United Bank for Africa (UBA) is rolling out a special financing initiative aimed at powering the growth of Small and Medium Scale Enterprises (SMEs) all over Africa. This plan, which comes as part of UBA’s partnership with the African Continental Free Trade Area (AfCFTA) secretariat, is set to inject up to $6 billion into eligible SMEs across the continent over the next three years.
Under this initiative, SMEs specializing in agro-processing, pharmaceuticals, automotive, and transport, and logistics will have access to tailored financing solutions. This move is especially beneficial for businesses that operate within these sectors, which heavily rely on imports.
Muyiwa Akinyemi, UBA’s deputy managing director, expressed the bank’s unwavering commitment to supporting SMEs in Africa. He emphasized that UBA aims to not only provide financial aid but also deliver non-financial services to bolster growth in the 20 African countries where they are present.
UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, outlined the specifics of the financial support. SMEs in the mentioned sectors can obtain working capital loans of up to $120,000 in their local currency, along with asset finance loans for acquiring operational assets and equipment to fuel business expansion.
Beyond financial assistance, UBA is dedicated to empowering SMEs through capacity-building programs and resources. The bank recognizes the pivotal role SMEs play in driving economic growth, job creation, and local production. This strategic move aligns perfectly with UBA’s vision to be a catalyst for economic development in Africa.
With a network spanning 1,000 business offices and touchpoints in 20 African countries, UBA is poised to facilitate entrepreneurship and promote intra-African trade. Through retail, commercial, and corporate banking services, along with innovative cross-border payments and remittances, UBA is connecting people and businesses across the continent.
