News

Ubank appoints and welcomes a new Chairman to its board of directors - Sep 12 , 2019

Board of Directors endeavour to have diverse experiences from its board members, to include relevant skills and perspective necessary to transform and warrant the organisation’s prosperity by jointly leading it undertakings, whilst satisfying the apt interests of its shareholders and various stakeholders.

It is with this that the Ubank Limited is delighted to announce the appointment of Mr. Keshan Pillay as the new Board Chair at the Annual General Meeting held on the 29th August 2019. Mr. Pillay succeeds the retiring board member and chair Mr. Jacob Henry De Villiers Botha who served diligently on the Ubank board since 29 November 2005.

Ubank is pleased to witness an internal succession occurring in its board with Keshan, who served as a Non-Executive Member of Ubank from February 2017, now appointed the Chair. This progression is encouraging as it will further support the current board and the bank to realise its strategy, and further provide effective governance and leadership.

“I am honoured to be appointed the Ubank Board Chair and looking forward to start working with my fellow board members collaboratively in planning to take the bank to the next level in the future”, said the newly appointed Ubank Chair, Mr. Keshan Pillay.

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About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide all workers with a bank they can trust.

For more information about Ubank, visit our website www.ubank.co.za or contact Anne Williams at 011 518 5000, email address anne.williams@ubank.co.za or follow us on Facebook and Twitter @Ubank SA.

Supreme Boxing Promotions - July 14, 2019

Schedule Date Series Episode Start End Channel Status
14-Jul-2019 Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 14:00 17:30 SS9 Live
15-Jul-2019 Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 20:00 22:30 SS10 Repeat
15-Jul-2019 Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 20:20 22:50 S10A Repeat
17-Jul-2019 Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 22:00 0:30 SS10 Repeat
19-Jul-2019 Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 7:00 9:30 S10A / SS10 Repeat
15-Jul-2019 Supreme Boxing Promotions Blitz Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 9:00 9:05 S10A / SS10 Premier
14-Jul-2019 Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 19:30 20:30 SS9 Premier
15-Jul-2019 Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 5:00 6:00 S10A / SS10 Repeat
16-Jul-2019 Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 8:00 9:00 S10A / SS10 Repeat
16-Jul-2019 Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Willbeforce Shihepo (12 Rounds) 22:00 23:00 S10A / SS10 Repeat

Ubank recognised for its financial literacy initiative to the youth - June 28, 2019

Ubank recognised for its financial literacy initiative to the youth…a true honour, especially during Youth Month!

The South African financial industry heavyweights – Banking Association South Africa (BASA), Financial Sector Conduct Authority and National Treasury, together with the Department of Basic Education and FinMark Trust hosted the 8th Annual Global Inclusion Awards Ceremony as part of the 5th Child and Youth Finance International Global Summit on the 19th June 2019.

Organised by Child and Youth Finance International (CYFI), the awards were put together to celebrate companies and individuals who strive to make a difference in the financial integration and support for children and youth.

It was an honour for Ubank to be awarded the StarSaver™ Award especially during Youth Month! This award is bestowed upon the financial sector organisations who provide general financial literacy programmes to instil a culture of saving in children and youth. As a token of appreciation from the organisers, we value this award and I know it will further motivate the Ubank staff to continue going beyond their mandate to help our young to be financially savvy, said Nono Bam, Head CSI, Ubank.

Having deliberate conversations with our young, whether formally or informally, helps them to shape their financial futures. It enables them to understand the value of money, the need for savings versus spending and to make the right decisions when coming to money in general. These skills will help them to become informed adults in the future. Financial literacy is a skill that is crucial to everyone in order to be effective participants in our economy.

A special thank you goes to all the Ubank volunteers who have supported the literacy programmes over the years and delivering on savings lessons in schools. This award would not be possible had it not been for them, concluded Bam.

About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide the workers with a bank they trust.

For more information about Ubank, visit our website www.ubank.co.za or contact Anne Williams at 011 518 5000, email address anne.williams@ubank.co.za or follow us on Facebook and Twitter @Ubank SA.

Ubank launches its state of the art branch at Embalenhle, Secunda!- June 10, 2019

Ubank, a well-established financial services provider that is predominantly embedded within the gold and platinum mining communities launches its state-of-the-art branch at Embalenhle to serve the broader working market.

Located at Mall@Emba, corner eMbalenhle Avenue and Old Provincial Road in Mpumalanga, this new branch was established to support customers in Secunda and surrounding areas following the closure of Kinross Mines which, subsequently led to Ubank’s branches closing. Therefore, to mitigate for the two branch closures, the Embalenhle branch was born.

We are pleased to announce the launch of this state of the art branch on the 6th June 2019. Embalenhle branch has internal and external facing digital walls as part of the bank’s digital strategy. These digital screens will be used to promote new products, give customers information readily on pertinent matters, show-case campaigns that will benefits them and provide customers with information on financial education. Furthermore, this branch has a dedicated Feature Wall that displays Local Artists’ work, thus allowing us to further uplift the local entrepreneurs and artists in and around Secunda, said Ubank Managing Executive: Retail and Consumer Banking, Wilson Mosigi.

As a proclaimed workers’ bank of choice, it seemed fitting that we expand our branch network to cater for all working customers and place our branch were it is accessible for all. A Ubank branch that will cater for the open market as opposed to the previous branches that were mainly servicing only our mine workers’ customers.

The branch location gives us access to a very large pool of prospective customers and will reinforce Ubank’s presence in the open market thus giving the current and prospective customers a branch that they can do their in-branch banking, service enquiries in the branch, if such service is required.

It will be an absolute pleasure to meet and host our existing customers, prospective customers, suppliers and stakeholders on the 6th June to celebrate this commitment we have made through this new branch. We hope the new branch will be welcomed in the area, form part of much needed financial service provision for our customers, businesses and residents who live and work in the area added Mosigi.

// The end

About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide all workers with a bank they can trust.

For more information about Ubank, visit our website www.ubank.co.za or contact Anne Williams at 011 518 5000, email address anne.williams@ubank.co.za or follow us on Facebook and Twitter @Ubank SA.

Ubank announces the Soil as its new ambassador….what a joy! - May 16, 2019

Midrand- A proclaimed workers’ bank of choice Ubank is pleased to announce the appointment of The Soil – South African Traditional Music Achievements (SATMA) award winning group for Best Afro Pop album, as their brand ambassador. This Soweto born acapella Soul and Jazz band, also known as a Kasi Soul famous for their mixture of Soul, Hip-Hop, Jazz and Afro-Pop, will collaborate with Ubank effective May 2019.

Questions may be raised on why Ubank elected musicians to be its brand ambassador – the reason is simple…music does not discriminate…it “touches” all of us. When we are happy or sad, when we celebrate or mourn or when we are doing our simplest duties like cleaning or when we travel, music becomes our companion. Music is part of our lives one way or the other. Moreover, studies have shown that music amplifies our psychological welfare, rational functioning and enhances our physical health in astounding ways. It is also said that music can make us happier, eases stress and can help us sleep better, for those of us who can sleep with music on, said CEO Ubank, Luthando Vutula.

We believe that through the band’s unique and symphonic music they perform, our brands can elevate one another. With their aspiration of being a household brand imprinted in the hearts and minds of those who aspire for a better world, this is a best fit for Ubank as it strives to uplift its customers and communities at large with financial literacy and offer the best possible banking services solutions. If we can do this with the help of such a well-known band, this should create an even better platform to meet our mandate and to further expose the band to other consumers who may otherwise not have heard of them, said Vutula

When Ubank approached us to be their brand ambassador, we were honoured and immediately realised that our values of uplifting, helping our community, giving back to the community was in sync and that made our decision to partner with them effortless. We are very excited about this collaboration and we can’t wait to roll out their campaign, and possibly even learn from their financial literacy seminars that we will be performing, said the spokesperson of The Soil, Mr. Luphindo Ngxanga.

Vutula concluded: I would to urge you to listen to The Soil’s “Joy (we are family)” song: this song sums up our pleasure to be associated with this prestigious group and can’t wait to have them at our activations events.

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About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide all workers with a bank they can trust.

For more information about Ubank, visit our website www.ubank.co.za or contact Anne Williams at 011 518 5000, email address anne.williams@ubank.co.za or follow us on Facebook and Twitter @Ubank SA.

Ubank…living the “May Day promise” beyond Workers’ Day- April 30, 2019

Worker’s day also known as May Day, celebrated on the first day of May, is one of the significant celebrations observed in South Africa and globally in more than eighty countries. Officially declared as a public holiday after the first democratic elections in 1994, this holiday transformed countless workers’ lives in an era preceded by the injustices of apartheid.

The unavoidable uproar in search of better working conditions that included an eight-hour work day, the need to install fair labour practices and standardisation of employment that essentially called for equality, still drive workers today!

With workers’ plea to have equality, we ought to interrogate the level of inclusivity our workers really enjoy in the workplace. This could be from a business or work perspective…are our workers feeling that they are treated fairly and have equal opportunities? Are our workers feeling included in the shaping of our businesses that contribute to the economy, and better yet, are our workers equal and included enough to help build our economy?

