United Bank for Africa (UBA) Plc has secured a N5 billion loan facility from the Bank of Industry (BOI) to strengthen Nigeria’s micro, small and medium enterprises (MSMEs), with a special focus on women-owned businesses and key growth sectors.
The fund, drawn from the Federal Government’s MSME Fund, is designed to boost economic activity by providing affordable financing to entrepreneurs in Green Energy, Education, Healthcare and Women-Led Enterprises.
Oliver Alawuba, group managing director/chief executive officer, UBA, said the bank remains committed to removing the financial hurdles that stifle small businesses. He noted that MSMEs form the backbone of any developing economy and must be supported to thrive.
“At UBA, we recognise the pivotal role MSMEs play in driving economic development. By offering loans at a competitive 9% interest rate with a three-year tenor, we are creating opportunities for businesses to scale. Our message to entrepreneurs is clear: don’t let this opportunity pass you by,” Alawuba stated.
Under the scheme, entrepreneurs can access up to N5 million each, with a three-month moratorium on principal repayment to allow businesses stabilise before repayment begins.
Shamsideen Fashola, group head of Retail and Digital Banking, UBA, described the initiative as a strategic intervention to drive financial inclusion and long-term development.
“This programme is targeted at sectors that are central to Nigeria’s sustainable growth. By providing affordable funding to these businesses, we expect to see expansion, job creation and stronger contributions to the economy,” Fashola said.
Also speaking, Alero Ladipo, group head of Marketing and Corporate Communications, UBA, stressed the importance of the initiative for women entrepreneurs in particular.
“What sets this scheme apart is its accessibility and business-friendly terms. We urge eligible businesses, especially women-owned enterprises, to take advantage of this window by visiting any UBA branch or applying online,” she said.
UBA, one of Africa’s largest financial institutions, operates in 20 African countries and major global financial centres including the UK, USA, France and the UAE.
The bank serves over 45 million customers worldwide and employs more than 25,000 people across its network.
