 | |
| Industry | Banking |
|---|---|
| Founded | 1975 |
| Headquarters | , |
Number of locations | Several branches |
| Services | Microfinance |
| Parent | Ubank Group |
| Website | ubank.co.za |
Ubank Limited (formerly known as Teba Bank) is a South African bank operating in the microfinance sector which mainly targets lower-income blue-collar workers, especially those in the mining sector.
Teba Limited (stylised as TEBA), [1] which was involved with the South African mining industry, was founded in 1912. The predecessor of the bank was the Teba Savings Fund (also known as Teba Cash) that was established in 1976 and processed the salaries of miners working at gold and platinum mines. In 1983, the savings fund became a separate company from Teba Limited, and was renamed as Teba Bank after obtaining a banking license from the South African Reserve Bank in 2000. [2] [1] In 2002, the bank launched the Teba Bank Funeral Plan catering to miners. [3] In October 2010, the bank was renamed as Ubank. [4] [5] In 2022, The bank was placed under curatorship by the Reserve Bank of South Africa to "proactively mitigate the adverse consequences on Ubank's depositors, and to preserve the stability of the South African banking and financial services sector as a whole." [6]
UBank now fall under African Bank. [7]
The bank chiefly operates in the rural areas of South Africa, with a large majority of its clientele identifying as low-income miners; in fact, according to a 2002 profile of the bank in Business in Africa, for many years "Teba Bank was the only financial institution thousands of workers toiling in South African mines knew." [8] According to a 2010 report, the bank had some 500,000 clients, half of whom worked in the mining sector. [9] It has over a hundred branches and around 37 ATMs. Its head office is in Midrand, Gauteng. [3]
The economy of Botswana is currently one of the world's fastest growing economies, averaging about 5% per annum over the past decade. Growth in private sector employment averaged about 10% per annum during the first 30 years of the country's independence. After a period of stagnation at the turn of the 21st century, Botswana's economy registered strong levels of growth, with GDP growth exceeding 6–7% targets. Botswana has been praised by the African Development Bank for sustaining one of the world's longest economic booms. Economic growth since the late 1960s has been on par with some of Asia's largest economies. The government has consistently maintained budget surpluses and has extensive foreign-exchange reserves.
The economy of Eritrea has undergone extreme changes after the War of Independence. It experienced considerable growth in recent years, indicated by an improvement in gross domestic product in 2011 of 8.7 percent and in 2012 of 7.5% over 2011, and has a total of $8.090 billion as of 2020. However, worker remittances from abroad are estimated to account for 32 percent of gross domestic product.
Haiti has a free market economy with low labor costs. A republic, it was a French colony before gaining independence in an uprising by its enslaved people. It faced embargoes and isolation after its independence as well as political crises punctuated by foreign interventions and devastating natural disasters. Haiti's estimated population in 2018 was 11,439,646. The Economist reported in 2010: "Long known as the poorest country in the Western hemisphere, Haiti has stumbled from one crisis to another since the Duvalier years."
The economy of South Africa is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. The economy is the most industrialised, technologically advanced, and diversified in Africa. Following 1996, at the end of over twelve years of international sanctions, South Africa's nominal gross domestic product (GDP) almost tripled to a peak of US$416 billion in 2011. In the same period, foreign exchange reserves increased from US$3 billion to nearly US$50 billion, creating a diversified economy with a growing and sizable middle class, within three decades of ending apartheid.
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.
In the United States, banking had begun by the 1780s, along with the country's founding. It has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services, such as private banking, asset management, and deposit security.
Microfinance consists of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient. ID Ghana is an example of a microfinance institution.
Itaú Chile is a Chilean commercial bank that is the subsidiary of Brazilian Itaú Unibanco. As of 2023, the bank had 168 branches in Chile and 68 branches in Columbia. Itaú Corpbanca is headquartered in Santiago and has offices in Lima, Madrid, Miami and New York City.
A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that is not legally a bank; it does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFC facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market brokering. Examples of these include hedge funds, insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations. Alan Greenspan has identified the role of NBFIs in strengthening an economy, as they provide "multiple alternatives to transform an economy's savings into capital investment which act as backup facilities should the primary form of intermediation fail."
Before Uganda's independence in 1962, the main banks in Uganda were Barclays ; Grindlays, Standard Bank and the Bank of Baroda from India. The currency was issued by the East African Currency Board, a London-based body. In 1966, the Bank of Uganda (BoU), which controlled the issue of currency and managed foreign exchange reserves, became the central bank and national banking regulator. The government-owned Uganda Commercial Bank and the Uganda Development Bank were launched in the 1960s. The Uganda Development Bank is a state-owned development finance institution, which channeled loans from international sources into Ugandan enterprises and administered most of the development loans made to Uganda.
Financial inclusion is the availability and equality of opportunities to access financial services. It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services - which include banking, loan, equity, and insurance products. It provides paths to enhance inclusiveness in economic growth by enabling the unbanked population to access the means for savings, investment, and insurance towards improving household income and reducing income inequality
UBank is an Australian direct bank, that operates as a division of National Australia Bank (NAB). It was established in 2008, and provides savings products and home loans online and over the phone.
KCB Group Limited, also known as the KCB Group, is a financial services holding company based in the African Great Lakes region. The Group's headquarters are in Nairobi, Kenya, with its subsidiaries being KCB Bank Kenya Limited, KCB Bank Burundi Limited, KCB Bank Rwanda Limited, KCB Bank South Sudan Limited, KCB Bank Tanzania Limited, KCB TMB Congo and KCB Bank Uganda Limited.
Venmyn Deloitte is a wholly owned subsidiary of Deloitte. The company provides consulting services to the global minerals industry, bridging the disciplines of mining and finance, and emphasises Deloitte's commitment to the global mining industry. It is headquartered in Sandton, Johannesburg, South Africa.
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FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.
BankservAfrica is an automated clearing house located in Johannesburg, South Africa, serving both national and pan-African transactions. It annually processes a significant volume of transactions, encompassing various sectors such as banking, corporates, government, and retail. Its role as Africa's largest automated payments clearing house is primarily attributed to its substantial transaction volume.
TymeBank is an exclusively digital bank based in South Africa, aimed at the lower income market.
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