Inclusivity is intertwined with equality, and until we balance the two effectively, our economies will continue to have unceasing discrepancies experienced by the majority of the workforce in our country. Our country is still plagued  by workers who are not able to take advantage of more offerings from financial institutions or those  who are  ignored and disadvantaged by businesses because of their adversity legacies, said CEO, Ubank Luthando Vutula. Inclusivity starts with changing the landscape of the still unbanked consumers and workers by exposing them to more inclusive financial services opportunities.

Much like Ubank’s principal target market, the mineworkers were overlooked by many banks, further dividing the marketplace, perpetuating inequality and further diminishing inclusivity of all in the economy. Fourty year later, it gives me a great pleasure to see Ubank still living the May Day promise beyond Workers’ Day and now assertively extending this promise to adjacent markets to serve other workers’ markets, concluded Vutula.

//ends

For more information or to arrange an interview, please contact Anne Williams, Public Relations, Communications and Events Manager at 011 518 5000, or email anne.williams@ubank.co.za or follow us on Facebook and Twitter @UbankSA.

About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide the workers with a bank they trust.

Ubank and Royal Bafokeng Holdings collaborate in an attempt to curb future unemployment - April 15, 2019

There are different schools of thoughts when coming to the topic of education. Some are pro education while others are in support of working without necessarily having a formal education. Although these schools of thoughts hold credible arguments in their own right, many tend to be in support of the school of thought that says “Education is the Key to Success”.

With the many sayings about education, the one that resounds with me is by Malcom X when he said “Education is the passport to the future, for tomorrow belongs to those who prepare for it today”. I believe that through education, we are able to improve business productivity, economic development and above all, education enables us to advance our lives, our families as well as our communities by being active contributors in the economy said Ubank-Head of Community Investment, Nono Bam.

In 2018, Youth unemployment rate was 54.70% in South Africa, alarming statistics that demoralise our youth. This state of unemployment furthermore impacts and strains on our socio-economic environment and Government’s available resources.

In an attempt to alleviate unemployment in Rustenburg, Ubank, together with Royal Bafokeng Holdings collaborated to establish Thutopele Learnership. This 12 months learnership started in March 2017 and provides youth with opportunities to be up-skilled, gain work readiness experience while formally studying for the National Banking Certificate: NQF level 5.

Thutopele Learnership is administered at Ubank and prepares the learners for positions of Tellers, Sales consultants and in Service Consultancy. At completion, the learners become fully-fledged bankers and moreover, they are sanctioned as Regulatory Exam 5 (RE5) compliant- a compulsory requirement in the financial industry job search.

The successful learners use leanerships for future employment endeavors, much needed initiatives to aid Government curb future unemployment. A testament that can be shared by thirteen of the fifteen learners who were placed within the Ubank North and Gauteng regional branches after the first intake in 2017. The second intake also had fifteen learners who commenced in June 2018 and will complete their cycle in May 2019. As this point, we are preparing for the third intake which is currently planned for June 2019 finishing 31 May 2020, said Bam.

In addition, Ms. Bam said that partnerships of this importance resonates with Ubank and pleased that the bank is affiliated with an organisation that is too driven and passionate about uplifting its people. This speaks directly to what we stand for, our passion to empower the Youth, our communities and nurturing these relationships satisfies our organizational values.

Supporting the youth and providing opportunities to empower and up-skill them will give them the much needed confidence they require when searching for employment and furthermore help them to change their lives for the better.

For more information on the Thutopele Learnership, please see details us on Facebook and Twitter

@UbankSA

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For more information or to arrange an interview, please contact Anne Williams, Public Relations, Communications and Events Manager at 011 518 5000, or email anne.williams@ubank.co.za or contact Nono Bam for Ubank’s CSI Initiative at 011 518 5000, email address nono.bam@ubank.co.za

About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide the workers with a bank they trust.

Ubank backs Supreme Boxing to unfold another boxing tournament - March 20, 2019

Sports in South Africa underpins community involvement. It contributes to our national pride and should certainly not be underrated. Sports enhances a much needed community lifestyle, confidence and pride in our communities and furthermore, it creates occasions to enhance various commercial opportunities, thus contributing to the socio-economic advancement to participating communities.

Many a times, sports offer platforms for up and coming talents from both a promoters’ and athletes’ point of view to be noticed and where possible, “hand-picked” and trained to be the next South African and sometimes international representation, as in the case of Akani Phuzi, who successfully became continental champion during September 2018 tournament supported by Ubank.

“Sports is an enabler to making a considerable and optimistic influence on individuals, various groups and communities at large. Hence we have decided to continue backing Supreme Boxing Promoters to unfold their 2nd  WBA Pan Africa Cruiserweight Title Fight dubbed the “Young Gladiators Battle of the Giants” boxing tournament on the 31st March 2019 in Blairgowrie, Randburg”, said Ubank CEO, Luthando Vutula.

Preceding this boxing tournament, Ubank will host the media briefing and a pre-fight medicals held at Ubank House, in Johannesburg on the 26th March 2019, where the champion Akani Phuzi will come face-to-face with his opponent Maroy Sadiki.

Ubank’s corporate social investment and sponsorship is driven by passion to make a difference in the communities, empower local talent and entrepreneurs where possible with the aim of making enough positive shift in the communities in order to instil hope but furthermore grow with our communities into the future, said Vutula.

Schedule Date GENRE Series Episode Schedule Time Duration Schedule End Time Channel Status Venue Location Country
31-Mar-2019 Boxing Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 14:00 3:00 17:00 SS11 Live Blairgowrie Recreation Centre Randburg South Africa
01-Apr-2019 Boxing Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 11:00 2:30 13:30 SS4A Repeat Blairgowrie Recreation Centre Randburg South Africa
03-Apr-2019 Boxing Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 13:00 2:30 15:30 SS10 Repeat Blairgowrie Recreation Centre Randburg South Africa
05-Apr-2019 Boxing Supreme Boxing Promotions WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 0:00 2:30 2:30 SS10 / SS5A / SS5N Repeat Blairgowrie Recreation Centre Randburg South Africa
01-Apr-2019 Boxing Supreme Boxing Promotions Blitz Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 6:30 0:05 6:35 SS10 Premier Blairgowrie Recreation Centre Randburg South Africa
31-Mar-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 22:00 1:00 23:00 SS10 Premier Blairgowrie Recreation Centre Randburg South Africa
31-Mar-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 23:00 1:00 0:00 SS6A Repeat Blairgowrie Recreation Centre Randburg South Africa
01-Apr-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 5:00 1:00 6:00 CSN Repeat Blairgowrie Recreation Centre Randburg South Africa
02-Apr-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 0:30 1:00 1:30 SS4A Repeat Blairgowrie Recreation Centre Randburg South Africa
02-Apr-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 5:00 1:00 6:00 SS10 Repeat Blairgowrie Recreation Centre Randburg South Africa
03-Apr-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 0:00 1:00 1:00 SS10 Repeat Blairgowrie Recreation Centre Randburg South Africa
03-Apr-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 12:00 1:00 13:00 SS4A Repeat Blairgowrie Recreation Centre Randburg South Africa
04-Apr-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 12:00 1:00 13:00 SS10 Repeat Blairgowrie Recreation Centre Randburg South Africa
05-Apr-2019 Boxing Supreme Boxing Promotions Highlights WBA Pan African Cruiserweight Title: Akani Phuzi vs Maroy Sadiki (12 Rounds) 9:00 1:00 10:00 SS10 Repeat Blairgowrie Recreation Centre Randburg South Africa

Ubank handover a Community Centre to PASAS to inculcate hope in Burgersfort community March 13, 2019

South Africa is considered as having the largest and most prominent HIV epidemic globally, with an estimate of 7.52 million people living with HIV in 2018. Accounting for a third of all new HIV contaminations in Southern Africa, HIV/AIDS is a notable affliction in our country.

The absence of education, poor nourishment and insufficient health care, linked with prevalent resources scarcity, makes people susceptible to HIV/AIDS. In an attempt to reduce this prevalence in the Greater Tubatse- Burgersfort area, Ubank partnered with People Against the Spread of Aids and Starvation (PASAS).

“Heeding to the crucial need of this local non-profit organisation, ran by 20 care-givers who dedicated themselves to look after the sick and the needy, suffering from HIV/AIDS and helping to  provide health-care services to the community was an easy, yet community life-changing decision we made”, said Ubank Acting General Manager: Retail Banking Services, George Tlhapi.

Our partnership started small with the erection of basic sanitation facility done through our branch in Burgersfort, which preceded us in handing over a newly constructed building a Community Centre for the Greater Tubatse residents. “With a basic stipend from Government and lobbying organisation to assist where possible, this group of women are a force to reckon with…willing to put the needs of their community first; it is something that greatly resonates with Ubank”, says Tlhapi.

“This will instil a sense of pride in me and my co-workers, it will give us a sense of self-worth as we will be able to consult community members comfortably and perform our duties in a proper office infrastructure”, says Head of PASSA, Mrs. Mama Maile.

More from Ubank at Mafadi Academy

Instilling a sense of pride is an emotion also felt by the learners and parents of the Mafadi Academy- Burgersfort, who through Ubank corporate social investment have had the pleasure of acquiring 3 additional classrooms and Extramarks Smart boards which enabled the school to improve its learner enrolment from 127 learners in 2013 to 270 in 2019.

