United Bank for Africa (UBA) Plc, one of Nigeria’s leading deposit money banks (DMBs) has restated its commitment to deepening intra-Africa trade to for regional self-reliance and economic development through its financing for up to US$6bn over the next three years to eligible businesses across the continent.
The bank’s Deputy Managing Director, Muyiwa Akinyemi, made this pledge during the Africa Day celebration at the ongoing 37th Lagos International Trade Fair held at the Tafawa Balewa Square, Lagos and which UBA is a major sponsor.
The banker explained that the bank’s dedication to SMEs and trade advancement across Africa informed its recent pact with the Africa Continental Free Trade Area (AfCFTA) Secretariat, to provide financing for up to US$6bn over the next three years to eligible businesses across the continent.
He expatiated: “We signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting (AAM) which was 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 are largely import-dependent on providing technical and financing solutions for intra-African/domestic alternatives.
“These economic sectors are Agro-processing, Automotive, pharmaceuticals, Transport and Logistics”.
“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. This is in line with our strategic focus on the SME segment being a catalyst to the economic development of Africa”, Akinyemi added.
He maintained that under the partnership, UBA would go beyond just financing to provide non-financial services to the SMEs to develop the capacity for growth across the 20 African countries in which the bank is currently operating and build sustainable business practices.
Akinyemi assured that the bank would also be leveraging technology to deliver its financing activities to the beneficiaries and that the Trade Fair also offered the opportunity to support the development of the continent as Africa’s Global Bank.
In his remarks at the event, the President of, the Lagos Chamber of Commerce, Asiwaju (Dr.) Michael Olawale-Cole, commended the bank’s consistent participation as a partner and headline sponsor of the LITF for the past six years.
He enthused: “Partnering with UBA is significant because it is an organization that has its footprint in 20 countries and that is a big feat, as partners we think alike and work together.”
