UBA Kenya Bank mulls listing, launches virtual savings

UBA Kenya Bank is considering listing on the Nairobi Stock Exchange as it firms its foothold in the local market. Managing Director/CEO Tunji Adeniyi said the plan to list in its medium-term strategy and is aimed at giving Kenyans a chance to own a piece of the financial institution and spread its shareholding. It will be the first West African company to list on the NSE.

Adeniyi was speaking at the launch of a Virtual Savings Account dubbed Akiba Mkononi. Akiba Mkononi is an innovative product that allows individuals to operate a savings account on mobile phone. “It is an easy and stress free solution for individuals who want to save money via a platform that is paperless, readily available on demand and easy to operate,” Adeniyi said.

Akiba Mkononi will also allow customers to access insurance by paying their premiums through the account. The virtual savings account is available on the Airtel Money platform and the bank is in talks to have the account on other mobile networks.  Akiba Mkononi will enable customers to save money by transferring funds from their Airtel Money account to their virtual savings account in UBA Kenya, which will earn 7% interest rate.

“A lot of advances have been made within the mobile and electronic banking space within the last two years and now with Akiba Mkononi, individuals will be able to save with very attractive interest rates, access affordable insurance cover and load their prepaid cards all from their mobile phones,” said Mr Adeniyi. “One can opt to save, withdraw money or pay for other services all at the ease of their Airtel SIM cards and a mobile phone.”

The global Bank, which has presence in 19 African Countries, Europe (UK & Paris) and USA, is poised to continue to blaze the trail in customer service, innovation and convenience Banking.

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