“The classrooms constructed by Ubank has had a strong positive impact on teaching and learning at the school. Before the construction of the classrooms, some learners were housed in makeshift, apportioned classrooms. This was perceived negatively by prospective parents and were uncomfortable with the possibility of their children taught in these temporary structures. We highly appreciate Ubank’s contribution in making it possible for the school to grow its enrolment.” said Mafadi Academy Principal, Mr. S Ngwenya.

Making a difference and instilling a positive impact in our youth’s life is key to building a strong nation, as Chris Hani once said “We need to create the pathways to give hope to our youth that they can have the opportunity through education and hard work to escape the trap of poverty”. It is our believe at Ubank that every bit counts; nurturing, empowering and educating our communities, especially our youths will put us countless steps ahead towards a stronger nation, said Tlhapi.

Ubank changes the lives of 30 individuals and their families in Mbhashe community, living with disabilities - March 13, 2019

Independent mobility is vital for the restoration of dignity to people living with disabilities. In the Eastern Cape’s Mbhashe Local Municipality, more than 100 people living with disabilities are confined without any means to move around.

Ubank has responded to this need and will be donating 30 wheelchairs during a Wheelchair Handover Ceremony set for this Friday March, 8 at TRC Hall in, Dutywa.

“Dignity and a good quality of life cannot be taken for granted, especially where we are able we make an effort to restore these values to people across the country,” says Ubank CEO, Luthando Vutula.

He says as part of the Ubank’s commitment to its customers and the need to uplift its surrounding communities, Ubank was partnering with the local municipality in their mobility initiative following a request from the Mayor, Mr. Samkelo Janda.

“This donation by Ubank is an effort to try and facilitate a better life for the beneficiaries and their families. Mobility is vital for anyone whose movement is impaired. The ability to move without requiring aid from another human being makes a difference in a person’s psyche and image of themselves,” says Vutula.

The Mayor’s office did a needs-analysis across its community to determine the most deserving candidates to receive this gift of an enhanced life.

Janda says: “This donation will make a big difference in our community. The number of immobile people with this need will be cut down by at least 30% through this donation alone, and that has huge impact.

“It is important for us as a municipality to create a conducive environment that allows for the participation and inclusion of people living with disabilities in our community.”

Janda says as society, we cannot depend solely on government to meet these needs, organisations also need to step up to assist those most vulnerable across the country, hence our collaboration with Ubank.

“This donation by Ubank may not meet the number of people in need, and for that we need to try and get more assistance. However, there are 30 more people and families in our community whose lives and future prospects look better today than they did yesterday. To us, that is progress,” says Janda.

Ubank donates books in Lusikisiki to spark curiosity, literacy and a passion for imagination among the youth - February 23, 2019

Illiteracy is a stumbling block to the economic and academic growth of any country. For a fighting chance at success citizens have to be able to read and write.

Realising the need for this, Ubank, in partnership with the US-African Children’s Fellowship and the Teba Trust Fund, donated a couple of containers filled with books to the OR Tambo Coastal Region. This partnership started six years ago with eight beneficiary schools across South Africa at the time. Over the years beneficiaries have continued to be selected by the Department of Basic Education in the relevant provinces.

“This donation, made through the Department of Basic Education to public schools in this mainly rural part of the country is an effort to fan the flames of curiosity, literacy, imagination and education among the youth,” says Ubank CEO, Luthando Vutula.

The handover, which took place at Lusikisiki earlier this week saw 40 public schools as beneficiaries. “We envisage this donation assisting 20 000 pupils in total,” says Vutula.

“The aim is for these schools to establish functioning libraries on their premises and to harness the beauty of stories and education through this donation,” he says.

Reports in the media over the past few years have given heed to the poor levels of literacy in South Africa. The country’s pupils either struggle to read on par with reading levels for their age group or lack appropriate resources and infrastructure to this end. According to Statistics South Africa functional illiteracy declined from 27.3% in 2002 to 13.7% in 2017. An improvement worth applauding though more efforts are still necessary to further improve on these statistics especially for young people yet to venture out into the world.

Vutula says Ubank is aware of its target market and is constantly looking for ways to improve their lives in and outside the financial sector and more especially within their communities.

“The late Nelson Mandela once said: ‘No country can really develop unless its citizens are educated’. The donations of these structures and books to the OR Tambo community is an effort at catalysing development for young minds everywhere. It is a reminder that education and a healthy imagination are still the key to success. As Ubank we will continue offering our assistance in such communities,” says Vutula.

For more information or to arrange an interview, please contact Anne Williams, Public Relations, Communications and Events Manager at 011 518 5000, or email anne.williams@ubank.co.za

For more information about Ubank, please visit our website www.ubank.co.za and follow us on Facebook and Twitter @Ubank SA.

About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide the workers with a bank they trust.

For more information about Ubank, visit our website www.ubank.co.za or contact Nono Bam for Ubank’s CSI Initiative at 011 518 5000, email address nono.bam@ubank.co.za or follow us on Facebook and Twitter @UbankSA.

Ubank empowers stokvel/savings group to build financial legacies - February 23, 2019

Stokvels are a long standing channel for families to curb the constraints of money in their households and as a results they enable them to meet their basic financial needs. They facilitate members to work towards their common financial goals and change various family members’ lives for many generations.

Yet this is not enough as many often focus on short term goals of using the stokvels as a mechanism to discipline themselves to put money away, save for year-end groceries, purchasing of much needed household contents or simply sharing the money they saved for personal goals or having well deserved breakaway holidays.

Although these are still important for many, we believe that stokvels and savings groups can do much more, hence we introduced the Ubank Sisonke Financial Planning Seminars.

These seminars, like the one we recently hosted on the 23rd February 2019 in Driekop-Burgersfort, offered financial literacy to our attendees and incorporated topics on money management, savings and investments, credit and debt management, to name a few in a practical, informative and pleasurable approach.

“The seminar aid the members to have a common understanding of money as a group and align the way the group members evaluate the manner in which they balance their spending versus savings. It furthermore enables the group members to make financial decisions which we hope will give them a sense of financial wellbeing and peace of mind about their finances”, remarks Ubank Managing Executive: Retail and Consumer Banking Wilson Mosigi.

At Ubank, we pride ourselves by our drive to educate, empower and help our customers and communities to strive towards building their financial legacies through financial understanding. This will enable them to make informed decisions, be an inclusive participant in the economy, and help them appreciate the pleasures and benefits thereof.

Our previously disadvantaged communities need to take an active role in their financial lives. “As a responsible Financial Services Provider, it is our responsibility to educate and empower these stokvels, our customers, especially women as they often “pay forward” their financial knowledge through societies and social gathering” continues Mosigi. Financial Independence for our communities is critical as it builds and encourages strong partners, parents and contributing members of the community.

– The end

About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide the workers with a bank they trust.

For more information about Ubank, visit our website www.ubank.co.za or contact Anne Williams at 011 518 5000, email address anne.williams@ubank.co.za or follow us on Facebook and Twitter @Ubank SA.

Ubank sponsorship on SuperSport - August 31, 2018

Congolese Youssof Kasongo Mwandza (right on the picture) has a record of 12 fights, (2 losses, 2 draws and 8 wins).
Gauteng cruiserweight champion Akani “Prime” Phuzi (left on picture)

Sunday, 02 September 2018, promises to showcase a tough fight between two strong boxers fighting for the vacant World Boxing Association (WBA) Pan African cruiserweight title at Blairgowrie Recreation Centre (Randburg).

Congolese Youssof Kasongo Mwandza (right on the picture) has a record of 12 fights, (2 losses, 2 draws and 8 wins).
Gauteng cruiserweight champion Akani “Prime” Phuzi (left on picture) has a record of 5 wins and 3 knock outs.

The fight will be broadcasted live on SuperSport Channel 9 (SS9) and the repeat will be broadcasted on other various SuperSport Channels. Please see the table below for viewing times.

Schedule Date Series Episode Start Channel Status Venue
02-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 14:00 ss9 Live Blairgowrie Recreation Centre (Randburg).
03-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 10:30 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
05-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 1:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
07-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 0:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
07-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 14:30 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
02-sep-2018 Supreme Boxing Promotions Highlights WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 19:00 ss8 Premier Blairgowrie Recreation Centre (Randburg).
03-sep-2018 Supreme Boxing Promotions Highlights WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 5:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
04-sep-2018 Supreme Boxing Promotions Highlights WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 2:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
05-sep-2018 Supreme Boxing Promotions Highlights WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 11:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).

Ubank in the right corner, Proud sponsor of Supreme Boxing Promotions - August 3, 2018

Generally, sporting and recreational associations operate with limited resources and rely solely on campaigns to raise funds in order to sustain their vision and objectives. Often these are implemented in the form of lobbying various institutions, including the private sector to fund, sponsor or donate towards some or all their campaigns.

Ubank’s corporate social investment includes involvement with, and commitment to community development, part thereof is to educate and collaborate with sustainable initiatives that empowers its surrounding communities, including the youth and entrepreneurs, in order to “grow with them”.

It is with this that Ubank is proudly in the right corner backing the delighted promoters – Supreme Boxing Promotions – to make possible the upcoming WBA Pan Africa Cruiserweight Title Fight on the 2 September 2018. We understand that today they will also be introducing the new Super Heavyweight, referred to as the Great White Hope – the reigning SA Amateur Champion.

