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Tuesday,August 04,2020 18:55 PM

Nigerian bank to dominate market

By Vision Reporter

Added 9th January 2008 03:00 AM

SET to open its doors to the public in April, Nigerian-based bank UBA plans to dominate the sector within five years of its entrance into Uganda.

SET to open its doors to the public in April, Nigerian-based bank UBA plans to dominate the sector within five years of its entrance into Uganda.

By Vision Reporter

SET to open its doors to the public in April, Nigerian-based bank UBA plans to dominate the sector within five years of its entrance into Uganda.

“We are opening with seven branches and plan to open 10 branches a year for the next five years within which time we plan to dominate the sector,” the chief executive officer, Manz Denga, told the press recently.

UBA is the largest financial service provider in West Africa with a book value in excess of $14b, more than 600 branches in Nigeria and Ghana and about six million depositors.

Denga said they had already begun recruiting and 80 Ugandans would be trained next month.

He said Uganda was an ideal market for the bank because of its transparent licensing processes, growing economy and trainable workers.

UBA will be service-oriented, focussing on bringing the unbanked into the formal financial sector.

“We will be looking at rolling up our sleeves and getting dirty, not just focussing on the easier corporate banking,” he said.

Nigerian bank to dominate market

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