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Shrinking Banking Returns Forces Banks to go Beyond Banking Ecosystem, as UBA Roll out e-Commerce Marketplace

To boost otherwise shrinking banking returns, banks are building businesses within and across ecosystems.

Africa’s leading lender, UBA Group has joined the trains of global and regional banks building a beyond-banking ecosystem with the introduction of UBA Marketplace.

An e-commerce platform, UBA marketplace allows businesses to have an online store i.e. a platform to advertise and sell.  Operating as a marketplace for third party sellers, UBA offers convenient and safe online shopping experience with online payments.

With the opportunity to boost otherwise shrinking banking returns, banks are businesses within and across ecosystems. This role provides the most significant financial and nonfinancial benefits.

In Canada, the Royal Bank of Canada introduced a cutting-edge, end-to-end online platform called Ownr, which offers a comprehensive set of services that assist in setting up and managing a new business in Canada.

Ownr helps with tasks such as registering a business as a sole proprietorship or incorporation, building a logo and brand, and bringing together information from marketing campaigns, website traffic, and sales activity to get a better understanding of the business.

OTP Bank in Central and Eastern Europe launched a state-of-the-art solution called eBIZ, which is essentially an online financial-management tool for SMEs.

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In Nigeria, GTBank launched an e-commerce platform solution called SME MarketHub, a platform for buyers and sellers. The bank also supports the platform with HubCredit for buyers to make purchases on the SME MarketHub and pay later.

On UBA Marketplace there are different ways to sell products such as listing on the marketplace, offering deals or listing as an auction.  The e-commerce platform features categories such as electronics, fashion, jewellery, health and beauty, groceries, household goods, perfumes etc.

UBA’s focus was on providing a seamless shopping experience for its customers in Africa and beyond. Its mission is to change the way Africans shop online.