UBA Secures N5 Billion Loan Facility from Bank of Industry to Boost MSMEs in Nigeria and Africa

Strategic Insights -

United Bank for Africa (UBA) Plc, Africa's global bank, has secured a N5 billion loan facility from the Bank of Industry (BOI) to foster economic growth by empowering micro, small, and medium enterprises (MSMEs) in Nigeria and Africa. The facility will provide financial support to MSMEs, particularly those owned by women, by offering loans at a competitive 9% interest rate with a three-year tenor. UBA's Group Managing Director/CEO, Oliver Alawuba, emphasized the bank's commitment to empowering MSMEs, which are the livewire of any developing economy.

Key Takeaways:

  • UBA has secured a N5 billion loan facility from the Bank of Industry (BOI) to boost key sectors of the economy and support MSMEs in Nigeria and Africa.
  • The loan facility will provide financial support to MSMEs, particularly those owned by women, by offering loans at a competitive 9% interest rate with a three-year tenor.
  • The facility will target Green Energy, Education, Healthcare, and Women-Owned Enterprises, which are critical to Nigeria's sustainable development.
  • UBA's Group Managing Director/CEO, Oliver Alawuba, highlighted the pivotal role MSMEs play in driving economic development and emphasized the bank's commitment to empowering these businesses.
  • UBA's Group Head of Retail and Digital Banking, Shamsideen Fashola, noted that the initiative will strengthen financial inclusion and set the country and indeed the continent on the path of sustainable development.
  • Group Head, Marketing and Corporate Communications, Alero Ladipo, highlighted the competitive interest rate and government backing as well as urged business owners, especially women, to take advantage of the initiative.

Statistics:

  • N5 billion: the amount of the loan facility UBA secured from the Bank of Industry (BOI).
  • 9%: the competitive interest rate offered by UBA for the loan facility.
  • 3 years: the tenor of the loan facility provided by UBA.
  • Nigeria: the country that will benefit from the loan facility, particularly in terms of empowering MSMEs.
  • Africa: the continent that will benefit from the loan facility, with a focus on promoting sustainable development.

Sources:

  • [UBA Press Release]