UBA, BOI Launch N5bn Fund to Boost Female Entrepreneurs and MSMEs
UBA, BOI Launch N5bn Fund to Boost Female Entrepreneurs and MSMEs
United Bank for Africa (UBA) Plc has secured a N5 billion loan facility from the Bank of Industry (BOI) to expand access to finance for small businesses and women-led enterprises in Nigeria.
The fund, which falls under the Federal Government’s MSME initiative, is aimed at critical growth sectors such as green energy, education, healthcare, and female entrepreneurship.
UBA’s Group Managing Director, Oliver Alawuba, said the scheme reflects the bank’s commitment to economic empowerment. He described micro, small, and medium enterprises as the backbone of developing economies and a vital driver of growth.
“This partnership enables us to remove financial barriers and give businesses the support they need to scale,” Alawuba said.
The facility will offer loans of up to N5 million to qualified businesses. Borrowers will enjoy a three-year repayment period, a three-month moratorium on principal, and an interest rate capped at nine percent.
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UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola, said the bank is focusing on sectors with long-term economic impact. According to him, green energy, education, healthcare, and women-led businesses hold the key to sustainable development.
He noted that the partnership aligns with UBA’s broader vision of financial inclusion across Africa. “When these businesses thrive, they create jobs, spur innovation, and strengthen the economy,” he said.
UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, emphasized the accessibility of the scheme. She encouraged entrepreneurs, especially women, to apply, stressing that the program was designed to reduce the challenges many small businesses face.
“What makes this initiative unique is its affordability and government backing,” she said. “We created flexible terms to make it easier for entrepreneurs to grow without being weighed down by high costs.”
UBA, which operates in 20 African countries as well as the United States, United Kingdom, France, and the UAE, continues to expand its reach. With over 25,000 employees and 45 million customers globally, the bank says its goal is to strengthen financial inclusion while driving innovation across the continent.
Content Credit: Moyosola Oni
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