United Bank for Africa (UBA), a leading pan-African financial institution, has unveiled a substantial $6 billion initiative aimed at bolstering the growth of Small and Medium Enterprises (SMEs) across the continent.
UBA, known for its global presence with offices in the UAE, New York, London, and Paris, issued a statement on Monday outlining its plan to support businesses operating in key sectors such as agro-processing, pharmaceuticals, automotive, transport, and logistics.
This initiative follows UBA’s strategic partnership with the African Continental Free Trade Area (AfCFTA) secretariat. The agreement, signed in June during the 30th Afreximbank Annual Meeting in Ghana, outlines a three-year commitment to providing financial support to eligible SMEs across Africa.
Muyiwa Akinyemi, UBA’s Deputy Managing Director, emphasized the bank’s role as a catalyst for economic growth in Africa. With operations in 20 African countries, UBA aims to propel SME growth across the continent.
Alero Ladipo, Head of Marketing at UBA, detailed the support SMEs can expect to receive. Eligible businesses will have access to working capital loans, including overdrafts and short-term loans, with a maximum value of $120,000 in their local currencies. Additionally, SMEs can access asset finance loans of up to $120,000, enabling them to acquire essential operational assets and equipment. These initiatives align with UBA’s commitment to job creation, local production enhancement, and the promotion of intra-African trade, all in line with AfCFTA’s objectives.
Ladipo highlighted UBA’s recognition of the vital role played by SMEs in driving economic growth and job creation. This commitment reinforces the bank’s dedication to supporting these crucial drivers of African economic development.
UBA’s $6 billion initiative signifies its unwavering commitment to fostering the sustainable growth of African businesses and economies. As the African Continental Free Trade Area gains momentum, UBA’s support for SMEs solidifies its role in advancing Africa’s economic future.
Photo Source: Google
By: Montel Kamau
Serrari Financial Analyst
26th September, 2023
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
