UBA Launches UBA FXMart; An Innovative Bureau De Change Subsidiary

United Bank for Africa (UBA) Plc has introduced an innovative Bureau de Change service in a determined effort to bring new levels of convenience and world class services to the retail foreign exchange market in Nigeria.

This followed the official launch of a new subsidiary known as UBA FXMart (Bureau de Change) Limited in Lagos on Friday July 25, 2008. Unlike traditional Bureau de Changes, UBA FXMart brings fresh and innovative ideas into the market, giving customers the ability to conduct transactions in convenient, safe and professional environments.

According to ‘Derin Onalaja, Managing Director, UBA FXMart, "because our watchwords are convenience and service, we have taken our services beyond the confines of the traditional banking halls to other non-conventional channels in order to meet the growing needs of clients, by partnering with reputable Travel Agencies, locating implants in corporate organizations, airports, hotels and other relevant establishments."

Onalaja asserted that the essence of UBA FXMart is predicated on UBA’s innovative technological platform that ensures that customers have the advantage of accessing all their foreign exchange transactions from one single comprehensive source. "You can now book for your travel money along with your ticket through your travel agents, online in the comfort of your home or office, by telephone or at any of our service outlets conveniently located at airports, hotels and within corporate offices," she enthused.

In the past, bureau de change operators were almost insignificant, with only a few bureau de changes that could meet the demands of Nigerians for foreign exchange in a safe and contained environment. It was therefore a relief when the Central Bank of Nigeria further liberalized the foreign exchange market in April 2006, allowing commercial banks and other legitimate operators to conduct Bureau de Change businesses. This liberalization by the CBN has led to an inevitable evolution of Bureau de Changes from being back street and insignificant businesses to major players in the retail foreign exchange market.

Phillips Oduoza, Deputy Managing Director, UBA Plc South, who was present at the launch, explained that in line with the UBA ethos of bringing superior value to the economies within which it operates, UBA sought to add to its existing and robust in-bank bureau de change services, by obtaining further approvals from the CBN to operate non-bank channels, hence the birth of UBA FXMart (Bureau De Change) Ltd.

In an increasingly global economy where the ability to move funds around the world quickly and reliably is of growing importance, UBA FXMart goes beyond just the provision of travel money. The subsidiary has designed global payment solutions to facilitate the process of making such payments as mortgages, school fees, utility bills, medical and life insurance premiums abroad.

"With UBA FXMart, we are revolutionizing currency exchange in Nigeria! We are giving our customers, be it holiday makers, traders, business people, students, pilgrims, etc. the freedom that comes with travel; the freedom to exchange currencies wherever, whenever and however they need it; we are truly Africa’s global bank," remarked Celine Loader, Director of Marketing and Communications, UBA Group.

United Bank for Africa Plc (UBA) is West Africa’s largest banking and financial services group with total assets in excess of US$15 billion. As a full-service financial institution, the bank provides personal and commercial banking, insurance (life), corporate and investment banking (advisory services, debt and equity markets, corporate finance), investment management (wealth management, trustee management, registrar services, and asset management), securities sales and trading, pension funds custody and a variety of other value-adding services and products.

UBA serves over 6 million retail and institutional customers through more than 800 business offices spanning Nigeria, Ghana, Cameroon, Cote d’Ivoire, Uganda, Sierra Leone, Liberia, Cayman Islands, London and New York.

Source: www.tradingmarkets.com