United Bank for Africa (UBA) Plc has obtained a N5 billion loan facility from the Bank of Industry (BOI) to strengthen key sectors of the Nigerian economy and promote the growth of sustainable businesses, particularly micro, small, and medium enterprises (MSMEs) owned by women.
The facility, disbursed under the Federal Government’s MSME Fund, is targeted at critical sectors such as Green Energy, Education, Healthcare, and Women-Owned Enterprises, offering affordable financing options to drive economic growth.
Speaking on the initiative, UBA’s Group Managing Director, Oliver Alawuba, reaffirmed the bank’s commitment to empowering MSMEs, which he described as the backbone of any developing economy.
“At UBA, we recognize the vital role MSMEs play in driving economic development. This is why we continue to support initiatives that provide businesses with the financial resources needed to thrive,” Alawuba said.
The loans, which carry a competitive interest rate of 9 percent and a tenor of three years, also feature a three-month moratorium on principal repayment. Each business can access up to N5 million, giving them sufficient breathing space to stabilize before repayment begins.
Shamsideen Fashola, UBA’s Group Head of Retail and Digital Banking, stressed the strategic importance of the initiative. According to him, the facility aligns with the bank’s broader mission of advancing financial inclusion and economic empowerment across Africa.
“Our focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises is deliberate, as these sectors are critical to Nigeria’s sustainable development,” Fashola explained.
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Also speaking, UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, highlighted the accessibility of the program. She urged eligible businesses, especially women, to take advantage of the opportunity.
“What sets this facility apart is its affordability and government backing. We have designed the terms to be business-friendly, considering the challenges entrepreneurs face. Interested businesses should visit any UBA branch or the bank’s official website to begin the application process,” Ladipo said.
