United Bank for Africa (UK) Limited (UBA UK) and British International Investment have signed a letter of intent to explore a strategic trade finance collaboration aimed at unlocking capital for businesses across Africa.
The announcement was made in London on March 16, 2026.
The partnership is designed to expand access to trade and working capital facilities, with a focus on small and medium-sized enterprises (SMEs) that often struggle to secure financing for cross-border trade.
Limited access to trade finance has long been a structural challenge in Africa, with many businesses facing difficulties in obtaining letters of credit, guarantees, and supply chain financing on viable terms.
The African Development Bank estimates Africa’s trade finance gap at over $80 billion annually, a shortfall that continues to constrain export and import competitiveness.
Under the proposed arrangement, UBA UK, the London-based subsidiary of UBA Group, will leverage its extensive network across 20 African countries to originate and structure trade finance transactions.
BII, for its part, will provide support for transactions that may fall outside traditional commercial risk appetites, in line with its mandate to drive inclusive and sustainable economic growth.
Lok Mishra, Chief Executive Officer of UBA UK, described the initiative as a significant step in advancing the Group’s global ambitions, highlighting the bank’s strategic position to connect African enterprises to international financial systems and mobilise capital where it is most needed.
Similarly, Chris Chijiutomi, Managing Director and Head of Africa at BII, said the partnership aligns with the institution’s objective of catalysing private sector growth, particularly in frontier markets where access to trade finance remains limited.
The initiative comes amid renewed focus on intra-African trade under the African Continental Free Trade Area (AfCFTA), which took effect in 2021 and is regarded as one of the world’s largest trade integration frameworks. Both institutions identified AfCFTA as a key driver for scaling trade finance solutions, leveraging UBA’s extensive network across major African economies.
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The collaboration also aligns with the United Kingdom’s broader economic engagement with Africa, reinforcing London’s role as a global hub for mobilising capital into African markets.
However, both parties noted that the proposed cooperation is still subject to further due diligence, internal approvals, and detailed structuring before full implementation.
UBA Group, one of Africa’s largest financial institutions, operates in 20 African countries as well as the UK, US, France, and the UAE, serving over 45 million customers and employing approximately 25,000 staff globally.
BII, the UK’s development finance institution, has investments in more than 1,600 businesses across 66 countries, with total net assets of £9.87 billion, and is committed to allocating at least 30 percent of new investments between 2022 and 2026 to climate finance initiatives.
This partnership represents a potential milestone in bridging Africa’s trade finance gap and empowering SMEs to participate more effectively in international trade.