UCB, Umunya Microfinance Bank opens new banking complex, announces digital services availability for customers

 

Kenechukwu Ofomah

Awka

 

A grassroots Microfinance Bank, the Umunya Microfinance Bank on Saturday, commissioned its new office complex at Umunya in Oyi Local Government Area of Anambra State, as part of efforts to strengthen financial inclusion and improve service delivery to customers and businesses in the community, the LGA and the entire Anambra State.

The opening of the new office complex located at the Old Afor Market Square, Umunya, also witnessed the announcement of plans for the launch of digital services by the bank, in line with new technological advancements, for the benefit of its teeming customers.

Incorporated on June 14, 1993, as Umunya Community Bank Nigeria Limited with the aim of providing financial services to residents of Umunya and neighbouring communities, the bank commenced operations on July 4, 1994, and was later renamed UCB Microfinance Bank Limited in 2007, before receiving its final microfinance banking license from the Central Bank of Nigeria on March 26, 2008.

Speaking at the event, the Managing Director of the Bank, Mr Tochukwu Iloduba said the institution's growth over the years would not have been possible without the support and commitment of its co-founder and major shareholder, Dr. Chike Obidigbo, whom he said had remained steadfast in his belief in the bank since its inception.

Iloduba said the bank currently serves over 12,000 customers, including traders, artisans, small business owners and entrepreneurs in Umunya and surrounding communities through products such as Isusu schemes, individual and group loans, savings accounts, fixed deposits and current accounts.

According to him, with the opening of the new complex, and the recent launch of the bank’s website and the finishing touches on its internet banking services, the bank is targeting to reach at least over 20,000 customers by the end of 2026.

“We call on shareholders and other stakeholders to support the institution's growth through increased investment, in line with the Central Bank of Nigeria's call on microfinance banks to strengthen their capital base.

“We also urge Umunya people and residents who were yet to bank with the institution to open accounts, as UCB remains the only bank in Umunya and its success is a collective responsibility,” he said.

In his remarks, the Chairman of the Board of Directors of the Bank, Mr Chiemela Ubani said the commissioning marks a milestone in the bank’s commitment and efforts to become a major catalyst for local business growth and community development.

He said the gamechanger would be the online banking services which they will launch soon to enable customers transact businesses in the comfort of their homes and offices without stress.

“Today, we are opening our doors with innovation. Before now, we have been into manual banking. But, today, we are exploring the potentials of digital banking, where customers can transact businesses from the comfort of their homes online without coming to the bank.

“We are also opening opportunities for job creation as we are increasing our staff base.

“We are also with this advancement, increasing opportunity for lending, as we are recapitalizing the bank. More fund will be injected so that we lend more money to businesses. So, we want to be partners with local businesses in their growth and success. The whole essence is to be catalyst for economic growth and community development,” he revealed.

On the competition in the banking industry, Ubani said the industry is very large to accommodate all the players, but said the unique thing the bank offers is comfort and accessibility to the local customers.

In his words, “We are going to be introducing our mobile application, our USSD code, our ATM services and our Point of Sales, PoS terminals for our customers.

“So, we understand the presence of other big names in the industry, but within our local environment, we want to be able to create unparalleled unique services that are tailored to the core business needs of our local environment here.”

According to the co-founder and major shareholder with the bank, Dr Chike Obidigbo, the bank was set up, not just to create employment, but also to open the opportunity for people of Umunya in business, who are in financial need for the purpose of engaging in productive sectors of the economy, to secure reasonable financial support, to be able to grow their businesses and contribute meaningfully to their personal growth and that of the community.

He noted that his investment over the years in the bank is borne out of his desire to think home, reminding the people that investing in their homeland suffices great gain.

“My investment policy is to engage in activities that will benefit my community. You cannot make investments in other places and come back to you community to begin to give out small cash handouts to your people.

“By the investments I have made here, we have taken youths out of crime and other vices by giving them jobs, and that is a major success for the community,” he said.

Earlier in his remarks, the Chairman on the occasion, Chief Ifeanyi Anachuna reminded high-networth Umunya people that the survival of the bank rests squarely on their shoulders, urging them to emulate the selfless services of Dr Obidigbo and embark on projects that will etch their names indelibly in the annals of the community’s history.

He also elected to undertake the payment of interests for loans to be provided by the bank to indigent widows and small business operators in the community, as part of his contribution towards the growth of the bank.

In their separate goodwill messages, some other stakeholders in the community and customers of the bank, including Chief Gilbert Ekwugha, who is the President-General of the town, Sir Mike Ubaka, the Umunya regent, and many others congratulated the bank on the advancement and vowed their continued patronage of the bank’s services.