UBA Commits $6bn to Boost SMEs in Key Sectors Across Africa

United Bank for Africa Plc (UBA) has announced its commitment to support Small and Medium Scale Enterprises (SMEs) in key sectors, including Agro-processing, Automotive, Pharmaceuticals, Transport, and Logistics.

The bank is set to leverage a $6 billion facility from the Africa Continental Free Trade Area (AfCFTA) Secretariat to empower eligible businesses over the next three years.

Muyiwa Akinyemi, UBA’s Deputy Managing Director, highlighted the bank’s dedication to SMEs across Africa, emphasizing the recent agreement with the AfCFTA Secretariat.

He stated, “One of the key initiatives of the AfCFTA is to improve access to finance and markets for SMEs to encourage their growth and contribution to the socio-economic development of Africa. UBA remains committed to supporting the growth/development of SMEs across Africa.”

The partnership focuses on providing technical and financing solutions for intra-African/domestic alternatives in sectors crucial for economic development.

Akinyemi emphasized that UBA would offer financial and non-financial services to SMEs, enhancing their capacity for growth across the 20 African countries where the bank operates.

President of the Lagos Chamber of Commerce, Asiwaju Michael Olawale-Cole, commended UBA’s consistent support for SMEs and acknowledged the significance of the bank’s partnership in transforming trade and boosting SMEs across the continent.