UBA’s $6bn Partnership with AfCTA to Boost Trade Across Africa
UBA’s $6bn Partnership with AfCTA to Boost Trade Across Africa
… LCCI Lauds Bank’s Contribution to Growth of African Economies
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has restated its commitment towards deepening intra-African trade to attain self-reliance and economic development.
According to the bank, it is important for Africa to be deliberate about the economic liberation drive of the continent.
UBA’s Deputy Managing Director, Muyiwa Akinyemi, said this during the Africa Day celebration at the ongoing 37th Lagos International Trade Fair which was held at the Tafawa Balewa Square with UBA as the headline sponsor.
Akinyemi explained that the bank’s dedication to SMEs and trade advancement across Africa is what informed its recent agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for up to US$6bn over the next three years to eligible businesses across the continent.
He said, “We signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting (AAM) which was held in Accra, Ghana. By this agreement, both parties are to promote the development of SMEs operating in four sectors under the 1st phase of the partnership which are largely import dependent on providing technical and financing solutions for intra-African and domestic alternatives. These economic sectors are Agro-processing, Automotive, Pharmaceuticals, Transport and Logistics.
“One of the key initiatives of the AfCFTA is to improve access to finance and markets for SMEs to encourage their growth and contribution to the socio-economic development of Africa. UBA remains committed to supporting the growth and development of SMEs across Africa. This is in line with our strategic focus on the SME segment being a catalyst to the economic development of Africa,” Akinyemi noted.
L-R: Head, Corporate & Other Collections, Abubakar Sanni; Deputy President, Lagos Chamber of Commerce and Industry(LCCI), Mr Gabriel Idahosa, FCA; Deputy Managing Director, United Bank for Africa, Muyiwa Akinyemi; President, LCCI, Asiwaju (Dr) Michael Olawale-Cole, CON and Vice President, LCCI, Leye Kupoluyi, during the commemoration of Africa Day at the ongoing 37th Lagos International Trade Fair held in Lagos on Thursday
L-R: Deputy President, Lagos Chamber of Commerce and Industry(LCCI), Gabriel Idahosa, FCA; Group Head, Marketing & Corporate Communications, Alero Ladipo; President, LCCI, Asiwaju (Dr) Michael Olawale-Cole, CON; Deputy Managing Director, United Bank for Africa, Muyiwa Akinyemi; Former President, LCCI, Toki Mabogunje and Deputy President, LCCI, Knut Ulvmoen, during the commemoration of Africa Day at the ongoing 37th Lagos International Trade Fair held in Lagos on Thursday
L-R: Head, Corporate & Other Collections, Abubakar Sanni; Honorary Life Vice President, Shade Bembatoum Young; Deputy President, Lagos Chamber of Commerce and Industry(LCCI), Gabriel Idahosa, FCA; Deputy Managing Director, United Bank for Africa, Muyiwa Akinyemi; President, LCCI, Asiwaju (Dr) Michael Olawale-Cole, CON; Former President, LCCI, Toki Mabogunje, Deputy President, LCCI, Knut Ulvmoen; Group Head, Marketing & Corporate Communications, Alero Ladipo and Vice President, LCCI, Leye Kupoluyi, during the commemoration of Africa Day at the ongoing 37th Lagos International Trade Fair held in Lagos on Thursday
Also speaking during the event, the President, Lagos Chamber of Commerce, Asiwaju (Dr) Michael Olawale–Cole, appreciated the bank’s consistent participation as a partner and headline sponsor of the LITF for the past six years.
“Partnering with UBA is significant because it is an organisation that has its footprint in 20 countries and that is a big feat, as partners we think alike and work together,” he said.
The president who acknowledged the bank’s unequalled support, rendered to SMEs through its enormous window of opportunities, also commended the recent $6bn financing partnership it signed with AfCFTA intended to transform trade and boost SMEs to unprecedented levels across Africa.
United Bank for Africa is one of the largest financial services providers on the African continent, with operations in 20 African countries viz Nigeria, Benin, Ghana, Sierra Leone, Liberia, Cote d’Ivoire, Senegal, Mali, Burkina Faso, Guinea, Zambia, Tanzania, Kenya, Uganda, Mozambique, Gabon, Congo Brazzaville, Congo DRC, Chad and Cameroon. The bank is also present in the United Kingdom, the United States of America, France and the United Arab Emirates. UBA provides Retail, SME, Commercial and Institutional/Wholesale banking services and leads financial inclusion through cutting–edge technology and customer experience.