United Capital Group unveils first digital MicroFinance Bank, UCEE
United Capital Group (UCAP) has announced the launch of Nigeria’s first digital MicroFinance Bank, marking a significant step toward bridging the financial inclusion gap and expanding access to financial services across the country.
The new institution, UCEE Microfinance Bank, is a subsidiary of UCAP and combines the technology of a neo-bank with the operational infrastructure of a traditional bank. This hybrid model aims to deliver innovative banking solutions while leveraging established banking practices.
Group Chief Executive Officer of United Capital, Peter Ashade, stated that the launch of the MicroFinance Bank is driven by a commitment to using financial inclusion as a tool for economic empowerment. He described the opening as a milestone in United Capital’s evolution, highlighting its legacy of growth and transformational success.
“Our activities today signify not only the unveiling of a new financial institution but also the beginning of a vision to redefine the banking experience in Nigeria and bring positive changes to our people’s lives,” Ashade said.
He emphasised that the launch of UCEE represents a crowning achievement in UCAP’s journey, which began as a department within the United Bank For Africa ecosystem.
Ashade noted the group’s determination to replicate UCAP’s success with the new MicroFinance Bank, which is focused on understanding and addressing the needs of Nigerians living in rural areas. With approximately 40 million Nigerians still excluded from the formal financial ecosystem, UCAP aims to enhance financial inclusion and provide access to critical financial services.
Managing Director/CEO of UCEE Microfinance Bank, Ms. Esther Adeola-Balogun, emphasised that the bank’s mission is to democratise access to credit and offer innovative banking solutions. “We are redefining banking to be more than just transactions; we aim to be a partner in enhancing the quality of life for our customers,” she explained.
UCEE’s services are accessible through a mobile application designed to cater to both public and private sector employees, as well as market traders. The bank also maintains a physical banking hall for customers who prefer in-person transactions.
The bank’s offerings include loans, savings, deposits, cardless withdrawals, and bill payments. Adeola-Balogun highlighted the bank’s commitment to providing personalised financial solutions, from saving plans to budgeting tools, to empower customers in managing their finances effectively.
Chairman of Heir Holdings, Tony Elumelu, praised UCAP for its forward-thinking approach and impressive track record. He commended the company’s efforts in advancing “Africapitalism” by fostering economic transformation and prosperity across Africa. Elumelu expressed his support for UCEE’s mission, particularly its focus on supporting Micro, Small, and Medium-sized Enterprises (MSMEs).
Chairman of UCEE Microfinance Bank, Sir Stephen Nwadiuko, discussed the decision to operate primarily digitally, noting that digital platforms are crucial for modern business. He also mentioned plans to utilise physical locations to enhance market presence. “We believe that everyone, regardless of background or financial status, deserves equal access to financial empowerment,” Nwadiuko said.
He underscored the bank’s goal of providing inclusive, innovative, and accessible banking services by bridging gaps and breaking down barriers.
