Union Bank now has more opportunities to serve rural economy – Gumel

The recent acquisition of Union Bank and subsequent integration with its parent company, the TGI Group, has opened up more opportunities for the bank to leverage international partnerships to service the rural economy.

Mr. Farouk Gumel, Chairman, Board of Directors, Union Bank of Nigeria, made the disclosure while addressing the 15th Annual Banking and Finance Conference, tagged: ‘Repositioning the Financial Services Industry for an Evolving Global Context’. 

The two-day event, hosted by the Chartered Institute of Bankers of Nigeria (CIBN), began on September 13, 2022, and is being attended by the Minister of Finance, Mrs Zainab Ahmed, representing President Muhammadu Buhari; and the Lagos State Commissioner of Finance, Dr. Rabiu Olowo, who is representing the Governor of Lagos State, Mr. Babajide Sanwo-Olu, among other dignitaries.

Gumel praised the strength, ingenuity and resilience of the financial services sector which, according to him, has ‘’transformed Nigeria’s inefficient and analogue financial services sector into a world-class system that has made it exceptionally easy for our local elites to bank globally and for global elites to bank in Nigeria.” 

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He, however, pointed out that as the Nigerian banking industry strive to retain its position as industry leaders on a world stage, it must ensure to not lose sight of the local element, saying, “When we remember where we come from locally, we will be better equipped for where we want to be globally.” 

He said this can be achieved by adapting products and services to meet the needs of customers – wherever they may be. 

The bank chief also emphasised how the rapidly expanding agricultural sector in Nigeria has the potential to grow exponentially and contribute not just to the advancement of the Nigerian economy, but also the welfare of the local farmers, who form a large percentage of the unbanked. 

Gumel highlighted how Union Bank in its 105-year history continues to support the Nigerian farmer.

“At Union Bank, we are pursuing a range of strategic partnerships to build on the best of what we do here in Nigeria with the skills and resources abroad that can help us and our partners to grow. 

“We do not seek to re-invent the wheel, we are looking to build on the best of what we have and provide support for a constituency that has the capacity to do so much more. We will do what we do best locally and then work with trusted international partners to deliver in the ECOWAS region, across Africa and around the world,” he said.