United Bank for Africa (UBA) Plc has obtained a N5 billion loan facility from the Bank of Industry (BOI) to bolster key sectors of Nigeria’s economy and support the growth of sustainable businesses, with a particular focus on women-owned micro, small, and medium enterprises (MSMEs).
The facility, disbursed through the Federal Government’s MSME Fund, aims to stimulate priority sectors while offering affordable financing to businesses in Green Energy, Education, Healthcare, and enterprises led by women.
UBA’s Group Managing Director and CEO, Oliver Alawuba, spoke about the initiative, underlining the bank’s commitment to economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.”
“At UBA, we recognise the pivotal role MSMEs play in driving economic development and how they constitute a substantial portion of what propels our economy forward. We are therefore committed to facilitating initiatives that provide these businesses with the financial support they need to thrive,” Alawuba said.
He added that the loans, offered at a competitive 9 percent interest rate with a three-year tenor, aim to remove traditional barriers that often hinder SME growth across Nigeria and Africa. “Our message to business owners is simple: do not let this once-in-a-lifetime opportunity pass,” he said.
The facility allows a maximum loan of N5 million per applicant, with a three-month moratorium on principal repayments to give businesses time to stabilise before servicing the loans.
UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola, explained the strategic importance of the targeted sectors to national growth, noting that the initiative would enhance financial inclusion and advance sustainable development.
“We are structuring this facility to align with our broader mission of financial inclusion and economic empowerment. Green Energy, Education, Healthcare, and Women-Owned Enterprises are critical to Nigeria’s sustainable development, and this programme ensures that businesses in these sectors can access affordable funding, expand operations, and contribute meaningfully to the economy,” Fashola said.
Group Head of Marketing and Corporate Communications, Alero Ladipo, emphasised the facility’s competitive interest rate and government backing, encouraging eligible business owners, particularly women, to take advantage of the initiative.
“This programme stands out for its accessibility and affordability. We have collaborated with stakeholders to make the terms business-friendly because we understand the challenges entrepreneurs face. We encourage eligible businesses to visit any UBA branch or the bank’s official website to begin their application process immediately,” Ladipo said.
UBA is one of Africa’s largest employers in the financial sector, with 25,000 employees serving over 45 million customers worldwide. Operating across twenty African countries as well as the United Kingdom, the United States, France, and the United Arab Emirates, UBA provides retail, commercial, and institutional banking services, champions financial inclusion, and deploys advanced technology solutions.
