UBA Group, BII partner to unlock trade finance across Africa

United Bank for Africa Plc (UBA) Group, a leading pan-African financial services group chaired by Tony Elumelu, through its London subsidiary UBA UK, has signed a letter of intent with British International Investment (BII) to explore a strategic trade finance collaboration aimed at expanding access to working capital for businesses across Africa. 

The agreement, announced on March 16, 2026, targets one of the continent’s biggest structural bottlenecks, limited access to trade finance.

Closing Africa’s $80 billion trade finance gap
The partnership is designed to address an estimated $80 billion annual trade finance gap, which continues to constrain African businesses, particularly small and medium-sized enterprises, from accessing letters of credit, guarantees, and supply chain financing on competitive terms.

Under the proposed framework, UBA UK will leverage its extensive footprint across UBA Group’s 20 African markets to originate and structure trade finance deals. BII, the UK’s development finance institution, will provide capital support for transactions that may fall outside traditional commercial risk appetite, enabling broader participation in cross-border trade.

“The signing of this letter represents a landmark moment for UBA UK and the Group’s global ambitions,” said Lok Mishra, CEO of UBA UK. “Working alongside BII, we can mobilize capital where it matters most and help close the trade finance gap that holds back African potential.”

AfCFTA momentum drives collaboration
The initiative aligns with growing momentum under the African Continental Free Trade Area (AfCFTA), which is reshaping intra-African trade flows. Both institutions see AfCFTA as a key catalyst for expanding trade finance solutions, with UBA’s pan-African network providing a platform to support businesses navigating new regional opportunities.

Chris Chijiuitomi, Managing Director and Head of Africa at BII, noted that trade finance is critical to unlocking private sector growth. “UBA’s deep institutional relationships and market reach position this collaboration to expand access to finance, particularly in frontier markets,” he said.

Strengthening Africa’s global financial links
UBA, a top player in Nigeria’s financial landscape, maintains a widespread presence across 24 countries spanning four continents, including key markets such as the UK, the United States, France, and the United Arab Emirates. Tony Elumelu, a Nigerian businessman with a 16.38% stake in the pan-African financial services group, equivalent to 6,721,576,095 shares, ranks among the top investors on the Nigerian Exchange (NGX) and is one of Nigeria’s wealthiest individuals.

The collaboration also reinforces the City of London’s role as a global hub for Africa-focused capital flows, complementing broader UK government efforts to support economic development on the continent.

BII, with investments in more than 1,600 businesses across 66 countries, brings both capital and development expertise to the partnership. Subject to due diligence and regulatory approvals, the initiative could significantly boost trade liquidity, strengthen supply chains, and accelerate economic integration across Africa.