UCEE Microfinance Bank has officially commenced operations and introduced a mobile application. Additionally, the bank has announced its intention to implement a USSD service to improve financial accessibility throughout Nigeria.
Esther Adeola-Balogun, the Chief Executive Officer of the
MFB, made this announcement during the official launch and grand opening of the
bank in the Marina area of Lagos State on Monday.
The United Capital’s subsidiary, UCEE, a hybrid microfinance
bank, is committed to bridging the gap between traditional and digital banking,
making financial services accessible to a wide range of customers.
Technology plays a pivotal role in driving the bank’s
operations, with its mobile app serving as a comprehensive platform for all
products and services, according to Adeola-Balogun
She emphasized the importance of downloading the app,
highlighting its central role in customer engagement. The app offers users the
convenience of managing accounts, accessing loans, and conducting transactions
from any location.
She also emphasized the bank’s strategy to cater to
semi-urban and rural regions by implementing a USSD code.
The USSD platform will play a pivotal role in ensuring
financial inclusion for individuals who lack access to smartphones,
particularly in underserved regions, she remarked.
In addition, the Chairman of UCEE Microfinance Bank, Stephen
Nwadiuko, reaffirmed the bank’s commitment to serving all segments of society.
He elaborated, Our USSD service will cater to the
underprivileged, allowing individuals in rural and semi-urban areas to
conveniently access our services even without smartphones.
Furthermore, Nwadiuko acknowledged the challenges of
operating within Nigeria’s economic landscape, particularly in light of rising
interest rates.
He added, We adhere to stringent risk acceptance criteria,
which has enabled us to maintain a non-performing loan rate of merely 0.3
percent. This achievement underscores our ethical practices and prudent
customer engagement.
During his speech, the Group CEO of United Capital, Peter
Ashade, commended UCEE Microfinance Bank’s hybrid model, which effectively
integrates digital services with a physical presence.
In the current market landscape, it is imperative to offer
solutions that cater to both technologically adept customers and those who
favor traditional banking methods. UCEE is strategically positioned to address
these diverse requirements, Ashade asserted.