UBA Targets 1 Billion Customers, Expansion of Global Presence in Ambitious 75-Year Plan

The United Bank for Africa Plc (UBA) has announced a new strategic vision to expand its operations into more than 100 countries and grow its customer base to over one billion within the next 75 years.

The ambitious plan, revealed by the bank’s Group Managing Director and CEO, Oliver Alawuba, outlines a clear path to position UBA among the world’s top financial institutions by the time it celebrates its centenary in 2099.

Currently, UBA operates across 24 countries and serves approximately 45 million customers, a base it aims to dramatically increase as part of its expansive growth strategy.

Alawuba emphasized that the bank’s target to grow its total assets from $20 billion to $20 trillion is central to its vision of becoming a key player on the global financial stage.

“This ambitious plan is not only a commitment to our shareholders but also a reflection of the immense economic potential we see in Africa and its place in the global market,” said Alawuba during a press briefing in Lagos, adding, “As we continue to connect Africa with the rest of the world, we are committed to being a catalyst for growth, innovation, and financial inclusion across the globe.”

As part of its expansion, UBA plans to establish its presence in Saudi Arabia by 2025, further solidifying its footprint in the Gulf region. This will mark the bank’s second location in the area, after its operations in the United Arab Emirates, and will focus on key sectors such as infrastructure development, youth empowerment, and building sustainable partnerships between Africa and the Gulf.

In addition, UBA is currently seeking approval for a $143.6 million rights issue to fund its expansion initiatives and further strengthen its financial position. The bank’s leadership, under the guidance of Nigerian businessman Tony Elumelu, has been pivotal in steering UBA’s growth and reinforcing its commitment to long-term investments across the African continent.

The announcement was made at the unveiling of UBA’s “Wall Tribe” and the “UBA Time Capsule” in Lagos, an event that celebrated the bank’s rich history and its promising future. This visionary plan aims to not only enhance the bank’s global footprint but also to drive its long-term goals of financial empowerment and inclusion, contributing to the economic development of the regions it serves.

With this bold new direction, UBA is setting its sights on becoming a global financial leader, with Africa at the heart of its strategic growth. The next 75 years promise to be transformative, both for the bank and the communities it serves, as UBA strives to achieve its remarkable goals.