Elumelu Advocates Collaboration to Boost Investment in Nigeria, Others - THISDAYLIVE

Elumelu Advocates Collaboration to Boost Investment in Nigeria, Others via thisdaylive

The Group Chairman, United Bank for Africa Plc, Mr. Tony Elumelu has said the corona virus pandemic presents a perfect opportunity for foreign investors to invest in Africa, owing to the huge opportunities that are inherent in the African economy.

While pointing out that countries in Africa were well positioned to emerge into a strong digital economy, Elumelu said, there is now more macro-economic stability than ever before, especially given that the young African is energetic, restless and has the ambition to succeed, in the face of difficult circumstances.

“In banking business this whole digital transformation is heightened further by COVID-19, right now, you have less than 15% of our over 20million bank customers that are transacting in the bank. Most of them now transact online, which is 85 per cent of over 20 million customers. That is significant. Before COVID, it was about 65 per cent. UBA is seeing an explosion in its digital platforms.

“Through the TEF virtual platform called the TEFConnect, we are able to engage our entrepreneurs on a day-to-day basis; get resource speakers from all over the world and ourselves, to talk to them and to train them and let them know how to manage difficult moments like this. And I can say that at-least 72 per cent of our 9,500 beneficiaries are hanging in there, expanding their businesses.

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