United Bank for Africa to open new branch in Mali

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The United Bank for Africa (UBA), a financial services group headquartered in Nigeria, will open a branch in Mali, West Africa, a region where the bank already operates in a dozen countries.

Spokeswoman for UBA’s Malian subsidiary, Maimouna El Oumarany told Reuters on the phone that “Mali is a large market with a low (bank) account penetration rate. We’re hoping to do better than the 13 banks already established in the country”.

Oumarany said UBA’s strategy in Mali, a landlocked country on the edge of the Sahara, was focused on digital products that clients could access from their smartphones.

Shareholders of UBA are expecting the announcement of a final dividend for the 2018 financial year. This followed the approval of the bank’s financial statements for the year ended December 31, 2018.

In a notification sent to the Nigerian Stock Exchange, UBA said its Board of Directors approved its financial statements and payment of dividend to shareholders, an initiative subject to the approval of the Central Bank of Nigeria.

The bank said in the notification signed by Group Company Secretary, Mr. Bili Odum, that “we shall provide the details of the results and dividend payments as well as related corporate actions to the Exchange upon the approval of the accounts by the CBN”.

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