United Bank for Africa Secures N5 Billion Loan to Boost Women-Led MSMEs & Key Sectors

• United Bank for Africa (UBA) Plc has acquired a ₦5 billion loan facility from the Bank of Industry (BOI)
• Micro, small, and medium enterprises (MSMEs), and women-owned MSMEs in particular, will be accorded special attention
• The program is anticipated to offer low-cost financing and spur long-term economic development

United Bank for Africa (UBA) Plc has obtained a ₦5 billion loan facility from the Bank of Industry (BOI) to bolster critical segments of the Nigerian economy and ensure sustainable business development, with special emphasis on micro, small, and medium enterprises (MSMEs) owned by women.

As stated by the bank, the facility—lent under the Federal Government's MSME Fund—will offer accessible financing focused on Green Energy, Education, Healthcare, and Women-Owned Enterprises, all of which are vital to stimulating inclusive and sustainable development.

UBA's Group Managing Director/CEO, Oliver Alawuba, reaffirmed the bank's resolve to empower MSMEs, which he had called the "livewire of any developing economy." He underlined that UBA is set to sustain initiatives that empower businesspeople with the financial instruments necessary to excel.

"By providing loans at a competitive 9 percent interest rate for a three-year tenor, we are breaking down barriers that normally limit SME growth in Nigeria and the rest of Africa," said Oliver. "Our message to entrepreneurs is straightforward: don't miss this once-in-a-lifetime chance."

The scheme offers a maximum of ₦5 million for each business as a loan, with principal repayment given a three-month grace period to enable beneficiaries ample time to stabilize businesses before repayment begins.

UBA Group Head, Retail and Digital Banking, Shamsideen Fashola, emphasized that the facility is designed to advance financial inclusion and align with the bank's grander vision of economic empowerment.

"With a focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises, the facility will enhance access to funding, enhance business growth, and contribute immensely to Nigeria's sustainable development," he elucidated.

Reiterating this, UBA Group Head, Marketing and Corporate Communications, Alero Ladipo called on entrepreneurs, and especially women, to take advantage of the opportunity. "What is unique in this program is that it is accessible and affordable.

We engaged stakeholders to make it business-friendly because we know how difficult it is for entrepreneurs. The eligible businesses can walk into any UBA branch or visit the official website and begin their application immediately," she added.