This partnership forms part of our celebrations of the Centenary of the great Nelson Mandela, celebrated in SA and abroad during this month. As a bank, we also have various activities here at Head Office and throughout our branch network. To mention a few:

  • Ubank‘s credit department team knitted and presented a blanket to Mr. Lynton Lesevre the ambassador of the 67minutes blanket initiative. They raise funds to buy the knitting material for each team member to knit a square of the blanket.
  •  Some initiative saw staff taking over the care-givers’ responsibilities for the day at various homes like Kgolagano Care Centre. Giving the elderly slippers and food parcels. The team also took time to acknowledge and celebrate Gogo Letta at this home who celebrated her 100 years centenary on the 8th of January 2018
  • Other regions spent time at People against the Spread of Aids and Starvation (Pasas) NGO and took on a basic sanitation project. The team devoted their time and funds to buy and install a pit toilet and organised a water borehole to be installed.
  • Other initiatives included caring, cooking, feeding and donating food parcels to the Mostert Kinderhuis, a shelter for orphans and deserted children. Donated school jerseys and shoes to Tumagole Primary School to the underprivileged children whilst others aligned their Mandela day activities to the July Saving Month campaign, encouraged customers to save and with that the team decided to make and donate 67 money tins.
  • Community of Slovoville was also touched when our colleagues answered their call to a temporary erection of the Good Samaritan Community Centre.

Ubank takes this opportunity to thank all the media personnel for taking their time to spend the day with us and being there when we shared this great news. We also want to wish the promoters, boxers and everyone else involved with the tournament the very best in the planning and upcoming media briefings and tournament in September.

ubank gives back to the community - July 24, 2018

A child-headed household is a family in which a minor aged eighteen years or younger is responsible for their siblings. These children are forced to survive without parental care, deal with the lack of consistent income and encounter emotional strain placing them at risk of abuse and exploitation.
This household set-up is a reality to one particular scholar of Khutsong, looking after three of her siblings.

To lend a hand, the Carletonville branch team initiated a community project that collected and donated groceries as well as a pair of school shoes to this family. Furthermore, eight more families were too, able to benefit to their efforts as a result.

The community at Cross Road Section, Khutsong and Ubank customers appreciated their efforts and invited them to return in order to educate other community members about Ubank’s products.

#ubank #growingwithyou

Ubank Launches Mobisite & Cuts Down On Long Customer Queues - September 8, 2014

Workers and mine-workers bank of choice, Ubank, today launched its mobisite as it continues to increase its banking products and services for customers who have traditionally utilised mostly basic services and endured long queues at branches especially during critical periods of the month.

According to Ubank CEO Luthando Vutula, The mobisite, ubank.mobi, delivers a high quality and easy to use site aimed at increasing our customer loyalty. Our goal is to enhance our current mobile banking offering for Ubank customers whilst simultaneously driving sales and revenue generation.

Statistically 98 percent of our customers have cellular phones and 28 percent say that they access the internet via cellular phones. Nationally, about only 30 percent of South Africans have smartphones and this means that to reach Ubank customers more attention needs to be placed through the mobisite.

Launching the mobisite also forms part of Ubank’s plans to spend R500 million in the next two to three years upgrading its information technology (IT) systems in order to improve its lending and transactional banking offering.

The development of the Ubank mobisite was benchmarked against leading international banking mobisites and will provide Ubank customers with optimised viewing and navigation for both smartphone and feature phones.

Research also indicates that 26 percent of our customers prefer to receive communication about Ubank products and services via cellular phones, whilst 43 percent say that they prefer to receive the same communication via short message service, SMS.

Another benefit of our mobisite is that it presents the bank with an opportunity for greater market penetration in a way brick and mortar branches are unable to. This is also in line with our digital and marketing strategy following the bank’s recent retail branch optimisation, concludes Vutula.

Ubanks Real Time Clearing Goes Live, And Reduces Costs! - July 23, 2014

Johannesburg South Africa’s workers and communities bank of choice, Ubank, has completed the roll out of its latest payment gateway capability for Real Time Clearing, RTC, aimed at processing online payment instructions and it will go live on Monday, 21 July 2014.

According to Luthando Vutula, CEO of Ubank, This investment is in line with the Bank’s 10 year strategy and is also in response to our changing customer base needs. We procured and began implementing the core payments gateway and the tests conducted have been seamless.

The business case for the payments gateway is to reduce outsourcing costs as well as to ensure compliance requirements are met in terms of the PASA EFT clearing rules and SARB’s Position Paper on Bank Models in the National Payment System.

Ubank is leveraging this infrastructure to ensure that the bank’s payments environment is hosted on a single system, which in turn, will improve efficiencies of the payments management system from a resource and cost perspective.

In conclusion Vutula says, This is a huge milestone towards building the bank’s capacity as we needed a consolidated payment solution to handle all payment related transactions from a central point and consistently across various systems.

Ubank migrates to EMV chip cards to boost customer security - June 12, 2014

Ubank has adopted the EMV chip smartcard technology to offer mine workers and mining communities improved encrypted card security and convenience as well as consolidate its position as the biggest bank in South African mining. Although the conversion exercise has only just commenced, Ubank and their account holders are already bearing the fruits thereof.

Customers have until 31 August 2014 to exchange their magnetic stripe cards free of charge, thereafter; it will cost R55 per replacement card. Customers who open new accounts during this period will also receive the new EMV chip smartcard for free. The shredding of existing magnetic stripe cards will run concurrently with the distribution of the new chip cards.

?The majority of our customer base tends to be situated in remote and rural communities and as such innovative technological advances like this are always welcomed as they not only enhance their banking experience, but also saves them money,? says Ubank CEO, Luthando Vutula.

From its beginnings in the early 1970?s offering basic banking services to miners and the mining community, Ubank has always used the most practical methods to service customers while also remaining aware of shifts in technology.

According to Vutula, ?The reality is that we are probably South Africa?s only bank that still issues bank savings books due to the unique character of our customer base. It is because of this uniqueness that we are still able to respond to changing technological environment and simultaneously boost the security of our customers? money.?

Luthando continues, ?Our customer facing personnel are also trained to always empower customers about the importance of protecting their cards and pin numbers and to keep their pin number secret and always plan their transactions on their debit cards as this will minimise their bank charges.?

The EMV chip technology in the new ATM cards also protects customers from possible fraud such as card cloning and ?skimming?. EMV is a technology developed by Europay, MasterCard and Visa and has a chip that contains information needed to use the card for payment and is protected by various security features. Ubank is following global banking trends in shifting from magnetic strip technology to the more secure EMV chip technology.

Highlighting the EMV cards security features Luthando says, ?The difference between the two technologies is that the information in the magnetic strip is static and permanent, and hence, easy to copy, while the EMV chip is more dynamic. Every time you use it, there?s an algorithm being computed, which protects our customers? accounts,? he said. He concluded Ubank was on track to complete the new card rollout by the end August this year.

ubank Expands its Operations into Bloemfontein October -1, 2013

For nearly 40 years, Ubank has successfully provided financial services to mineworkers and others in the worker market. The Bank’s dedication at strengthening their position in the country was highlighted when they opened their first branch in Bloemfontein (the Bank’s 92nd branch in the country) recently.
Bloemfontein has been identified as a key growth point for Ubank and opening this branch is a direct response to customers requests for more branches across the country. One of the Bank’s strategic pillars is to work with the community to ensure the all-round development of people, with focus on the investment of sustainable educational programmes.
Investing in the communities in which we operate forms a critical part of how we do business, and it is this philosophy that sets us apart and allows us to uplift the lives of our customers, says Bungane Radebe, Chief Operating Officer.
To mark the official opening of their new branch in Bloemfontein today, Ubank has chosen to assist Free State school, Kgorathuto High. The school ranks among the top 50 in Free State and also boasts a rich alumni like Fikile Mbalula, minister of sports; and Benni Kotsoane, MEC Free State Local Government to name a few.
Kgorathuto High is facing a number of challenges when it comes to providing optimum education to its students. Identifying the most pressing challenges, Ubank has provided assistance in the following areas:

  • Repairing the ceilings of 10 classrooms in the school
  • Providing school uniforms for 100 learners
  • Maintenance of the ablution facilities for learners
  • Painting three classrooms, providing learners with a more hospitable learning environment

Investing in the communities in which we operate forms a critical part of how we do business, and so we have a commitment to allocate 4% of the pre-tax profits to community development annually, concludes Radebe.
Note to editors:  Below listed products and services are available at all Ubank branches.   Customers also have access to a network of ATMs and Ubank Agencies.

  • Transaction accounts
  • VISA Debit Cards
  • Lending products
  • Savings
  • Packaged accounts
  • Funeral Plan
  • Cellphone banking and
  • Airtime contracts

ubank Bloemfontein Branch Opened its Doors - August 14, 2013

Ubank Ltd, a truly South African home-grown bank, is proud to announce the opening of its first branch in Bloemfontein (our 92nd in South Africa) at the Arcade Chambers Mall, on the 12th of August 2013.
The Bank, a well-established financial services provider serving mineworkers for over thirty-five years, is extending its reach to service the broader worker market in South Africa.

Ubank is committed to being the Worker’s Bank of Choice and as such is focused on:

  • Educating and empowering our customers to achieve financial success
  • Partnering with our customers communities to uplift them
  • Nurturing and building long term relationships  with all stakeholders

It is this philosophy that sets us apart from our competitors and allows us to uplift the lives of our customers, says Bungane Radebe, Chief Operating Officer.
Bloemfontein has been identified as a key growth point for Ubank by our stakeholders and opening this branch is a direct response to customers requests for more branches in more towns.

