July - September 2015 •
The Lion King
• 25
Francophone Africa before his appointment
in October 2014 as Chief Executive Office for
UBA Burkina, the largest subsidiary in the UBA
Group in the West African Monetary Union,
says the banking industry in Burkina Faso is
highly competitive but UBA has an edge in
the market, being a legacy state owned
bank. UBA Burkina’s strong footprint is reflect-
ed in the fact that it has the second highest
savings deposit base and is also the leading
e-banking solution provider in the country.
However, Joel is quick to admit that the
recent challenges in the political environ-
ment have affected business activities lead-
ing to a downward review of growth projec-
tions for businesses in the country, which has
also affected UBA Burkina’s projections for
the year.
UBA Burkina, he says, has had to cut down
on business loans, taking refuge in safer gov-
ernment treasury bills to avoid the increased
risk of assets deterioration.
Joel is optimistic that the current challenges
are temporary.
“Burkina still presents a great investment
opportunity for businesses. Once the current
political transition period is concluded and a
successful election conducted, I expect that
the economy will pick up again.”
He says new players will be coming into the
banking industry to take advantage of the
low banking penetration rate in the country,
which is currently at about 7.5%, well below
the Francophone average of 14%. He also
forecasts that the current existing 13 banks in
the country will expand their branch network
to reach more people as soon as the current
transition is over and democratic gover-
nance takes off. Democratic governance,
he believes, will have a positive impact on
business and boost entrepreneurial activities.
“The return of political stability will be posi-
tive. I see an increase in foreign investment,
increased investment in infrastructure, agri-
culture and the solid mineral sector. Burkina
is endowed with different natural resources
and will benefit significantly when the politi-
cal situation is resolved” Joel said.
UBA Burkina, he said, is positioned to take
advantage of a more stable country.
“My mandate here is to take UBA operations
to the next level and regain our dominant
position in Burkina Faso across all business
lines. I can assure you that we are on tar-
get with our large sales force and branch
network to be the dominant bank across
business lines in the country, backed by UBA
Group’s strong IT and e-banking platform,”
he enthused.
Africans
pioneered basic
Arithmetic
25,000 years ago.
Africa is the cradle
of humanity.
The
oldest
known human
remains
were
found in Ethiopia.
The world’s
first colossal
sculpture
, the great Sphinx of
Giza, was carved in Egypt over
7000 years ago
Did U Know?
Malian city of
Timbuktu is described
as the intellectual
capital of the ancient
world with a University
mosque that had
25,000 students and
vast libraries
Cheques were
used in Africa
(
Ancient Ghana)
as far back as
951 AD
.
Kano in Nigeria in 1851
produced an
estimated
10 million
pairs of
sandals
and 5 million
hides each year for export.
