UCEE Microfinance Bank has officially launched its operations, marking the occasion with the introduction of a new mobile app designed to enhance financial accessibility across Nigeria. The launch event took place on Monday in the Marina area of Lagos State.
During the event, the bank’s Chief Executive Officer, Esther Adeola-Balogun, emphasized UCEE’s commitment to bridging the gap between traditional and digital banking. She highlighted the bank’s goal of making financial services easily accessible to a wide range of customers through innovative technology.
“Our mobile app is a one-stop shop for all our products and services,” Adeola-Balogun explained. “We encourage everyone to download it because it is central to how we reach our customers. The app allows users to manage accounts, access loans, and perform transactions conveniently from anywhere.”
In addition to the mobile app, UCEE Microfinance Bank plans to roll out a USSD service, which will be crucial for extending banking services to people in semi-urban and rural areas, particularly those without access to smartphones. Adeola-Balogun noted, “The USSD platform will ensure financial inclusion even in underserved regions, making it easier for people to access banking services regardless of their location or the type of phone they use.”
UCEE Microfinance Bank is a subsidiary of United Capital, a leading investment bank, and operates as a hybrid microfinance bank, combining digital services with a physical presence. This approach is designed to cater to both tech-savvy customers and those who prefer traditional banking methods.
The Chairman of UCEE Microfinance Bank, Stephen Nwadiuko, reiterated the bank’s commitment to serving all segments of society, including those at the bottom of the economic pyramid. He emphasized that the USSD service would be a key tool for reaching customers in rural and semi-urban areas who may not have access to smartphones.
“Our USSD service will enable those in these areas to easily access our services even on non-smartphones,” Nwadiuko said. He also addressed the challenges of operating in Nigeria’s current economic environment, particularly in light of rising interest rates. However, he assured that UCEE Microfinance Bank operates with strong risk management practices, maintaining a non-performing loan rate of just 0.3%.
“This low non-performing loan rate is a testament to our ethical practices and careful customer engagement,” Nwadiuko added.
Peter Ashade, the Group CEO of United Capital, praised UCEE Microfinance Bank’s hybrid model during his remarks at the launch event. He noted that in today’s market, it is essential to provide solutions that meet the needs of both digital-savvy customers and those who prefer traditional banking services.
“In today’s market, it is essential to provide solutions that cater to both tech-savvy customers and those who prefer traditional banking. UCEE is well-positioned to address these diverse needs,” Ashade stated.
With the launch of its operations, mobile app, and upcoming USSD service, UCEE Microfinance Bank is poised to make a significant impact on financial accessibility in Nigeria, particularly in areas where access to banking services has been limited. The bank’s focus on combining technology with a physical presence ensures that it can meet the diverse needs of its customers, regardless of their location or preferred banking method.