Ubank’s product range includes:

  • Transaction accounts
  • VISA Debit Cards
  • Lending products
  • Savings
  • Packaged accounts
  • Funeral Plan
  • Cellphone banking and
  • Airtime contracts

These products and services are available at all Ubank branches.   Customers also have access to a network of ATMs and Ubank Agencies.  The latter managed by Teba Ltd in and around South Africa.
Our new branch can be found at Arcade Chambers Mall, Corner West Burger and Charlotte Maxeke Street, Shop G1.

Note to Editors:

For more information on Ubank, please visit www.ubank.co.za; or to arrange any media interviews, please contact Candice Jooste, PR/Communications Manager: Ubank on telephone 011 518-5823 or
Candice.Jooste@ubank.co.za

New Chief Financial Officer Joins ubank as Part of Future Growth Plan - March 4, 2013

Ubank recently welcomed its new Chief Financial Officer, Harriet Heymans, as of 01 March 2013. Her appointment alongside the filling of other key positions within the bank, solidifies Ubank’s management team as the company continues to accelerate its strategic growth initiatives.
Ms Heymans has had extensive experience in various senior financial positions within ABSA’s Retail and Business Banking environment. Prior to joining Ubank, she had moved out of a pure finance function and was more involved in business management. Her strong technical financial capability and sound leadership skills have largely played a role in her success within the product development, process reengineering, financial projection and strategic design fields. To add, Harriet has progressed steadily to positions of increasing seniority through the ranks at ABSA over the last decade and is now keen to take Ubank to new heights in her new role as Chief Financial Officer.
“Having been in the banking industry for many years, I truly look forward to making a concrete difference at Ubank both inside and outside the office through my passion for developing people”, said Harriet Heymans, Ubank’s new Chief Financial Officer.

Her qualifications include:

  • B Comm (Hons) in Accounting
  • Independent Regulatory Board for Auditors (SA member)
  • Chartered Accountant (SA)
  • Certified in Theory of Accountancy

“Ms Heymans brings a great deal of financial expertise, sound knowledge of banking and product development understanding to her role of CFO. I believe this will serve the bank well as we continue to launch new products, build new revenue streams, establish strategic partnerships and grow Ubank to be a workers bank of choice.”, said Luthando Vutula, Chief Executive Officer of Ubank. He added, “the high calibre of the additional management team that includes, our Head of Internal Audit, TshwareloMoutlane and Head of Risk, Horst Simon, is truly pleasing as we strive to thoroughly equip ourselves as a bank, on our journey to be the “Workers Bank of Choice”.

ubank Appoints Seasoned Banker as New Chief Executive Officer - November 5, 2012

ubank is proud to announce the appointment of our new Chief Executive Officer, Mr Luthando Vutula, who officially commenced his duties on 1 November 2012. Mr De Villiers Botha, Chairman of the Ubank Board welcomed Mr Vutula and said ?The Ubank Board is confident that Mr Vutula has the vision, experience and drive to take Ubank to the next level and grow the bank to be the ?workers? bank of choice?. As this is a regulatory position, it was important that the right candidate be appointed.?
His experience in retail banking is wide-ranging. Prior to joining Ubank, Mr Vutula served as the Head: Sectors for ABSA?s Retail and Business Bank. Key to this position was the development, implementation and management of policy regarding strategic direction, marketing, finance, capital expenditure, risk, human resources and IT. In addition to this, he has held several executive leadership positions in both the private and public spheres including:

  • Managing Executive – Absa Home Loans
  • Managing Director – Absa Development Company
  • Executive – National Housing Finance Corporation (NHFC)

Over the years, he has played a prominent role in the banking sector at a strategic policy level and is well-respected at key decision-making levels. He has worked closely with the National Department of Housing, National Treasury and representatives from business and labour, in the creation of long-term sustainable strategies.
In addition to all of the above, Mr Vutula has also held the following Board and Honorary Appointments:

  • Non-Executive Chairman – Johannesburg Development Agency
  • Non-Executive Chairman – Free State Social Housing Company
  • Non-Executive Chairman – Tshwane Economic Development Agency
  • Non-Executive Chairman ? Ekurhuleni Development Agency

His qualifications include:

  • Banking and Finance Programme ? INSEAD (France)
  • Masters Degree in Development Finance ? University of Stellenbosch
  • Bachelor of Business Administration (Hons) ? University of Stellenbosch
  • Bachelor of Economics and Accounting ? University of Botswana
  • International Housing Finance Programme ? University of Pennsylvania, Wharton Business
  • School

?I am excited and delighted to join Ubank and am looking forward to making a meaningful contribution. Ubank has a unique opportunity to be the ?Bank of choice? for workers and communities in South Africa. I acknowledge the challenging environment we operate in, but are confident that our approach of building strong relationships with our customers and stakeholders will stand us in good stead going forward. We will continue to build on this strength in the months ahead, ?stated Mr Vutula.
With Mr Vutula at the helm, the Ubank leadership team will be focused and geared to serve the communities in which we operate. Ubank is also completing the appointment of a new Chief Financial Officer and further announcement will be made in this regard, in the near future.

Note to Editors:

For more information on Ubank, please visit www.ubank.co.za; or to arrange any media interviews, please contact Thembekile Simelane, PR/Communications & Events Manager: Ubank on telephone 011 518-5165 or email at Thembekile.Simelane@ubank.co.za

ubank Performance Overview - July 31, 2012

We are pleased to report that the year under review has seen a turnaround in earnings, with a profit before tax of R34 million. This was due to further growth of the loan book, continued cost controls, and a rise in non-interest income. The external environment provided challenges to the bank, most notably, on-going historically low interest rates, increasing competition in the mass market sector, and the effects of constraints to gold and platinum mining on our core target market.
During the year the Bank focused on consolidation, including the bedding down of key business initiatives such as the new brand, transactional products and system enhancements, as well as the continued improvement of the bank?s risk profile, capital management, asset quality and defense of the Bank?s dominant market share within the mining market.

Balance sheet

Despite a challenging external context, Ubank attained a year of steady growth in its balance sheet, to R3,5 billion for the 2012 financial year. This was largely a result of the continued focus on growth of the loan book, in line with the Bank?s long-term strategy. The net loan book grew 27,7% since 2011, to just under R1 billion.
The growth of the credit book has doubled in the four years from 2008, representing an average growth of 29% per annum with consistent focus on the quality of the loans written. This trend resulted in an increase in the loan to deposit ratio to 34% in FY2012, up from 27% in FY2011. In line with the strategy, the higher loan to deposit ratio further reduced the Bank?s reliance on low yielding investments of customer deposits.
Ubank?s capital adequacy ratio at the end of 2012 was 18.8%, with a focus during the year on strengthening the Bank?s capital and liquidity positions, allowing for the continued growth of higher yielding customer advances.

Income statement

Net interest income increased 25.7% during FY 2012. Loans generated 69,7% of the Bank?s interest income for the year and 45,0% of the Bank?s total operating income. Due to the continued growth in the loan book, and recent diversification to new markets, impairment charges on loans and advances rose to 8,6% of total loans and advances, up from 6.8% in FY2011.
Non-interest income increased 12,5% during FY2012, due to volume growth in the loan book, new electronic banking products and features introduced in late 2010, and pricing. Non-interest income accounted for 54% of total operating income for FY 2012.
Operating expenses reduced slightly during the year by 1%, on the back of a continued cost conscious approach to expenses and efficiency in overhead expenditure. Together with a 15% increase in operating income, this brought the Bank back into profit with a 78.2% cost-to-income ratio (pre impairment).

Governance

We are disappointed to report that an executive was dismissed on charges of fraud in early 2012. The matter is being followed up with criminal charges. The Bank has subsequently undertaken a general, cross-organisational, compliance review of the control environment of the Bank. This was conducted by independent specialists, with a view to further enhancing controls over the bank?s processes and procedures. The review has been completed and identified a need to refine certain processes and controls. Improvements are accordingly currently underway.

Going forward

In the short-term, the Bank will focus on further improving controls and asset quality, and increasing its competitiveness through efficient systems, distribution optimisation and the introduction of new products. Both macro-economic and mining prospects for 2012 indicate a subdued context for strong growth of the loan book and transactional banking products. The bank?s strategic plan for the next five years places a risk- and capital-adjusted approach at the core of the future plans. This will take into account increasing competition in both the unsecured lending and electronic banking areas, which constitute the Bank?s core current business, as well as the stricter and costlier capital adequacy and liquidity regulatory requirements (Basel 3) to be introduced in a phased approach from 2013 to 2019. In order to rapidly expand to national presence and attain critical mass, the Bank is seeking additional equity to finance its strategic growth initiatives. The Bank is currently exploring tier one and tier two capital options

Note to Editors:

For more information on Ubank, please visit www.ubank.co.za; or to arrange any media interviews, please contact Thembekile Simelane, PR/Communications & Events Manager: Ubank on telephone 011 518-5165 or Thembekile.Simelane@ubank.co.za

ubank Welcomes a New Chief Operating Officer - December 1, 2011

Bungane Radebe joined the Ubank team as the Chief Operating Officer at the beginning of December 2011. His key role within the bank will be to manage the day-to-day operational activities of the business.

