United Bank of Africa (UBA) has introduced a substantial $6 billion initiative aimed at bolstering Small and Medium Enterprises (SMEs) across Africa. The initiative’s primary objective is to provide funding opportunities for SMEs in key sectors such as Agro-processing, Pharmaceuticals, Automotive, Transport, and Logistics, thus facilitating their growth and expansion.
This substantial funding initiative is accessible to SMEs across the African continent over the next three years. UBA has collaborated closely with the African Continental Free Trade Area (AfCFTA) secretariat to launch this pivotal financing program.
The landmark agreement between UBA and AfCFTA was formally inked during the 30th Afreximbank Annual Meeting in Accra, Ghana. Under this partnership’s initial phase, UBA and AfCFTA will jointly promote SME development by offering technical expertise and financial solutions for intra-African and domestic ventures.
Muyiwa Akinyemi, UBA’s Deputy Managing Director, represented the bank during the agreement signing. He reiterated UBA’s unwavering commitment to nurturing SME growth across Africa, aligning with the bank’s strategic focus on this sector as a catalyst for economic advancement.
Alero Ladipo, UBA’s Group Head of Marketing and Corporate Communications, emphasized the bank’s dedication to providing substantial financial support, totaling $240,000, to eligible SMEs. This support will be offered through a combination of working capital loans and asset finance loans, with the ultimate aim of positioning these enterprises for success in Africa’s evolving business landscape.
UBA, a dominant player in Nigeria’s financial services sector, has an extensive presence spanning 24 countries across four continents. This includes the United Kingdom, the United States, France, and the United Arab Emirates, solidifying the bank’s pivotal role in the African financial landscape.
The SMEs in the selected sectors will have access to working capital loans via overdrafts and short-term loans, with a maximum value of $120,000 in each country’s local currency. Additionally, they can secure asset finance loans of up to $120,000 in their respective local currencies for the acquisition of operational assets and equipment, supporting their business expansion endeavors.
Tony Elumelu, who holds a substantial 7.39-percent stake in UBA, corresponding to 2,527,372,285 common shares, is not only a prominent figure on the Nigerian Exchange but also one of Nigeria’s wealthiest individuals. Under
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Reporting by Adeniyi Ogunfowoke, The Naija247news in Lagos, Nigeria.
