UBA Expands to Mali

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The United Bank for Africa (UBA) will open a new branch in Mali next Monday as it expands in a region where it already operates in a dozen countries.

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

El 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 to the Nigerian Stock Exchange (NSE), UBA said its Board of Directors last Monday approved its financial statements and payment of dividend to shareholders, subject to the approval of the Central Bank of Nigeria (CBN).

“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,” the bank said in the notification signed by Group Company Secretary, Mr. Bili Odum.