UBA spends N2b on ATMs

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In Nigeria
Mar 9th, 2014
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• Plans 1000 more

United Bank for Africa Plc (UBA) is investing over N2billion on the installation of automated teller machines (ATMs) across the country to deepen cash-less drive of the Central Bank of Nigeria (CBN) and financial inclusion in line with the regulator’s Financial System Strategy (FSS20) 20:2020.

UBA’s former Head of ATM, Obinna Uma, who spoke on the sideline at a forum to showcase the lender’s e-banking bouquets over the weekend, said the lender was not relenting to take banking services to its numerous customers.

According to him, the bank has concluded plans to deploy another set of 1000 new ATMs across the country this year, adding that it is also doing a lot of partnership with technology firms to upgrade all ATMs. He said it had been discovered that ATMs have the greatest reach in terms of alternative payment channels, stressing that the lender will do more in that direction.

Earlier, the Divisional Head, E-Banking Products, Dr Adeyinka Adedeji, said based on the premium paid on e-banking by the lender, it has a dedicated structure, adding that it is standing on its own with its independent budget and workers.

He said the lender is positioning its e-banking service such that people will be attracted to open an account with the bank because of its excellent service, stressing that in the sub-region, the banking model remains outstanding.

Adedeji said the bank is de-emphasising physical structures, but investing massively on e-banking products, quality assurance and management to ensure that the use of alternative channels of payment are encouraged and embraced in the country.

He said the cash-less policy of the CBN has recorded a huge success because it compelled lenders who were not prepared for it at the time it took off, to hurriedly put the requisite infrastructure in place.

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