Writer: ABHULIMHEN THERESA
Emem Usoro, Executive Director of United Bank of Africa (UBA) Plc., Northern Nigeria, has hinted on the hurdles faced in enhancing financial inclusion in the north and how the bank is tackling them.
In her chat with the media, Usoro said the bank’s strategic response involves the adoption of transformative role of AI in the banking sector.
Amid the global economic repercussions of the Russia-Ukraine conflict, Nigerian banks confront challenges in the northern region.
Usoro highlights UBA’s proactive approach, having established a robust risk management framework ahead of the crisis.
The bank swiftly adapted to emerging risks, addressing sectors adversely affected by the war and activating pre-planned measures.
Usoro emphasizes UBA’s commitment to addressing food security in the north. He underlines the fiscal authority’s role in expanding the fiscal safety net to combat inflation and improve responsiveness to shocks.
He commends the government’s initiatives to invest in critical sectors like agriculture, health, education, and power, but underscores the need for careful consideration of short-term challenges.
Emem Usoro outlines UBA’s ambitious expansion into the unbanked northern markets. The bank’s goal is to establish UBA as a preferred choice in the region and ensure that every nuclear family has a UBA account. Leveraging digital technology to drive financial access remains a priority due to the low financial literacy levels in northern Nigeria.
The discussion explores into UBA’s efforts in boosting financial literacy, deploying agency banking partners, and extending offline BVN devices to empower the unbanked population in rural areas. Usoro emphasizes UBA’s readiness to collaborate with state governments and other organizations to enhance financial inclusion and accessibility to credit.
The interview concludes by touching on UBA’s support for agricultural and MSME-sector businesses.
Usoro highlights UBA’s commitment to investing $6 billion in African SMEs over three years, supporting the AfCFTA objectives.
As Nigerian banks embrace AI, Usoro acknowledges its substantial impact on improving data handling, customer experiences, and operational efficiency.
Challenges persist in the banking sector, such as slow GDP growth, cybercrimes, and rising inflation.
Usoro underscores the need for synergy between fiscal and monetary authorities to address these challenges.
She encourages banks to enhance their risk management frameworks to effectively mitigate emerging risks and ensure sustained growth.
[Source: ThisDay]
