Connect with us

News

Union Bank, BEREE partner to revitalize loan portfolios

Published

on

Please Kindly Share This Story

Lagos, Nigeria — Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have signed a Memorandum of Understanding (MOU). This agreement signifies a joint commitment to addressing economic challenges and revitalising distressed loan portfolios in Nigeria. This MOU was formalised during the German-Nigerian Business Forum in Berlin on November 21, 2023.

Under the terms of the MOU, BFREE, in conjunction with its international financing partners, will explore the acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million. The key focus will be refinancing non-performing loan portfolios, particularly those delayed in repayment or already written off.
Union Bank, a leading provider of loans to Retail customers and Small & Medium Enterprises in Nigeria, has proactively adapted to the challenging economic environment. The ongoing economic pressures have necessitated increased flexibility for loan repayment plans, and BFREE, leveraging artificial intelligence (AI), presents an innovative solution.
BFREE’s AI-driven automated interaction with loan customers facilitates discussions and agreements on revised loan terms. This streamlined approach enables the rapid review of many loan agreements within short periods, resulting in higher repayment rates and reduced instances of loan write-offs for Union Bank. It also demonstrates the Bank’s confidence in BFREE’s robust recovery process. This strategic partnership not only positions Union Bank for enhanced financial resilience but also relieves the institution of the burden of managing low-performing loan portfolios.
President Tinubu’s active participation in promoting Nigeria as a prime destination for business and investment underscores the collaborative efforts to attract international businesses. The anticipated increase in foreign currency inflow, particularly USD and EUR, is expected to alleviate pressure on the exchange rate of the Naira, contributing to economic stability.
Speaking about the partnership, Joe Mbulu, Executive Director of Union Bank, said:
“We are excited about the strategic partnership with BFREE as it aligns with Union Bank’s commitment to innovation and adaptability. This collaboration signifies our dedication to finding innovative solutions to the economic challenges faced by our customers. By leveraging BFREE’s advanced AI capabilities, we aim to enhance the efficiency of our loan portfolio management, ensuring flexibility for our customers in these challenging times. This partnership reflects Union Bank’s proactive approach to navigating the evolving financial landscape and reinforces our commitment to providing sustainable financial solutions to individuals and businesses in Nigeria.”
Also commenting on the partnership, Julian Flosbach, Chief Executive Officer of BFREE, expressed:
“BFREE is thrilled to announce our strategic partnership with Union Bank, a collaboration that underscores our joint commitment to innovation and resilience in the face of economic challenges. With a track record of successfully managing over 4 million distressed customers across Africa, BFREE brings extensive experience to the table. Our proprietary AI capabilities will play a crucial role in streamlining Union Bank’s loan portfolio management, offering unparalleled flexibility to customers during these challenging times. The commitment of our financing partners is instrumental in driving this initiative, highlighting their dedication to supporting Union Bank’s revitalisation efforts.”
Union Bank is optimistic that this strategic partnership with BFREE will not only bolster the bank’s financial health but also contribute significantly to the broader economic recovery of Nigeria.

About Union Bank Plc:
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognisable brand with an extensive network of over 300 branches across Nigeria. The Bank currently offers a variety of banking services to both individual and corporate clients, including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance. The Bank also offers customers convenient electronic banking channels and products, including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.
More information can be found at: www.unionbankng.com
Media Enquiries: Email acomolayole@unionbankng.com

About BFREE:
BFREE is a FinTech start-up founded in 2020 that has developed a proprietary AI-first ethical credit collection process. BFREE has worked with more than 35 financial institutions in Nigeria, Ghana, and Kenya and has managed collection processes of over four million distressed retail customers with a cumulative distressed loan value of over USD 400 million.
More information can be found at: www.bfree.io
Media Enquiries: Email Mr. Julian Flosbach (julian@bfree.io)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

China’s brain implant technology recording great successes

Published

on

Please Kindly Share This Story

According to available records, Neo, a coin sized brain computer officially approved by China in March this year, is recording great successes in brain related medicare.

Neo is an interface developed at Tsinghua University and commercialized by Neuracle / Borui Kang Medical Technology.

It is now the world’s first invasive brain-computer interface cleared for commercial medical use.

The implant has eight electrodes placed outside the brain tissue, on the dura, where it detects signals when a patient imagines moving their hand. Those signals are decoded and used to operate a robotic rehabilitation glove.

