Union Bank of Nigeria

What Union Bank of Nigeria does

Union Bank of Nigeria is a Nigerian commercial bank serving consumers, SMEs, large enterprises, government entities, and agribusinesses. It provides current and savings accounts, youth and premium banking, personal and SME lending, mortgages, trade finance, cash management, payroll processing, foreign-currency services, remittances, cards, and merchant payments. Distribution combines 249 branches, field relationship teams, UnionOnline, UnionMobile, Union360, *826# USSD, UnionDirect agents, POS terminals, and card and remittance networks.

The bank primarily earns net interest income from deposits and loans, supplemented by transaction and commission income from account maintenance, cards, transfers, remittances, trade finance, foreign exchange, cash management, payroll, and capital-markets activity. Retail acquisition uses branches, apps, USSD, and agents, while SME and corporate acquisition relies more heavily on relationship managers and business development officers. Its technology is a conventional core-banking stack supplemented by proprietary customer, corporate, and agent platforms integrated with national payment and international remittance networks; no AI/ML model or training capability is disclosed.

Name

Union Bank of Nigeria

Legal name

Union Bank of Nigeria Plc

Website

https://unionbankng.com

Company type

Private

Founded year

1917

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Union Bank of Nigeria is a private commercial bank serving consumers, SMEs, and large enterprises through deposits, lending, payments, and treasury services via 249 branches, digital channels, USSD, agents, cards, and remittance partnerships in Nigeria.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)

Keywords

• Retail banking services
• Corporate banking
• SME lending
• Digital banking
• Trade finance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income (NII): Primary revenue driver through the spread between interest earned on loans (personal, mortgage, SME, corporate) and interest paid on customer deposits (savings, current, domiciliary, fixed/tenured deposits). Interest rates on savings products range from 7.95% to 9.1% p.a. while lending products carry rates governed by CBN MPR guidelines plus margin.
2. Transaction & Commission Income: Fees earned from account maintenance charges, ATM and debit card transactions, SMS/email alert subscriptions, cheque book issuances, and wire transfer commissions. Commission income also derives from remittance partnerships (Western Union, MoneyGram, Ria, WorldRemit, SmallWorld, Wari) where Union Bank earns a share of each cross-border transfer processed.
3. Trade Finance & Forex Revenue: Income from documentary credits, letters of credit, bank guarantees, import/export financing, and foreign exchange transactions. SME trade finance capabilities were expanded via a $30M IFC partnership facility.
4. Corporate Banking Fees: Revolving credit facilities, term loans, overdrafts, and cash management services for corporate clients generate arrangement fees, commitment fees, and management charges. The bank also earns fees on payroll processing for corporate salary accounts.
5. Bond & Capital Market Income: Income from bond issuance activities. Union Bank successfully completed full redemption of its Series 2 15.75% Bond Issue (N6.3 billion principal and coupon) on September 3, 2025, demonstrating ongoing capital market engagement.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels9 records

Core offering

Union Bank of Nigeria is a universal commercial bank providing retail and corporate banking services through 249 branches and digital channels. Its core offerings include savings, current, and domiciliary accounts; personal, SME, and corporate loans; mortgages; international remittances; debit cards; treasury and trade finance services; and digital banking platforms (UnionOnline, UnionMobile, Union360, and *826# USSD).

Product overview

Union Bank of Nigeria operates as a multi-channel financial services platform offering retail, SME, and corporate banking products. The core digital banking suite consists of UnionOnline (web banking), UnionMobile (mobile app), Union360 (corporate banking app), UnionOne (internet banking), and *826# USSD banking. These are supplemented by specialized sub-brands including αlpher (women's banking), M36 (investment and lifestyle), and SpaceNXT (innovation hub). Retail banking encompasses savings products (UnionKorrect family, UnionFuture, UnionFlex), current accounts (Basic, UnionSilver, Payroll Plus), and youth banking (UnionLegend, UnionInfinity). Lending products include UnionKash (digital loans), Payroll Loans, Self-Employed Loans, Cash-Backed Loans, and Mortgage products via MOFI partnership. SME services include UnionBiz, UnionAccelerate, various loan products (Cash Flow Lending, Asset Finance, Invoice Discounting), and agency banking through UnionDirect. Corporate services cover Agribusiness and Corporate Banking. The bank also provides international remittance through Western Union, MoneyGram, Ria, WorldRemit, SmallWorld, and Wari partnerships, and issues debit cards on MasterCard, Visa, and Verve networks.

