UBA in Partnership With AfCFTA Supports SMEs With $6 Billion

The United Bank for Africa (UBA) has assured the public of its commitment to deepening intra-African trade to achieve self-reliance and economic development.

The bank encourages Africa to deliberate about measures to attain economic liberation that will drive the continent towards a positive scale.

UBA’s Deputy Managing Director, Muyiwa Akinyemi, said this during the Africa Day celebration at the ongoing 37th Lagos International Trade Fair held at the Tafawa Balewa Square with UBA as the headline sponsor.

Speaking during the celebration of the ongoing 37th Lagos International Trade Fair, which was held at Tafawa Balewa Square, UBA’s Deputy Managing Director, Muyiwa Akinyemi, explained that the bank’s dedication to SMEs and trade advancement across Africa is what informed its recent agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for up to US$6 billion over the next three years to eligible businesses across the continent.

 He said,

• We signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting (AAM) held in Accra, Ghana. By this agreement, both parties are to promote the development of SMEs operating in four sectors under the 1st phase of the partnership, which is primarily import-dependent on providing technical and financing solutions for intra-African and domestic alternatives. These economic sectors are Agro-processing, Automotive, Pharmaceuticals, Transport and Logistics.

• One of the critical initiatives of the AfCFTA is to improve SMEs' access to finance and markets to encourage their growth and contribution to the socio-economic development of Africa. UBA remains committed to supporting the growth and development of SMEs across Africa. This aligns with our strategic focus on the SME segment being a catalyst for Africa's economic development.

Still at the event, the President of the Lagos Chamber of Commerce, Asiwaju (Dr) Michael Olawale–Cole, applauded the bank’s consistent participation as a partner and headline sponsor of the LITF for the past six years.

He said,

• Partnering with UBA is significant because it is an organization that has a footprint in 20 countries, and that is a big feat; as partners, we think alike and work together.

Olawale–Cole, who appreciated the bank’s unequalled support rendered to SMEs through its lines of opportunities, also thanked UBA for the $6bn financing partnership it signed with AfCFTA, intended to transform trade and boost SMEs to significant heights across Africa.

United Bank for Africa is known as one of the biggest financial services providers in Africa, with operations in 20 African countries viz Nigeria, Benin, Ghana, Sierra Leone, Liberia, Cote d’Ivoire, Senegal, Mali, Burkina Faso, Guinea, Zambia, Tanzania, Kenya, Uganda, Mozambique, Gabon, Congo Brazzaville, Congo DRC, Chad, and Cameroon. The bank is also present in the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA provides Retail, SME, Commercial, and Institutional/Wholesale banking services and leads financial inclusion through cutting–edge technology and customer experience.