Ubank changes the lives of 30 individuals and their families in Mbhashe community, living with disabilities - March 13, 2019

Independent mobility is vital for the restoration of dignity to people living with disabilities. In the Eastern Cape’s Mbhashe Local Municipality, more than 100 people living with disabilities are confined without any means to move around.

Ubank has responded to this need and will be donating 30 wheelchairs during a Wheelchair Handover Ceremony set for this Friday March, 8 at TRC Hall in, Dutywa.

“Dignity and a good quality of life cannot be taken for granted, especially where we are able we make an effort to restore these values to people across the country,” says Ubank CEO, Luthando Vutula.

He says as part of the Ubank’s commitment to its customers and the need to uplift its surrounding communities, Ubank was partnering with the local municipality in their mobility initiative following a request from the Mayor, Mr. Samkelo Janda.

“This donation by Ubank is an effort to try and facilitate a better life for the beneficiaries and their families. Mobility is vital for anyone whose movement is impaired. The ability to move without requiring aid from another human being makes a difference in a person’s psyche and image of themselves,” says Vutula.

The Mayor’s office did a needs-analysis across its community to determine the most deserving candidates to receive this gift of an enhanced life.

Janda says: “This donation will make a big difference in our community. The number of immobile people with this need will be cut down by at least 30% through this donation alone, and that has huge impact.

“It is important for us as a municipality to create a conducive environment that allows for the participation and inclusion of people living with disabilities in our community.”

Janda says as society, we cannot depend solely on government to meet these needs, organisations also need to step up to assist those most vulnerable across the country, hence our collaboration with Ubank.

“This donation by Ubank may not meet the number of people in need, and for that we need to try and get more assistance. However, there are 30 more people and families in our community whose lives and future prospects look better today than they did yesterday. To us, that is progress,” says Janda.

Ubank donates books in Lusikisiki to spark curiosity, literacy and a passion for imagination among the youth - February 23, 2019

Illiteracy is a stumbling block to the economic and academic growth of any country. For a fighting chance at success citizens have to be able to read and write.

Realising the need for this, Ubank, in partnership with the US-African Children’s Fellowship and the Teba Trust Fund, donated a couple of containers filled with books to the OR Tambo Coastal Region. This partnership started six years ago with eight beneficiary schools across South Africa at the time. Over the years beneficiaries have continued to be selected by the Department of Basic Education in the relevant provinces.

“This donation, made through the Department of Basic Education to public schools in this mainly rural part of the country is an effort to fan the flames of curiosity, literacy, imagination and education among the youth,” says Ubank CEO, Luthando Vutula.

The handover, which took place at Lusikisiki earlier this week saw 40 public schools as beneficiaries. “We envisage this donation assisting 20 000 pupils in total,” says Vutula.

“The aim is for these schools to establish functioning libraries on their premises and to harness the beauty of stories and education through this donation,” he says.

Reports in the media over the past few years have given heed to the poor levels of literacy in South Africa. The country’s pupils either struggle to read on par with reading levels for their age group or lack appropriate resources and infrastructure to this end. According to Statistics South Africa functional illiteracy declined from 27.3% in 2002 to 13.7% in 2017. An improvement worth applauding though more efforts are still necessary to further improve on these statistics especially for young people yet to venture out into the world.

Vutula says Ubank is aware of its target market and is constantly looking for ways to improve their lives in and outside the financial sector and more especially within their communities.

“The late Nelson Mandela once said: ‘No country can really develop unless its citizens are educated’. The donations of these structures and books to the OR Tambo community is an effort at catalysing development for young minds everywhere. It is a reminder that education and a healthy imagination are still the key to success. As Ubank we will continue offering our assistance in such communities,” says Vutula.

For more information or to arrange an interview, please contact Anne Williams, Public Relations, Communications and Events Manager at 011 518 5000, or email anne.williams@ubank.co.za

For more information about Ubank, please visit our website www.ubank.co.za and follow us on Facebook and Twitter @Ubank SA.

About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide the workers with a bank they trust.

For more information about Ubank, visit our website www.ubank.co.za or contact Nono Bam for Ubank’s CSI Initiative at 011 518 5000, email address nono.bam@ubank.co.za or follow us on Facebook and Twitter @UbankSA.

Ubank empowers stokvel/savings group to build financial legacies - February 23, 2019

Stokvels are a long standing channel for families to curb the constraints of money in their households and as a results they enable them to meet their basic financial needs. They facilitate members to work towards their common financial goals and change various family members’ lives for many generations.

Yet this is not enough as many often focus on short term goals of using the stokvels as a mechanism to discipline themselves to put money away, save for year-end groceries, purchasing of much needed household contents or simply sharing the money they saved for personal goals or having well deserved breakaway holidays.

Although these are still important for many, we believe that stokvels and savings groups can do much more, hence we introduced the Ubank Sisonke Financial Planning Seminars.

These seminars, like the one we recently hosted on the 23rd February 2019 in Driekop-Burgersfort, offered financial literacy to our attendees and incorporated topics on money management, savings and investments, credit and debt management, to name a few in a practical, informative and pleasurable approach.

“The seminar aid the members to have a common understanding of money as a group and align the way the group members evaluate the manner in which they balance their spending versus savings. It furthermore enables the group members to make financial decisions which we hope will give them a sense of financial wellbeing and peace of mind about their finances”, remarks Ubank Managing Executive: Retail and Consumer Banking Wilson Mosigi.

At Ubank, we pride ourselves by our drive to educate, empower and help our customers and communities to strive towards building their financial legacies through financial understanding. This will enable them to make informed decisions, be an inclusive participant in the economy, and help them appreciate the pleasures and benefits thereof.

Our previously disadvantaged communities need to take an active role in their financial lives. “As a responsible Financial Services Provider, it is our responsibility to educate and empower these stokvels, our customers, especially women as they often “pay forward” their financial knowledge through societies and social gathering” continues Mosigi. Financial Independence for our communities is critical as it builds and encourages strong partners, parents and contributing members of the community.

– The end

About Ubank

Ubank is a well-established financial services provider entrenched primarily within the gold and platinum mining communities. Its mandate to service the broader working market in South Africa has become imperative in order to extend affordable financial services and to provide the workers with a bank they trust.

For more information about Ubank, visit our website www.ubank.co.za or contact Anne Williams at 011 518 5000, email address anne.williams@ubank.co.za or follow us on Facebook and Twitter @Ubank SA.

Ubank sponsorship on SuperSport - August 31, 2018

Congolese Youssof Kasongo Mwandza (right on the picture) has a record of 12 fights, (2 losses, 2 draws and 8 wins).
Gauteng cruiserweight champion Akani “Prime” Phuzi (left on picture)

Sunday, 02 September 2018, promises to showcase a tough fight between two strong boxers fighting for the vacant World Boxing Association (WBA) Pan African cruiserweight title at Blairgowrie Recreation Centre (Randburg).

Congolese Youssof Kasongo Mwandza (right on the picture) has a record of 12 fights, (2 losses, 2 draws and 8 wins).
Gauteng cruiserweight champion Akani “Prime” Phuzi (left on picture) has a record of 5 wins and 3 knock outs.

The fight will be broadcasted live on SuperSport Channel 9 (SS9) and the repeat will be broadcasted on other various SuperSport Channels. Please see the table below for viewing times.

Schedule Date Series Episode Start Channel Status Venue
02-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 14:00 ss9 Live Blairgowrie Recreation Centre (Randburg).
03-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 10:30 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
05-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 1:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
07-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 0:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
07-sep-2018 Supreme Boxing Promotions WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 14:30 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
02-sep-2018 Supreme Boxing Promotions Highlights WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 19:00 ss8 Premier Blairgowrie Recreation Centre (Randburg).
03-sep-2018 Supreme Boxing Promotions Highlights WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 5:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
04-sep-2018 Supreme Boxing Promotions Highlights WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 2:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).
05-sep-2018 Supreme Boxing Promotions Highlights WBA Pan Africa Cruiserweight Title: Youssof Kasongo vs Akani Phuzi (12 Rounds) 11:00 ss10 Repeat Blairgowrie Recreation Centre (Randburg).

Ubank in the right corner, Proud sponsor of Supreme Boxing Promotions - August 3, 2018

Generally, sporting and recreational associations operate with limited resources and rely solely on campaigns to raise funds in order to sustain their vision and objectives. Often these are implemented in the form of lobbying various institutions, including the private sector to fund, sponsor or donate towards some or all their campaigns.

Ubank’s corporate social investment includes involvement with, and commitment to community development, part thereof is to educate and collaborate with sustainable initiatives that empowers its surrounding communities, including the youth and entrepreneurs, in order to “grow with them”.

It is with this that Ubank is proudly in the right corner backing the delighted promoters – Supreme Boxing Promotions – to make possible the upcoming WBA Pan Africa Cruiserweight Title Fight on the 2 September 2018. We understand that today they will also be introducing the new Super Heavyweight, referred to as the Great White Hope – the reigning SA Amateur Champion.

