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UBANK is the 9th largest Bank by assets with deposits of over R3bn and has become a famous banking brand in South Africa. UBANK has a rich history of providing basic financial services to mineworkers and their families for over 30 years. In 1976 when other financial institutions largely ignored this sector of the market, Teba Cash Financial Services was formed to provide mineworkers with basic financial services. This included facilitating the remittance of funds to families and dependants in the rural areas using a linked account facility. UBANK is a well established financial services provider that has grown over the years and managed to entrench itself primarily within the gold and platinum mining communities.

The mandate and plan to service the broader working market in South Africa has become imperative in order to extend affordable financial services to South Africa. We have a strong presence and customer accessibility, mainly in selected mining and rural communities in South Africa.

An established history has also enabled the Bank to maintain a mature and diversified portfolio of clients which includes local, Africa and multinational corporations as well as local institutions and government agencies. Besides commercial banking, which includes deposit taking, the provision of cheque services and lending, UBANK may also carry on any other business which is regulated or authorized by Reserve Bank, including financial advisory services, trade finance, short term investing and short-term foreign exchange.

The Reserve Bank is responsible for bank regulation and supervision in South Africa. The purpose is to achieve a sound, efficient banking system in the interest of the depositors of banks and the economy as a whole. This function is performed by issuing banking licenses to banking institutions and monitoring their activities as regulated by the Banks Act (No. 94 of 1990) and the regulations relating thereto.