United Bank for Africa Plc (UBA) has obtained a N5bn loan facility from the Bank of Industry (BOI) to support the growth of micro, small, and medium enterprises (MSMEs) in Nigeria, with a special focus on women-owned businesses.
According to a statement from the bank on Sunday, the loan will be disbursed under the Federal Government’s MSME Fund. It is designed to provide affordable financing to businesses operating in key sectors such as Green Energy, Education, Healthcare, and Women-Owned Enterprises.
UBA’s Group Managing Director and Chief Executive Officer, Oliver Alawuba, said the bank remains committed to fostering economic growth by empowering MSMEs, which he described as the backbone of developing economies.
“At UBA, we recognise the pivotal role MSMEs play in driving economic development, and how they make up a sizable portion of what drives our growth,” Alawuba said. “By offering loans at a competitive 9 per cent interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa.”
The facility offers a maximum loan amount of N5m per business, with a three-month moratorium on principal repayments to allow businesses time to stabilise before servicing the loans.
UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola, said the initiative reflects the bank’s focus on financial inclusion and sustainable development. He explained that the targeted sectors – Green Energy, Education, Healthcare, and Women-Owned Enterprises – are essential to Nigeria’s long-term economic growth.
“We are structuring this facility to align with our mission of financial inclusion and economic empowerment,” Fashola said. “This initiative will strengthen the capacity of entrepreneurs while setting Nigeria on the path of sustainable development.”
Also speaking, UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, urged entrepreneurs, especially women, to take advantage of the opportunity.
“What sets this programme apart is its accessibility and affordability,” Ladipo said. “We encourage eligible businesses to visit any UBA branch or the bank’s official website to begin their application process immediately.”
The bank noted that the loan programme is expected to make a meaningful contribution to the Nigerian economy by empowering small businesses, promoting innovation, and creating more opportunities for financial inclusion across the country.
