The chairman of the United Bank for Africa (UBA), Tony Elumelu, has launched a new microfinance bank called the Ucee Microfinance Bank (Ucee MFB)

The bank is said to be a subsidiary of United Capital Plc, a leading investment and financial services group.

Mr Elumelu unveiled the bank in Lagos.

Notable people at the launching ceremony were Stephen Nwadiukpo, the chairman of Ucee MFB, Peter Ashade, the group CEO of United Capital Plc, and Esther Adeola-Balogun, the Managing Director/CEO of Ucee MFB.

According to Elumelu that the new bank was created to fulfil the group’s long-term dream.

He added that the new bank would surpass the collective expectations of the group, consumers and the Nigerian public.

Elumelu said: “Our mission is simple: helping our esteemed clients reach their financial goals and democratising access to financial services and infrastructure.”

The new microfinance bank is focused on bridging the gap between digital and traditional microfinance banking operations.

The bank’s medium of reaching the Nigerian public is via its mobile app, a one-stop shop for all its products and services.