This partnership forms part of our celebrations of the Centenary of the great Nelson Mandela, celebrated in SA and abroad during this month. As a bank, we also have various activities here at Head Office and throughout our branch network. To mention a few:

  • Ubank‘s credit department team knitted and presented a blanket to Mr. Lynton Lesevre the ambassador of the 67minutes blanket initiative. They raise funds to buy the knitting material for each team member to knit a square of the blanket.
  •  Some initiative saw staff taking over the care-givers’ responsibilities for the day at various homes like Kgolagano Care Centre. Giving the elderly slippers and food parcels. The team also took time to acknowledge and celebrate Gogo Letta at this home who celebrated her 100 years centenary on the 8th of January 2018
  • Other regions spent time at People against the Spread of Aids and Starvation (Pasas) NGO and took on a basic sanitation project. The team devoted their time and funds to buy and install a pit toilet and organised a water borehole to be installed.
  • Other initiatives included caring, cooking, feeding and donating food parcels to the Mostert Kinderhuis, a shelter for orphans and deserted children. Donated school jerseys and shoes to Tumagole Primary School to the underprivileged children whilst others aligned their Mandela day activities to the July Saving Month campaign, encouraged customers to save and with that the team decided to make and donate 67 money tins.
  • Community of Slovoville was also touched when our colleagues answered their call to a temporary erection of the Good Samaritan Community Centre.

Ubank takes this opportunity to thank all the media personnel for taking their time to spend the day with us and being there when we shared this great news. We also want to wish the promoters, boxers and everyone else involved with the tournament the very best in the planning and upcoming media briefings and tournament in September.

ubank gives back to the community - July 24, 2018

A child-headed household is a family in which a minor aged eighteen years or younger is responsible for their siblings. These children are forced to survive without parental care, deal with the lack of consistent income and encounter emotional strain placing them at risk of abuse and exploitation.
This household set-up is a reality to one particular scholar of Khutsong, looking after three of her siblings.

To lend a hand, the Carletonville branch team initiated a community project that collected and donated groceries as well as a pair of school shoes to this family. Furthermore, eight more families were too, able to benefit to their efforts as a result.

The community at Cross Road Section, Khutsong and Ubank customers appreciated their efforts and invited them to return in order to educate other community members about Ubank’s products.

#ubank #growingwithyou

Ubank Launches Mobisite & Cuts Down On Long Customer Queues - September 8, 2014

Workers and mine-workers bank of choice, Ubank, today launched its mobisite as it continues to increase its banking products and services for customers who have traditionally utilised mostly basic services and endured long queues at branches especially during critical periods of the month.

According to Ubank CEO Luthando Vutula, The mobisite, ubank.mobi, delivers a high quality and easy to use site aimed at increasing our customer loyalty. Our goal is to enhance our current mobile banking offering for Ubank customers whilst simultaneously driving sales and revenue generation.

Statistically 98 percent of our customers have cellular phones and 28 percent say that they access the internet via cellular phones. Nationally, about only 30 percent of South Africans have smartphones and this means that to reach Ubank customers more attention needs to be placed through the mobisite.

Launching the mobisite also forms part of Ubank’s plans to spend R500 million in the next two to three years upgrading its information technology (IT) systems in order to improve its lending and transactional banking offering.

The development of the Ubank mobisite was benchmarked against leading international banking mobisites and will provide Ubank customers with optimised viewing and navigation for both smartphone and feature phones.

Research also indicates that 26 percent of our customers prefer to receive communication about Ubank products and services via cellular phones, whilst 43 percent say that they prefer to receive the same communication via short message service, SMS.

Another benefit of our mobisite is that it presents the bank with an opportunity for greater market penetration in a way brick and mortar branches are unable to. This is also in line with our digital and marketing strategy following the bank’s recent retail branch optimisation, concludes Vutula.

Ubanks Real Time Clearing Goes Live, And Reduces Costs! - July 23, 2014

Johannesburg South Africa’s workers and communities bank of choice, Ubank, has completed the roll out of its latest payment gateway capability for Real Time Clearing, RTC, aimed at processing online payment instructions and it will go live on Monday, 21 July 2014.

According to Luthando Vutula, CEO of Ubank, This investment is in line with the Bank’s 10 year strategy and is also in response to our changing customer base needs. We procured and began implementing the core payments gateway and the tests conducted have been seamless.

The business case for the payments gateway is to reduce outsourcing costs as well as to ensure compliance requirements are met in terms of the PASA EFT clearing rules and SARB’s Position Paper on Bank Models in the National Payment System.

Ubank is leveraging this infrastructure to ensure that the bank’s payments environment is hosted on a single system, which in turn, will improve efficiencies of the payments management system from a resource and cost perspective.

In conclusion Vutula says, This is a huge milestone towards building the bank’s capacity as we needed a consolidated payment solution to handle all payment related transactions from a central point and consistently across various systems.

Ubank migrates to EMV chip cards to boost customer security - June 12, 2014

Ubank has adopted the EMV chip smartcard technology to offer mine workers and mining communities improved encrypted card security and convenience as well as consolidate its position as the biggest bank in South African mining. Although the conversion exercise has only just commenced, Ubank and their account holders are already bearing the fruits thereof.

Customers have until 31 August 2014 to exchange their magnetic stripe cards free of charge, thereafter; it will cost R55 per replacement card. Customers who open new accounts during this period will also receive the new EMV chip smartcard for free. The shredding of existing magnetic stripe cards will run concurrently with the distribution of the new chip cards.

?The majority of our customer base tends to be situated in remote and rural communities and as such innovative technological advances like this are always welcomed as they not only enhance their banking experience, but also saves them money,? says Ubank CEO, Luthando Vutula.

From its beginnings in the early 1970?s offering basic banking services to miners and the mining community, Ubank has always used the most practical methods to service customers while also remaining aware of shifts in technology.

According to Vutula, ?The reality is that we are probably South Africa?s only bank that still issues bank savings books due to the unique character of our customer base. It is because of this uniqueness that we are still able to respond to changing technological environment and simultaneously boost the security of our customers? money.?

Luthando continues, ?Our customer facing personnel are also trained to always empower customers about the importance of protecting their cards and pin numbers and to keep their pin number secret and always plan their transactions on their debit cards as this will minimise their bank charges.?

The EMV chip technology in the new ATM cards also protects customers from possible fraud such as card cloning and ?skimming?. EMV is a technology developed by Europay, MasterCard and Visa and has a chip that contains information needed to use the card for payment and is protected by various security features. Ubank is following global banking trends in shifting from magnetic strip technology to the more secure EMV chip technology.

Highlighting the EMV cards security features Luthando says, ?The difference between the two technologies is that the information in the magnetic strip is static and permanent, and hence, easy to copy, while the EMV chip is more dynamic. Every time you use it, there?s an algorithm being computed, which protects our customers? accounts,? he said. He concluded Ubank was on track to complete the new card rollout by the end August this year.

ubank Expands its Operations into Bloemfontein October -1, 2013

For nearly 40 years, Ubank has successfully provided financial services to mineworkers and others in the worker market. The Bank’s dedication at strengthening their position in the country was highlighted when they opened their first branch in Bloemfontein (the Bank’s 92nd branch in the country) recently.
Bloemfontein has been identified as a key growth point for Ubank and opening this branch is a direct response to customers requests for more branches across the country. One of the Bank’s strategic pillars is to work with the community to ensure the all-round development of people, with focus on the investment of sustainable educational programmes.
Investing in the communities in which we operate forms a critical part of how we do business, and it is this philosophy that sets us apart and allows us to uplift the lives of our customers, says Bungane Radebe, Chief Operating Officer.
To mark the official opening of their new branch in Bloemfontein today, Ubank has chosen to assist Free State school, Kgorathuto High. The school ranks among the top 50 in Free State and also boasts a rich alumni like Fikile Mbalula, minister of sports; and Benni Kotsoane, MEC Free State Local Government to name a few.
Kgorathuto High is facing a number of challenges when it comes to providing optimum education to its students. Identifying the most pressing challenges, Ubank has provided assistance in the following areas:

  • Repairing the ceilings of 10 classrooms in the school
  • Providing school uniforms for 100 learners
  • Maintenance of the ablution facilities for learners
  • Painting three classrooms, providing learners with a more hospitable learning environment

Investing in the communities in which we operate forms a critical part of how we do business, and so we have a commitment to allocate 4% of the pre-tax profits to community development annually, concludes Radebe.
Note to editors:  Below listed products and services are available at all Ubank branches.   Customers also have access to a network of ATMs and Ubank Agencies.

  • Transaction accounts
  • VISA Debit Cards
  • Lending products
  • Savings
  • Packaged accounts
  • Funeral Plan
  • Cellphone banking and
  • Airtime contracts

ubank Bloemfontein Branch Opened its Doors - August 14, 2013

Ubank Ltd, a truly South African home-grown bank, is proud to announce the opening of its first branch in Bloemfontein (our 92nd in South Africa) at the Arcade Chambers Mall, on the 12th of August 2013.
The Bank, a well-established financial services provider serving mineworkers for over thirty-five years, is extending its reach to service the broader worker market in South Africa.

Ubank is committed to being the Worker’s Bank of Choice and as such is focused on:

  • Educating and empowering our customers to achieve financial success
  • Partnering with our customers communities to uplift them
  • Nurturing and building long term relationships  with all stakeholders

It is this philosophy that sets us apart from our competitors and allows us to uplift the lives of our customers, says Bungane Radebe, Chief Operating Officer.
Bloemfontein has been identified as a key growth point for Ubank by our stakeholders and opening this branch is a direct response to customers requests for more branches in more towns.

