United Bank for Africa Launches New Banking Platform for Companies

The United Bank for Africa (UBA) has launched ‘U-Direct Corporate’, which is promoted as a web-based banking platform for cash management.

Lagos, Nigeria-based UBA, which has offices in 19 African countries as well as in New York, London and Paris, said that the transaction services platform was designed to help firms maximise payments, collections and liquidity position. U-Direct Corporate is operational in UBA Nigeria and across the bank’s 18 African subsidiaries.

UBA added that the platform, designed for companies of all sizes, institutions and government entities offers an integrated, single sign-on product suite, through which it provides corporate clients cash management and transaction banking services.

It requires a single password to access all its eight modules on the platform, which are payments, collections, multi-bank multi-regional balance viewing, liquidity management, cash forecasting, e-trade, e-treasury and value chain management.

“U-Direct Corporate also offers a mobile app, the first of its kind for corporate customers in the industry that enables access to the platform for payments and approvals on mobile phones. The mobile app is available for Android, IoS, and Blackberry smart phones,” the bank stated.

“The mobile application offered by U-Direct Corporate is ideal for executives who are always on the go,” added Emeka Uzoigwe, UBA’s product manager for the new platform. “They can track and monitor transactions and balances, initiate or decline approvals even while on the move on business or personal calls. No important business has to wait until they get back to the office.

“U-Direct Corporate will also enable companies speed up receivables processing, resulting in reduced financial exposure, lower borrowing costs and maximised cash flow.”

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