UBA reiterates commitment to SMEs development in Africa

The United Bank for Africa (UBA) Plc has reiterated its commitment to the growth of Small and Medium Enterprises (SMEs) across Africa, saying this was evidenced in the increased funding provided to such businesses in Nigeria and across Africa.

The UBA Deputy Managing Director, Muyiwa Akinyemi, said this while speaking at the flag-off of the 2022 Lagos International Trade Fair.

Akinyemi said the company belief that SMEs remains the bedrock of any country’s economic development, noting that UBA has pioneered products and services specifically targeted at SMEs and young entrepreneurs towards meeting their financial need.

He said: “We are focused on creating value, connecting and facilitating business across Africa and between Africa with the rest of the world. Already, we have done a trade of about $7.7 billion and Export trade of about $29.4 billion as at August 2022.

“It will also interest you all to know that we match our words with action as we have supported hundreds of SMEs in Africa especially in countries where we have presence. UBA does this not only in the manufacturing and services sectors but also in the creative industry and Fintech.”

Akinyemi stated that UBA Group prioritised capacity building and valuable financial advisory services for SMEs hence the reason for regular its quarterly webinar sessions and trainings.

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“Because of our large network and pan-African presence, UBA is working with AfrEXIM Bank through the African Continental Free Trade Agreement (AfCFTA) to promote regional trade through harmonised trade documentation, easier access to finance and timely and easy currency conversion with the PAPSS platform.

“Already, UBA is at the forefront of this collaboration currently at six pilot countries in West Africa – Nigeria, Ghana, Sierra Leone, Guinea, Liberia and Gambia,” he said.

He said the commencement would be a major boost to trade across the continent, adding that it would help to provide flexible export financing scheme to aid export of Nigeria products and commodities.

Also speaking at the event, Lagos State Governor, Babajide Sanwo-Olu, appreciated UBA’s efforts and support to SMEs which he said have significantly impacted the growth of businesses in Lagos and beyond.

Sanwo-Olu further restated his administration’s commitment to prioritising the growth and development of Micro, Small and Medium Enterprises (MSMEs) to further drive the economic growth and development of the state.

The President, Lagos Chamber of Commerce and Industry (LCCI), Dr Michael Olawale-Cole, expressed satisfaction on the level of SMEs’ participations in this year’s fair just as he commended UBA for its commitment to the growth of SMEs.

The Star