Differentiator

Problem solved

Functional benefit

Brands

• αlpher (alpher): Women's banking proposition focused on women-owned businesses and financial empowerment.
• M36
• SpaceNXT
• Edu360
• UnionCares
• UnionBiz
• UnionKash
• UnionOnline
• UnionMobile
• Union360
• UnionDirect
• UnionPro

Products and services

• Savings accounts
• Current accounts
• Domiciliary accounts
• Personal loans
• SME loans
• Corporate loans
• Mortgages
• International remittances
• Debit cards
• UnionOnline internet banking
• UnionMobile mobile app
• *826# USSD banking
• UnionDirect contact centre
• Union360 corporate cash management
• Agent banking services
• Women's banking proposition
• Agribusiness proposition
• Treasury services
• Trade finance

Quantifiable outcome

• Served over 7.3 million customers through 249 branches
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature7 records

Partnerships

14 partnerships are on record, tiered minor, strategic and core.

• Maltina (Novartis — via Nutor Communications)minorGTM or Marketing Partner · 27 June 2025Union Bank, through its Edu360 initiative, sponsors the 11th Maltina Teacher of the Year Award — Nigeria's premier teacher recognition program. The partnership positions Union Bank in the education sector and demonstrates commitment to national development beyond banking.
• BFREE (German-Nigerian Fintech)strategicTechnology or Integration · 29 November 2023Union Bank signed an MOU with BFREE, a German-Nigerian fintech firm, to jointly address economic challenges and revitalise distressed loan portfolios in Nigeria. This partnership combines Union Bank's distribution reach with BFREE's fintech capabilities for non-performing loan management.
• UGEAP (Universal Green Energy Access Programme)minorStrategic or Co-development Partner · 21 November 2023Luxembourg-based UGEAP and Union Bank formalised a strategic partnership to catalyse development of Nigeria's renewable energy market. The initial engagement marks the beginning of a collaboration to finance renewable energy projects and support Nigeria's energy transition.
• CIG Motors (Choice International Group)minorGTM or Marketing Partner · 31 March 2023Commercial partnership agreement with CIG Motors to provide auto financing services to Union Bank customers for the purchase of GAC range of vehicles. The partnership expands Union Bank's product portfolio into auto loans and drives customer acquisition.
• MobiHealth InternationalcoreStrategic or Co-development Partner · 18 October 2022First banking partnership for telehealth services company MobiHealth International, signed at the US Embassy in Abuja. Union Bank provides financing support for MobiHealth's telehealth expansion in Nigeria, combining healthcare access with financial services.
• MOFI (Ministry of Finance Incorporated)coreStrategic or Co-development PartnerUnion Bank partners with MOFI to distribute the Real Estate Investment Fund (MREIF) mortgage product, offering affordable home loans of up to ₦100 million at 9.75% p.a. to eligible Nigerians in Lagos, Abuja, Port Harcourt, Ibadan, Kano, and Enugu. MOFI's government backing combined with Union Bank's branch network enables mass-market mortgage delivery.
• Nigerian Conservation Foundation (NCF)minorStrategic or Co-development PartnerUnion Bank partners with NCF for environmental conservation initiatives, including beach cleanups (Lekki Alpha Community Beach, 200kg+ waste removed by 50+ employees in 2026), World Environment Day commemorations, and sustainability awareness programs. NCF provides technical expertise on conservation while Union Bank contributes resources and employee volunteers.
• Junior Achievement Nigeria (JA Nigeria)minorStrategic or Co-development PartnerUnion Bank partners with JA Nigeria as part of its Edu360 financial literacy platform, supporting youth entrepreneurship and financial education programs. The partnership delivers hands-on business and financial skills training to young Nigerians.
• Yellow CowriesminorStrategic or Co-development PartnerPartnership with Yellow Cowries to host Financial Literacy Quiz Competitions targeting young people. The collaboration brought 150 students to the Union Bank Sports Complex for a financial literacy competition, supporting the bank's education and inclusion mandate.
• FATE FoundationminorStrategic or Co-development PartnerUnion Bank sponsored the 8th FATE Foundation Alumni Conference focused on expanding opportunities for SMEs in Nigeria. The partnership supports FATE Foundation's business development programming for entrepreneurs, aligning with Union Bank's SME banking mission.
• Chrystallis ConversationsminorGTM or Marketing PartnerThrough its alpher women's banking proposition, Union Bank partnered with Chrystallis to host the inaugural live edition of Chrystallis Conversations — a platform focused on women's empowerment. The partnership extends Union Bank's reach into women-focused networks and reinforces the alpher brand positioning.
• Kucheza GamingminorStrategic or Co-development PartnerUnion Bank's Edu360 partnered with Kucheza (supported by UK-based Digital Schoolhouse) to organise the Mobo Game Jam, a gaming education competition for young people. The initiative supports digital skills development and positions Union Bank as an innovation-friendly institution.
• TVC CommunicationminorGTM or Marketing PartnerUnion Bank sponsored the TVC Communication National Senior Secondary Female Debate Championship, organised as part of International Day of the Girl Child activities. The partnership supports gender equity advocacy and female education while building brand affinity in the education sector.
• Pan-Atlantic Insurance Company (Leadway)minorStrategic or Co-development PartnerPartnership for insurance product distribution and bancassurance, with Leadway providing life and health insurance products sold through Union Bank's branch network and offered as bundled benefits on savings products (UnionFuture, UnionBetta, UnionLegend include free insurance covers of up to ₦100,000).

