UCEE Microfinance Bank has officially commenced operations and introduced a mobile app.
The bank also announced upcoming plans to launch a USSD service aimed at improving financial accessibility across Nigeria.
Esther Adeola-Balogun, the Chief Executive Officer of UCEE Microfinance Bank, made these announcements during the bank’s official launch and grand opening in the Marina area of Lagos State on Monday.
UCEE, a hybrid microfinance bank, operates as a subsidiary of United Capital, a leading investment bank.
Adeola-Balogun expressed the bank’s dedication to bridging the gap between traditional and digital banking, ensuring that financial services are easily accessible to a wide range of customers.
She highlighted the significance of technology in the bank’s operations, stating, “Our mobile app serves as a one-stop shop for all our products and services. We encourage everyone to download it, as it plays a central role in how we connect with our customers. The app allows users to manage accounts, access loans, and perform transactions conveniently from anywhere.”
She also outlined the bank’s strategy to reach semi-urban and rural areas by introducing a USSD code.
“The USSD platform will be vital for those without smartphones, ensuring financial inclusion in underserved regions,” she noted.
Stephen Nwadiuko, the Chairman of UCEE Microfinance Bank, reaffirmed the bank’s commitment to serving all segments of society.
He explained, “Our USSD service will focus on the bottom of the pyramid, allowing those in rural and semi-urban areas to easily access our services, even on non-smartphones.”
Nwadiuko also addressed the challenges of operating in Nigeria’s economic environment, particularly the issue of rising interest rates.
He added, “We adhere to strict risk acceptance criteria, which has enabled us to maintain a non-performing loan rate of just 0.3 percent. This demonstrates our commitment to ethical practices and careful customer engagement.”
Peter Ashade, Group CEO of United Capital, commended UCEE Microfinance Bank’s hybrid model, which integrates digital services with a physical presence.
“In today’s market, it’s crucial to offer solutions that cater to both tech-savvy customers and those who prefer traditional banking. UCEE is well-equipped to meet these diverse needs,” Ashade said.
