UBA compliant to Bank of Ghana regulatory requirement

The Head of Banking Supervision Department at the Bank of Ghana, Mr. Osei Gyasi has commended United Bank for Africa (Ghana) Limited for being a compliant bank over the years.

Speaking at the launch of the UBA Bancassurance partnership with Allianz Insurance, he said over the last 16 years, UBA has seen significant growth in its balance sheet and has deployed several ATMs over the country to meet customer needs.

He further said the bank is in compliance with the minimum paid-up capital requirement with its Capital Adequacy Ratio above the minimum regulatory requirement of 11.5%, adding that the bank is a profitable bank.

Through the Bancassurance partnership, over 20 branches of UBA spread across the country will offer customers personal insurance products which include Motor Insurance, Home Insurance, and Travel Insurance, along with other financial services in a convenient manner.

According to Mr. Gyasi, the partnership is an answer to how UBA can meet the increasing and constantly changing requirement of its customers.

He added: “Consider this partnership as a demonstration of confidence in the capacity, integrity and good corporate governance because close to about 90% of banks in Ghana have entered into Bancassurance partnership with insurance companies”.

“The role of banks in the development of the financial sector cannot be overemphasized. Other key actors like insurance companies also play an important role in deepening the sector by mitigating losses and spreading their risk”, he said.

Mr. Gyasi noted that the banking sector has gone through regulatory intervention to safeguard the financial sector and to place banks in a better position to forge mutually beneficial partnerships.

Commenting on the partnership, Olalekan Balogun, Managing Director and Chief Executive Officer of UBA Ghana said: “This is a step in the right direction and UBA Ghana is excited to be partnering with Allianz Insurance to offer more value to our customers. As a customer-centric bank, we are focused on delivering superior banking products and services to our customers, and this partnership is evidence that we do more than banking.

“UBA Ghana is driving innovation in retail banking, and this partnership will allow the bank to provide our diverse base of customers with the necessary benefit of insurance cover across the bank’s wide range of products incorporating technological innovations that are in line with the bank’s digital transformation agenda, in order to provide added value and convenience to our customers,” he said.