UBA Group Expands AfCFTA Commitment with $1.62bn Financing for SMEs
The United Bank for Africa (UBA) Group has made available $1.62 billion in financing to Small and Medium-sized Enterprises (SMEs) under the African Continental Free Trade Area (AfCFTA) agreement. This allocation follows the bank’s total $6 billion financing commitment to SMEs under AfCFTA, which will be spread over three years.
Financing Allocation
- Year one: $1.62 billion
- Year two: $1.92 billion
- Year three: $2.88 billion
The Ghanaian subsidiary of UBA has also made available $300 million in financing to SMEs that decide to trade under AfCFTA.
UBA’s Strategic Focus
According to the Bank Group’s Managing Director, Oliver Alawuba, UBA’s strategic focus is on becoming the payment bank for capital flows, trade, and investment between Africa and the global market. This is exemplified by the bank’s commitment to providing $6 billion in financing to SMEs under AfCFTA, which aims to bolster intra-African trade and enhance economic integration across the continent.
UBA’s History and Reach
Since its inception in 1949, UBA has expanded its footprint across 20 African countries and four global financial centers, including London, Paris, Dubai, and New York. The bank employs 25,000 staff members and serves 35 million customers, underscoring its significant scale and reach. Its operational infrastructure includes 1,000 business offices, 2,000 ATMs, 20 million cardholders, and 50,000 point-of-sale terminals.
UBA’s Commitment to Regional Growth and Development
UBA’s foray into Ghana in 2004 marked the establishment of its first subsidiary outside Nigeria. Today, UBA Ghana operates 31 branches, reinforcing the bank’s pioneering role in expanding its footprint beyond its home market. The Ghanaian subsidiary has become a vital component of UBA’s operations, exemplifying the bank’s commitment to regional growth and development.
Looking to the Future
As UBA looks to the future, its focus on leveraging digital innovation and fostering economic integration within Africa positions it as a central player in the continent’s financial sector, connecting African markets to the global economy and driving sustainable growth.
UBA’s $1.62 billion financing commitment to SMEs under AfCFTA is a significant step towards promoting intra-African trade and economic integration. With its extensive reach and commitment to regional growth and development, UBA is well-positioned to play a central role in Africa’s financial sector and drive sustainable growth across the continent.