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Fidelity Bank: Mid-sized Nigerian commercial bank with strong SME banking focus and digital channels. Comparable scale and SME lending specialization, with several Union Bank executive directors (Ringim, Balarabe) having prior Fidelity Bank tenures.
• Access Bank: Large Nigerian commercial bank with full retail, SME, and corporate banking offering, plus pan-African expansion. Direct competitor in Nigerian retail and SME segments where Union Bank competes.
• Zenith Bank: Major Nigerian commercial bank with full-service retail, corporate, and digital banking. Comparable scale and product breadth, competing head-to-head with Union Bank for corporate and retail customers.
• Ecobank Nigeria: Pan-African commercial bank with Nigerian operations covering retail, SME, and corporate banking. Competes directly with Union Bank, especially in corporate and trade finance segments.
• United Bank for Africa (UBA): Pan-African commercial bank with strong Nigerian retail and corporate banking operations. Comparable product suite, branch network, and customer segments; one of Union Bank's primary competitors.
• First Bank of Nigeria: Nigeria's oldest financial institution and largest bank by branch network, offering similar retail, SME, and corporate products. Heritage bank comparable to Union Bank with similar customer base and physical distribution.
• Sterling Bank: Mid-tier Nigerian commercial bank with comparable retail, SME, and corporate offerings. Similar scale and customer base, with at least one former Union Bank executive (Kelechi Nwaoba) coming from Sterling Financial Holding.
• Guaranty Trust Bank (GT Bank): One of Nigeria's leading commercial banks offering retail, SME, and corporate banking with strong digital channels. Direct competitor to Union Bank in the same Nigerian market with overlapping customer segments and product suite.

Emerging players

• Wema Bank / ALAT: Nigerian commercial bank with ALAT, one of Nigeria's first fully digital banks. Comparable retail and SME banking services with a stronger digital-first orientation, representing the digital challenger archetype Union Bank must defend against.

Broad incumbents

• Stanbic IBTC Bank: Subsidiary of Standard Bank Group with Nigerian retail, corporate, and investment banking operations. Competes in corporate and SME banking segments where Union Bank's Union360 and SME propositions operate.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/unionbank_ng
• YouTubeyoutube.com/@UnionBankNG
• Facebookfacebook.com/unionbankng
• LinkedInlinkedin.com/company/union-bank-of-nigeria
• Instagraminstagram.com/unionbankng
• TikToktiktok.com/@unionbank.ng?_t=ZM-8wtk2VT6rGI&_r=1

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Union Bank of Nigeria