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Thursday, October 03, 2019
/02:50PM / By NSE / Header Image Credit: taketheleadwomen.com
Union Bank of
Nigeria Plc. ("Union Bank") is pleased to announce that it has secured US$200
million in funding via a partnership with sub-Saharan Africa financial services
group, Atlas Mara Limited, in agreement with Overseas Private Investment
Corporation ("OPIC"), the U.S. government's development finance institution.
Under the terms of the agreement, Union Bank will receive a ten-year term
credit facility of up to US$200 million from OPIC for investments in
digitization, on-lending to Small and Medium Enterprises (SMEs) and funding for
women-led businesses, as part of OPIC's 2X Women's initiative which aims to
catalyse US$1 billion for investment in women across developing nations.
The agreement is consistent with Union Bank's
long-standing commitment to enabling enterprise and empowering women-owned
businesses. Earlier this year, Union Bank launched Alpher (α), a dynamic
proposition aimed at uplifting women across all segments of the Nigerian
society through capacity building opportunities, networking platforms,
scholarships and tailored financial services for women.
Last year, Union Bank also introduced an innovative
business acceleration programme, 'Start up Connect', which enables Nigerian
businesses creating technology-based solutions to be more competitive in the
rapidly expanding African technology market. Union Bank has been steadfast in
providing innovative services where SMEs can access up to US$20,000 per quarter
for importation without opening Letters of Credit or Bills for Collection under
the Form Q scheme.
Speaking on the funding milestone, Emeka Emuwa, CEO of
Union Bank said,
"We welcome this partnership with OPIC as we are
well-positioned in Nigeria to further advance lending to key segments of the
population, especially SMEs. The 10-year tenor of the OPIC facility provides flexibility
to maximize impact across key sectors of the Nigerian economy as we continue to
advance proven initiatives including those focused on women's banking and
financial inclusion."
David Bohigian, Acting President and CEO of OPIC also
noted that, "OPIC is delighted to partner with Atlas Mara and the team at
Union Bank to drive inclusive lending in Nigeria. This funding benefits SMEs
and women and will help serve the needs of underbanked and unbanked individuals
and businesses while fostering entrepreneurship and economic development across
Nigeria.
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