UBA RELEASES NEW BANKING AUDITING SOFTWARE IN 17 COUNTRIES AS ZENITH BANK LAUNCHES ITS OWN FINANCIAL REPORTING STYLE.

UBA RELEASES NEW BANKING AUDITING SOFTWARE IN 17 COUNTRIES AS ZENITH BANK LAUNCHES ITS OWN FINANCIAL REPORTING STYLE.

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Friday, 07 August 2015
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To consolidate its leadership position and safeguard its vast assets, the
management of United Bank for Africa
(UBA) has approved the implementation
of a-state-of-the-art accounts reconciliation software, CLIREC, across all branches in Nigeria and global operations in 17 countries.

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   According correspondents CLIREC, which will enable the bank to reap the rewards of efficient banking operation, is from the stable of Precise Financial Systems (PFS).The application which will run on the bank’s operations in Nigeria, Ghana, Burkina Faso, Guinea, Liberia, Benin and Cameroon. Other countries are Kenya,Senegal, Uganda, Congo, Zambia,Tanzania, Gabon, Chad, Congo DR and Mozambique.
  In a statement signed by deputy
managing director of Precise Financial
Systems, Philip Ayeni, CLIREC gives UBA control of its internal systems, particularly as “it concerns the reconciliation of Electronic Funds Transfer (EFT) transactions”. CLIREC brings to UBA a culture of timely, accurate and reliable accounts reconciliation system.
The application, he informed, provides
UBA a completely stress-free method of
staying in control of all reconcilable
accounts across the organization while
optimizing its human resources.He added that “the software integrates all
classes of reconciliation efforts in the
bank: primary departments and regions
managing the accounts, control and audit reports requirement, users access to the system irrespective of location or
responsibility and direct interface of the
platform with the bank’s core banking
application for data integrity and
accuracy”.

  Earlier this week Zenith Bank Plc has adopted a new financial reporting
policy, with the bank set to release its audited half-year results in the coming days.

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  According to sources at The Nigerian Stock Exchange (NSE), the bank will henceforth publish audited half-year
results. The source confirmed that the bank’s board of directors, which met last week, has already approved the audited half-year result format, which will be forwarded to the Central Bank of Nigeria (CBN) for approval.
  Market analysts have commended Zenith Bank’s initiative, describing it as “a highly welcome development”.
Zenith has over the years consistently posted superior performance results. Gross earnings was N403.4 billion
for the financial year 2014, profit before tax was N119.80 billion, while profit after tax stood at N99.46 billion making it the most profitable bank in the country.
  Similarly, the bank’s total assets stood at N3.76 trillion,with total shareholders’ funds of N552.64 billion, which ranks the bank as the largest bank in Nigeria and the sixth largest in Africa by shareholders’ funds.The bank paid a dividend of N1.65 per share for the
financial year 2014, and is noted for its strong asset quality with a non-performing member loan ratio of 1.8 per cent,which is one of the lowest in the industry.
  The bank’s service delivery has won numerous international endorsements and awards, including Best Bank in Corporate Governance in Nigeria by Global Banking and Finance (2015), Best Customer Service Bank in Nigeria by Global Banking and Finance (2014)
and the Most Customer-Focused Bank in Nigeria by KPMG (2014).
Only recently, Zenith was certified by the British Standards Institution (BSI) on three key ISO (International Standards Organisation) standards namely; ISO 22301 (Business Continuity Management),27001 (Information Security Management) and 20000
(IT Service Management). Zenith is the first Nigerian institution to win the three standards at ago.
  By this feat, the bank already reputed for its culture of service delivery, joins other global brands with the highly-rated ISO certification.Speaking at the awards ceremony, the bank’s Group Managing Director/Chief Executive Officer, Peter
Amangbo, said: “Our commitment to these standards stems from a resolve to deepen the customer experience
through greater information security and an IT management system that emphasises the protection of the customer and his investments in an increasingly unpredictable business environment; via subscription to
internationally-accepted principles.”

Compiled, edited & posted by; @djshyluckjimmy
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