Corporate Profile

Ubank is a well-established financial services provider that has grown over the years and managed to entrench itself primarily within the gold and platinum mining communities.

The mandate and plan to service the broader working market in South Africa has become imperative in order to extend affordable financial services to South Africa. We have a strong presence and customer accessibility, mainly in selected mining and rural communities in South Africa.

The birth of the ubank identity

Ubank has a rich history of providing basic financial services to mineworkers and their families for over 30 years. In 1975 when other financial institutions largely ignored this sector of the market, Teba Cash Financial Services was formed to provide mineworkers with basic financial services. This included facilitating the remittance of funds to families and dependants in the rural areas using a linked account facility.

In the early nineties, South Africa was undergoing fundamental change as a country and the Godsell, Motlatsi Commission was formed, instigating the transition of the savings fund into a commercial bank.

In June 2000, Ubank (Then Teba Bank), was granted a banking license, although its ownership remained in the form of a Trust managed by trustees who are elected by the National Union of Mineworkers and the South African Chamber of Mines. The beneficiaries of the Trust are the Bank`s customers.

In 2007, Ubank welcomed Mark Williams as its Chief Executive, and saw a new vision, mission, values and strategy being brought to life. Essentially, this saw the Bank preparing itself to become the "Workers Bank of Choice".

In October 2010, the name of the Bank was changed to Ubank and launched to the public. Since the birth of the new brand and strategy, various initiatives to improve and expand the business have been delivered.

Ubank is driven by a social consciousness that underpins all we do - our customers are our owners and we exist to serve them through the provision of financial services that meet their needs and improve their lives.

We are proud of our long association with the mining industry, including: Mineworkers, the National Union of Mineworkers, the Mines and the Chamber of Mines who have played a significant role in the development of this Bank.

Compared with a conventional bank, Ubank is unique in its being, in that it's governed by three distinct bodies, namely:

The Trust – is intended to operate as a development trust and is the vehicle used to distribute the benefits to beneficiaries (our customers and their communities).

Teba Bank Controlling Company - a non-operating controlling company that owns Ubank Limited.

Ubank (previously Teba Bank) - the operating company that holds the banking licence and is duly governed by a board of directors.

Through the extensive experience gained with mineworkers, Ubank is striving to cater for all workers, their families and broader communities through branches on mine premises, in mining towns and rural areas. With that as a base, Ubank is focused on increasing its distribution channels to ensure accessibility for its target communities.

Ubank offers basic banking products that can be described as follows: 

• Transactional Accounts (stand alone and bundle options);
• Debit Cards (issued with VISA);
• Lending products (Personal Loan, Home Loan);
• Savings (Fixed Deposits, 32-day notice, Save Together);
• Funeral cover products;
• Cellphone banking (sms notifications); and
• Airtime contracts.

These products and services are available through Ubank branches, ATMs and Teba Limited agencies in and around South Africa.

Operating in Southern Africa (South Africa and on a limited basis through Teba Limited agencies in Botswana, Lesotho, Mozambique and Swaziland), our market has primarily been in selected mining and rural communities in South Africa. Most recently, Ubank has extended this presence to metropolitan areas, opening branches in East London, Johannesburg, Kempton Park, Pretoria, Port Elizabeth and Soshanguve.

Total Branches: 107
Total Agencies: 52
ATMS: 60

Throughout the 30 plus years of Ubank's existence, the Ubank brand has grown and established acceptance, affinity, trust and loyalty with its customers in the mining communities, through focusing on an approach of customer understanding, customer education, commitment, community participation and dedicated relationships.

One of the pillars driving Ubank's business strategy is community development. Ubank strives to make meaningful and life-changing contributions towards the well-being, uplifting and development of its communities.

Education is the key focus in our community investment and initiatives. In 2009, the Bank launched its first Bursary Programme in partnership with JB Marks, which was targeted at mineworkers' children in need of funds to further their studies at tertiary institutions. The programme was designed to assist recipients in gaining the skills and knowledge they need, providing them with opportunities to apply that knowledge practically, and then seamlessly integrate them into the economically active South African workforce. The bursars were integrated into an extensive monitoring and coaching programme that is managed by the employees of Ubank and includes vocational work.

Ubank is deeply committed to the communities it serves and is active in the community through the Bank's Khula Nathi Staff Volunteer Programme, that allows each employee member time to actively contribute to the community. In just a few years, staff members have assisted in the development of rural schools, through upgrading school property, contributing to libraries and ensuring that learners have an environment conducive to learning.

One of Ubank's flagships is its School Benefit Programme that focuses on investing in the foundation of the future leaders of our country, in an effort to drive excellence - through partnership with the Department of Education. We mainly target schools located in previously disadvantaged areas and provide them with various infrastructural development assistance.

In addition, Ubank introduced Financial Education in the mines and mining communities targeting customers and their families in 2008. The workshops are conducted on the mines utilising their training facilities to ensure that the mineworkers can have easy access to the training.

The Banking Association of South Africa and SASI's Teach a Child to Save Campaign (TCTS SA™) is an annual national savings campaign that usually takes place in July. Ubank employees have been participating in the programme since its inception by teaching children the importance of saving.

1975

Savings facilities are provided to gold and platinum mineworkers through
Teba Cash Financial Services.

2000

Teba Bank obtains a banking licence, but remains owned by a Trust managed by National Union of Mineworkers (NUM) and Chamber of Mines.

2001/2

Roll out of branches in Eastern Cape and Mining Towns.

2003

Teba Bank becomes a member of PASA and achieves clearing bank status.
The Schools Benefit Programme is launched to assist needy rural schools.

2004

Reach to rural communities increases with roll-out of deposit products to agencies in rural areas.

2006

COSATU endorses NUMs resolution for Ubank to be the workers bank.  Savings deposits reach R1,6 billion.
R20 million is paid to the Teba Bank Trust for social development activities.

2007

Teba Bank ranked as 8th best known banking brand in South Africa in the Sunday Times/Markinor Top Brands Survey.
New leadership and strategy was given focus.

2008

The new look and feel for Teba Bank was launched with the opening of the Westonaria Branch.
Chief Executive, Mark Williams, is recognised as a Top Young Global Leader by the World Economic Forum.

2009

Launch of the Teba Bursary Fund in partnership with JB Marks.
Receive "Best Annual Report" publishers award.
Teba Bank is awarded the "Most effective company risk management   programme 2009", by the Institute of Risk Management South Africa.
COSATUs 10th annual congress affirms Teba Bank as a vehicle to build a workers' bank.
ATM network reaches 60 ATMs

2010

Launch of new name and brand repositioning.
Ubank and Blue Label Telecoms announce strategic partnership.

2011 

Appointment of Bungane Radebe, Chief Operating Officer.
Launch of airtime contracts.

2012 

Appointment of Luthando Vutula, Chief Executive Officer.