Ubank’s product range includes:

  • Transaction accounts
  • VISA Debit Cards
  • Lending products
  • Savings
  • Packaged accounts
  • Funeral Plan
  • Cellphone banking and
  • Airtime contracts

These products and services are available at all Ubank branches.   Customers also have access to a network of ATMs and Ubank Agencies.  The latter managed by Teba Ltd in and around South Africa.
Our new branch can be found at Arcade Chambers Mall, Corner West Burger and Charlotte Maxeke Street, Shop G1.

Note to Editors:

For more information on Ubank, please visit www.ubank.co.za; or to arrange any media interviews, please contact Candice Jooste, PR/Communications Manager: Ubank on telephone 011 518-5823 or
Candice.Jooste@ubank.co.za

New Chief Financial Officer Joins ubank as Part of Future Growth Plan - March 4, 2013

Ubank recently welcomed its new Chief Financial Officer, Harriet Heymans, as of 01 March 2013. Her appointment alongside the filling of other key positions within the bank, solidifies Ubank’s management team as the company continues to accelerate its strategic growth initiatives.
Ms Heymans has had extensive experience in various senior financial positions within ABSA’s Retail and Business Banking environment. Prior to joining Ubank, she had moved out of a pure finance function and was more involved in business management. Her strong technical financial capability and sound leadership skills have largely played a role in her success within the product development, process reengineering, financial projection and strategic design fields. To add, Harriet has progressed steadily to positions of increasing seniority through the ranks at ABSA over the last decade and is now keen to take Ubank to new heights in her new role as Chief Financial Officer.
“Having been in the banking industry for many years, I truly look forward to making a concrete difference at Ubank both inside and outside the office through my passion for developing people”, said Harriet Heymans, Ubank’s new Chief Financial Officer.

Her qualifications include:

  • B Comm (Hons) in Accounting
  • Independent Regulatory Board for Auditors (SA member)
  • Chartered Accountant (SA)
  • Certified in Theory of Accountancy

“Ms Heymans brings a great deal of financial expertise, sound knowledge of banking and product development understanding to her role of CFO. I believe this will serve the bank well as we continue to launch new products, build new revenue streams, establish strategic partnerships and grow Ubank to be a workers bank of choice.”, said Luthando Vutula, Chief Executive Officer of Ubank. He added, “the high calibre of the additional management team that includes, our Head of Internal Audit, TshwareloMoutlane and Head of Risk, Horst Simon, is truly pleasing as we strive to thoroughly equip ourselves as a bank, on our journey to be the “Workers Bank of Choice”.

ubank Appoints Seasoned Banker as New Chief Executive Officer - November 5, 2012

ubank is proud to announce the appointment of our new Chief Executive Officer, Mr Luthando Vutula, who officially commenced his duties on 1 November 2012. Mr De Villiers Botha, Chairman of the Ubank Board welcomed Mr Vutula and said ?The Ubank Board is confident that Mr Vutula has the vision, experience and drive to take Ubank to the next level and grow the bank to be the ?workers? bank of choice?. As this is a regulatory position, it was important that the right candidate be appointed.?
His experience in retail banking is wide-ranging. Prior to joining Ubank, Mr Vutula served as the Head: Sectors for ABSA?s Retail and Business Bank. Key to this position was the development, implementation and management of policy regarding strategic direction, marketing, finance, capital expenditure, risk, human resources and IT. In addition to this, he has held several executive leadership positions in both the private and public spheres including:

  • Managing Executive – Absa Home Loans
  • Managing Director – Absa Development Company
  • Executive – National Housing Finance Corporation (NHFC)

Over the years, he has played a prominent role in the banking sector at a strategic policy level and is well-respected at key decision-making levels. He has worked closely with the National Department of Housing, National Treasury and representatives from business and labour, in the creation of long-term sustainable strategies.
In addition to all of the above, Mr Vutula has also held the following Board and Honorary Appointments:

  • Non-Executive Chairman – Johannesburg Development Agency
  • Non-Executive Chairman – Free State Social Housing Company
  • Non-Executive Chairman – Tshwane Economic Development Agency
  • Non-Executive Chairman ? Ekurhuleni Development Agency

His qualifications include:

  • Banking and Finance Programme ? INSEAD (France)
  • Masters Degree in Development Finance ? University of Stellenbosch
  • Bachelor of Business Administration (Hons) ? University of Stellenbosch
  • Bachelor of Economics and Accounting ? University of Botswana
  • International Housing Finance Programme ? University of Pennsylvania, Wharton Business
  • School

?I am excited and delighted to join Ubank and am looking forward to making a meaningful contribution. Ubank has a unique opportunity to be the ?Bank of choice? for workers and communities in South Africa. I acknowledge the challenging environment we operate in, but are confident that our approach of building strong relationships with our customers and stakeholders will stand us in good stead going forward. We will continue to build on this strength in the months ahead, ?stated Mr Vutula.
With Mr Vutula at the helm, the Ubank leadership team will be focused and geared to serve the communities in which we operate. Ubank is also completing the appointment of a new Chief Financial Officer and further announcement will be made in this regard, in the near future.

Note to Editors:

For more information on Ubank, please visit www.ubank.co.za; or to arrange any media interviews, please contact Thembekile Simelane, PR/Communications & Events Manager: Ubank on telephone 011 518-5165 or email at Thembekile.Simelane@ubank.co.za

ubank Performance Overview - July 31, 2012

We are pleased to report that the year under review has seen a turnaround in earnings, with a profit before tax of R34 million. This was due to further growth of the loan book, continued cost controls, and a rise in non-interest income. The external environment provided challenges to the bank, most notably, on-going historically low interest rates, increasing competition in the mass market sector, and the effects of constraints to gold and platinum mining on our core target market.
During the year the Bank focused on consolidation, including the bedding down of key business initiatives such as the new brand, transactional products and system enhancements, as well as the continued improvement of the bank?s risk profile, capital management, asset quality and defense of the Bank?s dominant market share within the mining market.

Balance sheet

Despite a challenging external context, Ubank attained a year of steady growth in its balance sheet, to R3,5 billion for the 2012 financial year. This was largely a result of the continued focus on growth of the loan book, in line with the Bank?s long-term strategy. The net loan book grew 27,7% since 2011, to just under R1 billion.
The growth of the credit book has doubled in the four years from 2008, representing an average growth of 29% per annum with consistent focus on the quality of the loans written. This trend resulted in an increase in the loan to deposit ratio to 34% in FY2012, up from 27% in FY2011. In line with the strategy, the higher loan to deposit ratio further reduced the Bank?s reliance on low yielding investments of customer deposits.
Ubank?s capital adequacy ratio at the end of 2012 was 18.8%, with a focus during the year on strengthening the Bank?s capital and liquidity positions, allowing for the continued growth of higher yielding customer advances.

Income statement

Net interest income increased 25.7% during FY 2012. Loans generated 69,7% of the Bank?s interest income for the year and 45,0% of the Bank?s total operating income. Due to the continued growth in the loan book, and recent diversification to new markets, impairment charges on loans and advances rose to 8,6% of total loans and advances, up from 6.8% in FY2011.
Non-interest income increased 12,5% during FY2012, due to volume growth in the loan book, new electronic banking products and features introduced in late 2010, and pricing. Non-interest income accounted for 54% of total operating income for FY 2012.
Operating expenses reduced slightly during the year by 1%, on the back of a continued cost conscious approach to expenses and efficiency in overhead expenditure. Together with a 15% increase in operating income, this brought the Bank back into profit with a 78.2% cost-to-income ratio (pre impairment).

Governance

We are disappointed to report that an executive was dismissed on charges of fraud in early 2012. The matter is being followed up with criminal charges. The Bank has subsequently undertaken a general, cross-organisational, compliance review of the control environment of the Bank. This was conducted by independent specialists, with a view to further enhancing controls over the bank?s processes and procedures. The review has been completed and identified a need to refine certain processes and controls. Improvements are accordingly currently underway.

Going forward

In the short-term, the Bank will focus on further improving controls and asset quality, and increasing its competitiveness through efficient systems, distribution optimisation and the introduction of new products. Both macro-economic and mining prospects for 2012 indicate a subdued context for strong growth of the loan book and transactional banking products. The bank?s strategic plan for the next five years places a risk- and capital-adjusted approach at the core of the future plans. This will take into account increasing competition in both the unsecured lending and electronic banking areas, which constitute the Bank?s core current business, as well as the stricter and costlier capital adequacy and liquidity regulatory requirements (Basel 3) to be introduced in a phased approach from 2013 to 2019. In order to rapidly expand to national presence and attain critical mass, the Bank is seeking additional equity to finance its strategic growth initiatives. The Bank is currently exploring tier one and tier two capital options

Note to Editors:

For more information on Ubank, please visit www.ubank.co.za; or to arrange any media interviews, please contact Thembekile Simelane, PR/Communications & Events Manager: Ubank on telephone 011 518-5165 or Thembekile.Simelane@ubank.co.za

ubank Welcomes a New Chief Operating Officer - December 1, 2011

Bungane Radebe joined the Ubank team as the Chief Operating Officer at the beginning of December 2011. His key role within the bank will be to manage the day-to-day operational activities of the business.