United Bank for Africa (UBA) Plc has secured a N5 billion loan facility from the Bank of Industry (BOI) to boost key economic sectors and support the growth of sustainable and viable businesses in the country, especially micro, small, and medium enterprises (MSMEs) owned by women.
The facility, disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy while offering affordable financing to support businesses. Its primary focus is on Green Energy, Education, Healthcare, and Women-Owned Enterprises.
UBA’s group Managing Director and Chief Executive, Oliver Alawuba, speaking on the facility, emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the livewire of any developing economy.
He said, “At UBA, we recognise the pivotal role MSMEs play in driving economic development and how they make up a sizeable portion of our economic growth. In this vein, we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”
Alawuba noted , “by offering loans at a competitive nine per cent interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a-lifetime opportunity elude you.”
The facility provides a maximum loan amount of N5million per obligor and a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin servicing the loans.
UBA’s group head of Retail and Digital Banking, Shamsideen Fashola, highlighted the strategic importance of the targeted sectors to the nation’s continued growth and noted that the initiative will strengthen financial inclusion and set the country and indeed the continent on the path of sustainable development.
“We are structuring this facility to align with our broader financial inclusion and economic empowerment mission. At UBA, we will target Green Energy, Education, Healthcare, and Women-Owned Enterprises, which are critical to Nigeria’s sustainable development.
“This facility is structured to ensure that businesses in these sectors can access affordable funding, expand their operations, and contribute meaningfully to the economy.
We are excited to partner with BOI to make this a reality,” he said.
Also speaking at the loan facility unveiling, Alero Ladipo, group head of marketing and corporate communications, highlighted the competitive interest rate and government backing and urged business owners, especially women, to take advantage of the initiative.
“What sets this program apart is its accessibility and affordability. We have worked closely with stakeholders to ensure the terms are business-friendly because we understand entrepreneurs’ challenges. I urge eligible businesses to visit any UBA branch or the bank’s official website to begin their application process right away,” Ladipo stated.
