United Bank for Africa (UBA) Plc has obtained a 5 billion naira loan from the Bank of Industry (BOI). The aim is to stimulate key sectors of the Nigerian economy and to support Micro, Small and Medium Enterprises (MSMEs), especially those owned by women

UBA aims for the competitiveness of MSMEs and promote the growth of sustainable and viable businesses. This mechanism is particularly targeted at strategic sectors such as green energy, education, health and businesses run by women. The facility provides for a loan ceiling of 5 million naira per beneficiary, with a three-month moratorium on principal payments, to allow businesses to stabilize before starting

The CEO and CEO of the UBA Group, Oliver Alawuba, placed particular emphasis on the importance of MSMEs in the Nigerian economic fabric. “At UBA, we recognize the critical role MSMEs play in economic development and the important role they play in our economic growth. That's why we decided not to rest on our laurels by facilitating initiatives to provide businesses with the financial support they need to thrive,” he said

According to him, “by offering loans at a competitive interest rate of 9% over three years, we are removing traditional barriers to SME growth in Nigeria and Africa. So our message to entrepreneurs is simple: don't miss out on this unique opportunity.”