The UCEE Microfinance Bank has released a mobile app and begun operations, with plans to also launch a USSD service to improve financial accessibility throughout Nigeria.
This was revealed on Monday during the formal opening and launch of the bank in the Marina neighbourhood of Lagos State by MFB CEO Esther Adeola-Balogun. United Capital, a top investment bank, owns the hybrid microfinance bank UCEE.
The bank, according to Adeola-Balogun, is dedicated to bridging the gap between traditional and digital banking so that a wide spectrum of customers can readily access financial services.
Information accessed by BrandSpur banking and finance news reveals she underlined how important technology is to the way the bank runs its business, noting: “Our mobile app is a one-stop shop for all our products and services.
“We encourage everyone to download it because it is central to how we reach our customers. The app allows users to manage accounts, access loans, and perform transactions conveniently from anywhere,” she added.
Adeola-Balogun also emphasised the bank’s plan to use a USSD number to service rural and semi-urban areas.
Continuing, she disclosed: “The USSD platform will be crucial for those without access to smartphones, ensuring financial inclusion even in underserved regions.”
Additionally, Stephen Nwadiuko, Chairman of UCEE Microfinance Bank, reaffirmed the bank’s emphasis on reaching all societal segments.
“Our USSD service will target the bottom of the pyramid, enabling those in rural and semi-urban areas to easily access our services even on non-smartphones,” Nwadiuko revealed.
He also talked about the difficulties of doing business in Nigeria’s economic climate, particularly concerning growing interest rates.
Speaking further, he stated: “We operate with robust risk acceptance criteria, which has helped us maintain a non-performing loan rate of just 0.3 percent. This is a testament to our ethical practices and careful customer engagement.”
In his speech, Peter Ashade, the Group CEO of United Capital, commended the hybrid model of UCEE Microfinance Bank, which blends online and offline services.
According to him: “In today’s market, it is essential to provide solutions that cater to both tech-savvy customers and those who prefer traditional banking. UCEE is well-positioned to address these diverse needs.”
