"United Bank for Africa Plc has restated its commitment to prioritize the well-being of its employees and their families in light of the current economic conditions and their impact on living standards.
In a recent statement, the bank's board of directors announced the immediate implementation of a cost-of-living increase for its workforce.

The bank has been closely monitoring the effects of the escalating cost of living on its employees in the past months and recognizes the importance of proactively addressing these challenges.
Notably, the bank had already introduced a cost of living adjustment for its staff on October 1, 2021, and more recently on April 1, 2023.
It noted that the persistent economic challenges faced by employees and the broader society informed the unanimous decision to again implement another adjustment.
"Moreover, as part of its dedication to recognizing outstanding performance annually, UBA had declared in March 2023 that it promoted more than 1,500 employees across Africa. In the previous year, it had also elevated nearly 1,000 staff members," the statement revealed.

Oliver Alawuba, the Group Managing Director/Chief Executive Officer of UBA, acknowledged, "We understand the implications of recent economic policy announcements on the cost of living and your ability to fulfill financial obligations to your families and personal requirements."
"As a company dedicated to the welfare of our employees, I am delighted to announce that the Board of UBA Plc has given approval for a Welfare Allowance to be provided to all our staff."

Alawuba clarified that the choice to modify the employees' compensation package further showcased UBA's steadfast commitment to ensuring that the standard of living for its employees remains in line with the current economic circumstances.
"This initiative aims to ease the financial pressures experienced by our staff and their families, underscoring the bank's reputation as a responsible and compassionate employer," he elaborated.