Abiola Bawuah Tells How UBA Is Strengthening Trade Across Africa, Other Priorities

Abiola Bawuah, the Chief Executive Officer (CEO) for UBA Africa has revealed some of the priorities of the global bank on the continent.

Bawuah who oversees the operations of the United Bank for Africa group in 19 African countries disclosed that promoting trade without the hassles of seeking foreign exchange is a major focus, collaborating with governments to develop the continent is another as well as helping youth to grow their businesses.

The UBA Africa CEO pointed out that the bank believes that the only way to overcome the hindrances of foreign exchange is to promote trade across Africa in a manner that allows for the acceptance of one another’s currency.

“We have created so many platforms like the marketplace, and we have means of payment that we called Africash and partnering with other organizations to enhance trade. With this, we believe that Africans should trade with each other.

“I do not think there is a country in Africa that has dollar surplus. It is for us to promote trade across Africa and that is where UBA is coming in. We have put in so much for us to achieve it by ourselves. We are not going to be trading within ourselves by carrying cash. We are promoting technology, a means of payment to drive ease of transactions.

“There are a number of products that we have at UBA to facilities these trades I am talking about.” she explained at an interactive media engagement themed “Innovative Banking in Africa” organized by the bank as part of the Africa Day Celebration in Lagos.

Bawuah, who made history as the first female CEO of the group’s operations in Africa with her appointment in January 2023, further disclosed that guided by group chairman Tony Elumelu’s conviction that “Africans have to develop Africa”, the Bank is massively collaborating with governments in different countries to provide infrastructures.

“We’ve supported governments all over Africa in serious infrastructure.

…anywhere UBA is operating, we collaborate with the government to ensure the country is developed. You will agree with me without the infrastructure in Africa, we go nowhere. We are collaborating with governments to put infrastructure in place…also make the private sector to be strong. We have also come to the realization that the government is not set up to create jobs and it is the private sector. We have collaborated with governments and created millions of jobs across Africa” she added.

The CEO listed interventions in different sectors that include road, power, and health.

Touching on the support for youths, Bawuah revealed that the bank has forged a strong partnership with the Tony Elumelu Foundation in helping young Africans optimize their potential.

The Tony Elumelu Foundation founded in 2010 is a non-profit organization growing that is growing entrepreneurs across Africa by funding and mentoring youths with actionable ideas.

Bawuah who divulged none of the UBA subsidiaries under her watch is operating at a loss and rather contributed about 50% to the group’s N853 billion earnings for 2022, stated that ensuring the bank’s products are fashioned to suit the needs of the different markets is a huge help.