables us provide unparallel financial solutions; by breaking down barriers and bridging gaps, we provide inclusive, innovative, convenient and accessible banking services.
