The emergence of Unity Bank, a commercial bank, in the Financial market, back then in January 2006, has attracted many interests.
Unity Bank commenced operations in 2006 following a merger of nine Banks who had made their mark through competences in investment, corporate and retail banking. Today, Unity Bank has established itself as one of Nigeria’s leading retail banks with over 200 business offices spread across the 36 States and Federal Capital Territory.
The Bank is reported to be Nigeria’s 8th largest bank by business locations. with expertise in corporate banking, retail banking, as well as investment banking. It maintains a little above 242 branches across all states of Nigeria, giving it the 8th-largest branch network in the country. This is a record of year 2010, which must have been beaten by the fast-growing financial institution as at now.
Unity Bank has offered wide-ranging financial services to individuals, businesses and the public sector of the nation’s economy. As a further commitment to the growth of the nation’s economy, Unity Bank focuses in particular on SMEs and Agribusinesses, driven by the vision to be the retail bank of choice for all Nigerians and this is at the core of all that we do.
With its Head office located at Plot 42, Ahmed Onibudo Street, Victoria Island, Lagos, Unity Bank has borrowed a leaf from leading Technological-savvy banks in Nigeria and across the globe. It has tapped into the Internet banking world, providing services in Internet and Mobile Banking to its teeming customers across the Nation.
Its wide range of products/services affords customers the opportunity to seek loans, especially for Agri-preneurs who have ventured into agriculture full scale. Schemes, such as Farmers co-operative leasing and finance schemes. The Bank also has an industrial input farmers scheme for farmers who are probably investing on a larger scale.
Business banking scheme at Unity Bank is not limited to savings, as the Bank has extended its services from just the regular savings and current accounts for customers. It also affords customers the opportunity to create a Domiciliary, Unity Biz current account, Corporate current account and a Business Savings account.
The pocket friendly investment services of the Bank has been rated as second to none. For this reason, investors prefer to try out Unity Bank for its outstanding services to customers. Fixed income products, banker-acceptance and high Yield Interest Deposit Accounts are some of their uncommon services.
A new generation bank that has lived true to every dint of the phrase, ‘New-generation’, Unity Bank’s Transaction services allows Unity Collect, Leaders of Credit, Unity Pay and Unity Remits.
In 2006, Unity Bank plc, was the flagship institution of the Unity Bank Group, which has grown in leaps and bounds across the nation. More so, the other equally vibrant members of the financial services group include Unity Capital & Trust Limited; Caranda Management Services Limited; Unity Registrars Limited and Northlink Insurance Brokers Limited.
Others include Newdevco Investments & Securities Limited; UnityKapital Assurance plc; Pelican Prints Limited; Unity Bank BDC and Hexali Properties Limited.
In the instance of introducing its services to members of the public, one thing Unity Bank used to catch the attention of the public was the provision of liquid loans, especially for small scale enterprises and others. They threw their weight behind human capacity development, and up-gradation in technology.
With Tomi Somefun, as the Managing Director, Unity Bank, whose shares of stock are listed on the Nigerian Stock Exchange, where they trade under the symbol: UNITYBNK has no doubt provided support services and development to members of the public.
Oluwatomi Somefun, the CEO/MD Of Unity Bank Plc, is an award-winning Nigerian banker. She is the first female in the history of Unity Bank to attain the lofty position of a Chief Executive Officer (CEO)/ Managing Director (MD).
With Somefun’s undisputed extended arms of love and fellowship, hands of all staff members at Unity Back are on deck, working together to ensure the Bank’s commitment to stakeholders are delivered.
This is the core of the values by Unity Bank.
Driven by the desire to exceed the qualitative and quantitative expectations of its customers, Unity Bank’s resourcefulness through ingenious and imaginative skills in seeking solutions to issues.
Unity Bank has enhanced its branches and services through its integrity. The Bank’s forthrightness in all its dealings with internal and external customers and partners. Unity Bank has proved to be a dependable financial institution in Nigeria, as many customers have counted on its reliability and loyalty to them.
It prides itself as one of Nigeria’s leading retail banks with over 200 business offices spread across the 36 states and Federal Capital Territory of Nigeria, with various transactions delivered to customers in the Country.
Unity Bank’s Investment schemes such as Fixed Deposits, Treasury Bills and FGN Bonds, has further proven the Bank’s commitment to customers’ satisfaction.
Beyond other transfer platforms, Unity Bank offers RIA Money Transfer, a rare international transfer platform in the Bank, apart from Western Union Money transfer. This has endeared many to the Bank.
Unity Bank has made it easy for agencies, farmers and investors to access grants or loans from the financial institutions, and these loans and grants come in form of support services to these agencies who work for the development and promotion of the nation’s agricultural sector.
However, there is a need for a suitable framework such that will foster speed and the ability to act promptly, by banks in Nigeria. In as much as we appreciate their services and products, a swifter means of delivery would be appreciated. This would make their services more effective, and this would avoid any adverse condition that could have impacted negatively on the financial institutions.
It is believed that, by virtue of the role played by the financial institutions in growing the nation’s economy, the regulatory body, CBN would ensure ultimate improvement in stabilizing the financial institutions and the economy by providing considerate prerequisite for their operations. If financial markets, like the bond market, and the stock market, and the foreign exchange market are well functioning, the likelihood is that such an arrangement will bring about high economic growth.
Subsequently, when there is an immense extension of the financial instruments, there would be lessening in transaction costs which in return would grow our economy.
Olamide Adeniji is a Member of TheScript Editorial Board
