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Market Confidence in Our Repositioning Efforts – CEO

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Tomi Somefun, MD/CEO, Unity Bank
Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer of Unity Bank, Mrs. Tomi Somefun said that “the potential in many aspects of the business as reflected in the growing balance sheet of the Bank is indicative of market confidence in our repositioning efforts”.
“It is also noteworthy that playing in the Agriculture Sector as part of growth strategy and as bulwarks to drive value chain businesses in many segments of the retail market have continued to pay off. Looking ahead, we shall consolidate on the gains in the agribusiness, capitalizing on the growing profile in the sector, whilst also focusing on the youth market with increased investment in digital banking,” she further stated.

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According to her, “the quest to deepen our retail play will go hand in hand with our focus on digital innovations. Already, we have deployed USSD banking, carried out augmentation of the platform to introduce local languages and further drive financial inclusion and had also launched omnichannel to cater to all segments of the banking public, especially the underbanked. In the coming years, the Bank will be opening more channels and bundled products bouquet for identified cluster initiatives and also leverage and expand relationships with other partners to drive more growth in earnings and profits.”
Meanwhile, the Bank has concluded arrangements to launch a healthcare product called UnityCare to tap into credit support intervention scheme for the Health sector being rolled out by Central Bank of Nigeria as stimulus packages to support the indigenous pharmaceutical companies and healthcare practitioners that hope to build and expand capacity.
The new UnityCare product will thus cater to improve access to affordable credits by players, reduce medical tourism and conserve foreign exchange as well as provide long-term, low-cost financing for healthcare infrastructural development, healthcare product manufacturing, healthcare services and pharmaceutical/medical product distribution and logistics services.
As the Bank’s Executive Director, Finance & Operations, Mr. Ebenezer Kolawole said Unity Bank made these tremendous gains despite the tough operating environment occasioned by the numerous challenges the Nigerian economy witnessed in 2019, coupled with several regulatory headwinds.
“We were able to build our capacity to drive our momentum just to make sure we delivered value. Our challenge was to keep the value up because we were in a capital raising mood and we gave everything to deliver value to our partners,” Kolawole said
He.added: “Overall, it has been a very fantastic year for us as we make sure we have strong liquidity that meets the expectation of CBN and customers. Our capital raising exercise is on course and we’ll make sure all the necessary dots are put in place through comprehensive and strict management measures.”
Analysts are of the view that many things will continue to play in favour of the Bank. Some of these include the sustained effort of the Bank in the area of Agribusiness, the increasing attention of Government and other Agencies in the agriculture sector and the growing interest of the youths in the agribusiness, among others.

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