$6bn AfCFTA Commitment: UBA makes available $1.62bn financing to SMEs this year
The United Bank for Africa (UBA) Group has made available some $1.62bn in financing to SMEs under the African Continental Free Trade Area (AfCFTA) agreement.
The $1.62bn allocation follows the total $6bn financing commitment made to SMEs under the AfCFTA.
According to the Bank Group’s Managing Director, Oliver Alawuba, the $6bn commitment will be spread over a three year period with the bank providing $1.62bn, $1.92bn, and $2.88bn in financing for year one, year two and year three respectively.
For the Ghanaian subsidiary, a financing of $300m has been made to SMEs that decide to trade under the AfCFTA.
Speaking at the Global Press Conference marking the 75th anniversary of United Bank for Africa (UBA), the Group MD, underscored the bank’s strategic focus on becoming the payment bank for capital flows, trade, and investment between Africa and the global market.
This, he noted, is exemplified by the bank’s commitment to providing $6bn in financing to SMEs under the African Continental Free Trade Area (AfCFTA) agreement.
The financing initiative by UBA aims to bolster intra-African trade and enhance economic integration across the continent.
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 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.
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.