Before approval, it was implanted in 32 patients across 11 hospitals in China with cervical spinal cord injuries. Every participant achieved brain-controlled grasping, with significant improvement in hand function.

How it works:

A person thinks about moving. A machine reads the signal. Technology interprets the thought. And a device responds.

Meanwhile, Elon Musk’s Neuralink remains in investigational human trials and does not have general commercial approval.

 

Continue Reading

News

OK Movement talking nonsense- says NDC national leader Dickson

Published

on

Please Kindly Share This Story

The National Leader of the Nigeria Democratic Congress (NDC), Senator Seriake Dickson, has criticised the activities of the OK Movement, warning political support groups affiliated with the party against operating as parallel structures or competing with it for control.

Dickson spoke while receiving former Secretary to the Government of the Federation (SGF), Babachir Lawal, into the NDC.

“Support groups don’t compete with the political party that is sponsoring candidates. Support groups don’t compete for supremacy, for space. Support groups are what they are: support groups.”

He added, “Support groups don’t play the role of a political party. They don’t sponsor candidates. They provide grassroots support, mobilisation, and support. They don’t convert themselves to become critics of the political party sponsored.”

Dickson said the NDC has made room for support groups, noting, “The NDC from day one made it clear that we have a huge place, an important place for all support groups. I’ve actually held meetings with Obidient groups.”

He stressed that several groups could operate under the party, saying, “We have thousands of support groups, and many more are welcome.” He added that the party has a department responsible for coordinating and managing them.

According to Dickson, support groups should not attack their sponsoring party or establish competing campaign structures.

“They don’t attack the political party sponsor. They don’t do that. Never in the history of political election, everywhere in the world.”

He said, “None of them will dare say they are setting up a campaign, presidential campaign council. It’s unheard of. Nonsensical.”

Dickson said support groups could be “gentle” or “more active,” but remained support groups, adding that their role was to mobilise at the grassroots and promote the party and its candidates.

He urged them to “confine themselves to their role” and focus on “providing support for our candidates, galvanising support at the grassroots level, propagating the candidates and the party.”

Continue Reading

News

UNGA: Fubara showcases Rivers investment opportunities in New York

Published

on

Please Kindly Share This Story

Photo caption: Vice President Kashim Shettima, Governor Fubara and other Nigerian delegates arriving in New York for UNGA

Governor Siminalayi has said that Rivers State will take centre stage at the 81st United Nations General Assembly (UNGA 81) in New York, as his administration moves to showcase the State’s huge investment potentials to the world.

Sir Fubara said the UNGA platform provides a unique opportunity to market Rivers State as Nigeria’s number one investment destination in oil and gas as well as other critical sectors.

Speaking with journalists on the sidelines of the conference in New York, the Governor said the essence of his participation at the global meeting is to give visibility to Rivers State and showcase its economic endowments and woo investors to the state.

“The issue is very simple. We’re trying to give visibility to the state and also showcase the areas where God has really endowed us in the oil and gas sector and other aspects of the state.

“I strongly believe that at the end of this conference and other side meetings, business opportunities will be made open and presented to interested investors who might have very serious and immediate needs to come to our dear state, knowing full well the position of Rivers State in the oil and gas industry.

“I also strongly believe that we are also going to make some inroad into financing and investors opportunities for our dear state,” he stated.

According to Onwuka Nzechi, Chief Press Secretary to the River State Governor,  Fubara explained that the investment drive at UNGA 81 is in sync with the deliberate economic reforms of his administration, particularly the establishment of the Rivers State Investment Promotion Agency (RSIPA) as a one-stop shop to facilitate and protect investments.

“This is not different from what we have already done before in establishing what we call the Rivers State Investment Promotion Agency. What we are doing here will also aid the programme of that agency.

“Overall, I will say that Rivers State will be visible and prominent in this conference and we will come home with some good investments for our dear state,” he stated.

Onwuka in a statement quoted Governor to have  assured investors that Rivers State remains peaceful, stable, and open for business, with vast opportunities in oil and gas, agriculture, blue economy, manufacturing, and renewable energy.

Rivers State is among the few Nigerian sub-nationals participating actively at UNGA 81, with engagements lined up with development finance institutions, multinational corporations, and diaspora investors.

Continue Reading

Trending