UBA secures N5bn BOI loan to empower MSMEs, women-owned businesses

Africa’s global bank, United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI) to stimulate key sectors of the Nigerian economy, with a particular focus on micro, small, and medium enterprises (MSMEs), especially those owned by women.

The loan, disbursed through the Federal Government’s MSME Fund, is designed to provide affordable financing that will drive growth in critical areas such as Green Energy, Education, Healthcare, and Women-Owned Enterprises.

Speaking on the development, UBA’s Group Managing Director/CEO, Oliver Alawuba, reaffirmed the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.”

“At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth,” Alawuba said.

“By offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a-lifetime opportunity elude you.”

The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring that businesses have sufficient time to stabilize before servicing their loans.

According to the bank, the initiative is structured to be both affordable and accessible, offering entrepreneurs the resources needed to expand operations and contribute more meaningfully to Nigeria’s economic development.

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Shamsideen Fashola, Group Head of Retail and Digital Banking at UBA, explained that the bank would be targeting strategic sectors that are vital to Nigeria’s long-term growth.

“This facility is structured to align with our broader mission of financial inclusion and economic empowerment,” Fashola said.

“For us at UBA, we will be targeting Green Energy, Education, Healthcare, and Women-Owned Enterprises, which are critical to Nigeria’s sustainable development. By enabling affordable funding, we are setting the country and indeed the continent on a stronger growth path.”

Also speaking at the unveiling, Alero Ladipo, UBA’s Group Head, Marketing and Corporate Communications, highlighted the program’s competitive interest rate and government backing.

She urged women entrepreneurs in particular to take advantage of the facility.

“What sets this program apart is its accessibility and affordability. We have worked closely with stakeholders to ensure the terms are business-friendly because we understand the challenges entrepreneurs face. I urge eligible businesses to visit any UBA branch or the bank’s official website to begin their application process right away,” Ladipo said.

UBA, one of the largest financial institutions in Africa, employs over 25,000 staff and serves more than 45 million customers globally.

Operating across 20 African countries, as well as in the United Kingdom, United States, France, and the United Arab Emirates, the bank provides retail, commercial, and institutional banking services while leading financial inclusion efforts and deploying innovative technology solutions.

The partnership with BOI further positions UBA as a catalyst for sustainable development in Nigeria and Africa, offering practical solutions to bridge financing gaps and support the continent’s entrepreneurial ecosystem.