• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Union Bank of Nigeria Partners BFREE to Revitalize Distressed Loan Portfolios

Blessing Joseph by Blessing Joseph
November 28, 2023
in Business, Economy, Financial Services, News
0
Union Bank of Nigeria Partners BFREE to Revitalize Distressed Loan Portfolios
Share

Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have solidified a memorandum of understanding (MOU) aimed at revitalizing distressed loan portfolios within Nigeria.

The MOU was formalized during the German-Nigerian Business Forum held in Berlin, Germany.

Under the terms of this collaboration, BFREE, in collaboration with its international financing partners, will explore the potential acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million. This strategic initiative primarily targets refinancing non-performing loan portfolios, especially those experiencing repayment delays or already listed as write-offs.

Adapting proactively to the challenging economic landscape, Union Bank seeks innovative ways to navigate the ongoing economic pressures. Leveraging artificial intelligence (AI), BFREE offers an inventive solution through automated interactions with loan customers. This approach facilitates discussions and agreements on revised loan terms. Notably, this streamlined process allows for swift assessment of numerous loan agreements within shorter periods, ultimately leading to higher repayment rates and reduced instances of loan write-offs for Union Bank.

Expressing enthusiasm about this partnership, Joe Mbulu, Executive Director of Union Bank, emphasized, “We are thrilled about our strategic partnership with BFREE, reflecting Union Bank’s commitment to innovation and adaptability. This collaboration underscores our dedication to finding innovative solutions for the economic challenges faced by our customers. By harnessing BFREE’s advanced AI capabilities, we aim to optimize the efficiency of our loan portfolio management, ensuring flexibility for our customers amidst these challenging times. This partnership signifies Union Bank’s proactive approach in navigating the evolving financial landscape, reaffirming our commitment to providing sustainable financial solutions to individuals and businesses in Nigeria.”

Julian Flosbach, Chief Executive Officer of BFREE, expressed excitement, stating, “BFREE is delighted to announce our strategic partnership with Union Bank, symbolizing our joint commitment to innovation and resilience amid economic challenges. With a proven track record of successfully managing over 4 million distressed customers across Africa, BFREE brings extensive experience to the forefront. Our proprietary AI capabilities will significantly streamline Union Bank’s loan portfolio management, offering unparalleled flexibility to customers during these testing times. The commitment of our financing partners underscores their dedication to supporting Union Bank’s revitalization efforts.”

Post Views: 52
Share

Related Posts:

  • How African Startups Can Secure Funding in Tough Markets
    How African Startups Can Secure Funding in Tough Markets
  • German Africa Business Forum Promotes Clean Energy, Natural Gas, and the Energy Transition at African Energy Week
    German Africa Business Forum Promotes Clean Energy,…
  • Nigeria and Germany Ink $500 Million Deals in Renewable Energy and Gas Export
    Nigeria and Germany Ink $500 Million Deals in…
  • Sebastian-Wagner
    Germany advances as Major Player in Pan-African…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2024 Guide to the Top Business Enabling…
  • David Wright, Managing Director of CAP
    CAP Plc set to Merge with Portland Paints and Products Plc.
Tags: BFREEDistressed Loan PortfoliosEntrepreneursMSME AfricaUnion Bank of Nigeria
Previous Post

Call For Applications: Open Doors Fellowship Program 2024 for Women Researchers in Africa

Next Post

LFZ Attracts Nordic Investors to Strengthen Foreign Direct Investment in Nigeria

Next Post
LFZ Attracts Nordic Investors to Strengthen Foreign Direct Investment in Nigeria

LFZ Attracts Nordic Investors to Strengthen Foreign Direct Investment in Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • FG Engages Japan for $110 Million Food Security Loan
  • Nigeria’s Telecom Regulator Develops National Cybersecurity Framework to Tackle Growing Digital Threats
  • APM Terminals Launches First Zero-Carbon Recycling Hub in Apapa to Tackle Plastic Waste
  • Ilorin Innovation Hub Partners with Paystack to Boost Kwara’s Startup Ecosystem
  • Oando Secures $375 Million Loan Upsize to Boost Oil and Gas Expansion Plan

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.