In Washington DC, we caught up with Mr. Oliver Alawuba, Group Managing Director of United Bank for Africa Plc (UBA), who shared insights on the significant role UBA America plays in bridging trade and financial transactions between Africa and the global market. As the only African bank granted a national banking license in the U.S., Alawuba emphasized how UBA America supports payment and settlement needs, ensuring smooth financial flows that connect African markets with the rest of the world.
During an interview with journalists at the ongoing IMF/World Bank annual meetings, Alawuba reiterated the bank’s unique position and dedication to delivering top-notch services to its customers. “We take pride in being the only African bank operating in the United States,” he stated. “UBA is regulated by the Office of the Comptroller of the Currency (OCC), which places us in a prime position to support payment and settlement for businesses originating from Africa or between Africa and other countries. It’s worth noting that UBA America has now been intertwined with the U.S. for 40 years.”
Alawuba also highlighted UBA America’s collaboration with African central banks, assisting in facilitating cross-border transactions. “UBA America serves as a settlement bank for numerous African banks, which has been a challenge for them in establishing correspondent banking relationships in the U.S.,” he explained. “Our understanding of the African business landscape allows us to support many central banks.”
Reinforcing UBA’s commitment to transformative banking, Alawuba added, “We are invested in Africa for the long haul. UBA is not just a bank; it’s about transforming the lives of Africans. Our mission is to enact change in their lives while ensuring our clients receive the best possible services through the technology we implement and the variety of products we offer.”
Yomi Ajayi, CEO of UBA America, also emphasized the bank’s commitment to infrastructure and social development across the continent. “Our extensive network, especially in Nigeria, enables us to reach every state, city, and local government,” Ajayi noted. “This connectivity allows development partners to access more communities and maximize their impact on pressing issues such as poverty alleviation, education, and food security.”
Ajayi further stated, “We believe in giving back to the communities we serve, and our role involves partnering with institutions to tackle key social challenges and support those affected by displacement and other adversities.”
