At a Glance
- UBA, BoI launch a $3.3 million loan fund to empower women entrepreneurs in Nigeria.
- Facility targets MSMEs in green energy, education, and healthcare with affordable credit access.
- Inclusive financing aims to boost job creation, financial inclusion, and sustainable economic growth.
United Bank for Africa Plc has partnered with the Bank of Industry (BoI) to unveil a ₦5 billion ($3.3 million) loan facility designed to boost Nigeria’s small businesses, with a particular focus on women-owned enterprises, green energy, education, and healthcare.
The initiative, backed by the Federal Government’s MSME Fund, aims to stimulate economic growth by offering affordable financing for micro, small, and medium enterprises (MSMEs) while addressing the long-standing challenge of limited access to credit for women-led businesses.
Affordable credit to drive MSME growth
UBA’s Group Managing Director/CEO, Oliver Alawuba, said the facility reinforces the bank’s commitment to building economic resilience through MSME empowerment.
“MSMEs are the lifewire of any developing economy,” Alawuba noted. “By offering loans at a competitive 9 percent interest rate with a three-year tenor and a three-month moratorium on principal repayments, we are breaking down barriers that have historically slowed SME growth in Nigeria and Africa.”
Each eligible business can access up to ₦5 million ($3,265) per obligor, giving entrepreneurs the flexibility to stabilize before servicing their loans.
The initiative, according to UBA, will accelerate innovation, job creation, and financial inclusion across key growth sectors.
Targeting women, green energy, education, and healthcare
Shamsideen Fashola, UBA’s Group Head of Retail and Digital Banking, highlighted the strategic focus of the loan fund, stressing its alignment with Nigeria’s sustainable development goals.
“This facility is structured to support women-owned businesses, renewable energy startups, schools, and healthcare providers—sectors that will shape the future of Nigeria’s economy,” Fashola said. “It strengthens financial inclusion and ensures long-term sustainable development.”
UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, urged women entrepreneurs to seize the opportunity.
“What sets this program apart is its accessibility and affordability,” Ladipo said. “Eligible businesses can walk into any UBA branch or apply online through the bank’s website.”
UBA’s Pan-African footprint and leadership
With operations in 20 African countries, and international offices in New York, London, Paris, and Dubai, serving over 45 million customers worldwide. UBA continues to position itself as a gateway connecting Africa to global markets.
Under CEO Oliver Alawuba, UBA has delivered robust results. The bank posted a first-quarter 2025 profit of ₦189.84 billion ($123.9 million), a 33 percent increase from ₦142.58 billion ($93.07 million) a year earlier, driven by a 36 percent jump in interest income to ₦599.83 billion ($391.6 million). UBA has also enhanced its digital platforms, recently unveiling a faster and smarter group website to improve customer experience across its markets.
UBA is chaired by Tony O. Elumelu, a leading African entrepreneur and philanthropist who also founded Heirs Holdings and Transcorp Plc. Elumelu’s influence has been instrumental in UBA’s expansion and positioning as a leading financial institution across Africa and beyond.
Unlocking inclusive economic growth
The partnership between UBA and BoI is expected to make a meaningful contribution to Nigeria’s economic diversification while addressing gender gaps in entrepreneurship financing.
By channeling capital into female-led MSMEs and critical growth sectors, the facility underscores the role of inclusive finance in driving long-term growth and sustainable development.
