United Bank for Africa (UBA) has announced plans to open an office in Riyadh, Saudi Arabia, as part of its ongoing global expansion beyond Africa. The development was confirmed during a mid-year strategy session held in Lagos, where Group Chief Executive Oliver Alawuba addressed executives from the bank’s 24 operating jurisdictions.
Alawuba said the expansion into Saudi Arabia aligns with UBA’s long-term ambition to become the most geographically diversified bank from Africa. The move builds on UBA’s current operations in 20 African countries and five global financial centres, the United Kingdom, United States, France, the United Arab Emirates, and now, soon, Saudi Arabia.
Riyadh Entry Targets Trade, Remittances and Investment
Saudi Arabia, the Gulf’s largest economy, offers UBA a strategic position to support cross-border commerce, investment flows, and diaspora remittances between Africa and the Middle East. The Riyadh office will deepen the bank’s engagement with clients across the Gulf Cooperation Council (GCC) region, particularly as GCC countries accelerate their investments in African infrastructure, agriculture, and energy projects.
The entry also complements UBA’s presence in Dubai, where it has operated since 2021. The Middle East is a critical trade corridor for African commodities, and remittances from African diaspora workers in the region remain a vital revenue stream for several Sub-Saharan economies. In 2024 alone, Sub-Saharan Africa received an estimated $56 billion in remittances, according to the World Bank, a segment UBA is targeting through its global network.
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UBA plans to offer banking services in Riyadh that support corporate clients, SMEs, and individuals involved in trade and investment across Africa and the Middle East. Its offerings are expected to include digital payments, supply chain finance, and institutional banking services backed by the bank’s technology platforms.
UBA Upgrades Paris Licence to Expand European Trade Services
Beyond Riyadh, UBA is strengthening operations in its existing international markets. In Paris, the bank is upgrading its banking licence to broaden trade and treasury services available to European clients engaged with African markets. The upgrade will allow UBA to offer advanced financial solutions such as cross-border trade finance, treasury operations, and forex services.
UBA’s Global Footprint Now Spans Africa, Europe, Middle East, and the U.S.
UBA bank’s New York office, which was granted a federal banking license in 1984, continues to support African exporters and diaspora clients participating in transatlantic trade and investment. Its offices in London, Paris, and Dubai serve a mix of institutional investors, high-net-worth individuals, and corporates with exposure to African growth markets.
The expansion strategy is not solely about geography. Management says UBA’s international operations help the group diversify income streams, reduce risk exposure to Nigeria’s volatile economy, and capture global capital flows into African economies.
UBA’s cross-border growth builds on its Pan-African foundation, which began with its entry into Ghana in 2004. Since then, the bank has expanded into markets such as Kenya, South Africa, Egypt, Uganda, and Mozambique, establishing itself as one of the continent’s largest financial services providers.
Today, UBA serves 45 million customers, employs 25,000 people, and manages an asset base that spans both developed financial markets and fast-growing African economies. This Pan-African platform allows the bank to facilitate trade within the African Continental Free Trade Area (AfCFTA) while offering global investors access to the continent’s infrastructure and consumer demand.
UBA’s tech-driven banking services are central to its expansion model. These include digital lending, mobile banking, and supply chain finance tailored for African and international markets. The bank’s institutional and retail platforms are designed to support financial inclusion while capturing growth in underserved and emerging corridors.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.