Union Bank Plc secures $200m in OPIC funding for SMEs and women’s initiatives

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

Novel Coronavirus: Lagos alerts public, lists precautionary measures

…Says No Case Of Virus Reported In Nigeria The Lagos State Government has alerted the public to a new virus,...
- Advertisement -
- Advertisement -

Union Bank of Nigeria Plc has secured $200 million in funding through a partnership with Sub-Saharan Africa financial services group, Atlas Mara Limited, in agreement with Overseas Private Investment Corporation (OPIC), the US government’s development finance institution.

Under the terms of the agreement, Union Bank will receive a 10-year term loan of up to $200mn from OPIC for investments in digitisation, on-lending to Small and Medium Enterprises (SMEs) and funding for women-led businesses as part of OPIC’s 2X Women’s Initiative which aims to catalyse $1bn for investment in women across developing nations.

Speaking on the funding in a statement, CEO of Union Bank, Emeka Emuwa, said, “We welcome this partnership with OPIC as we are well-positioned in Nigeria to further advance lending to key segments of the population, especially SMEs. The 10-year tenor of the OPIC facility provides flexibility to maximise impact across key sectors of the Nigerian economy as we continue to advance proven initiatives, including those focused on women’s banking and financial inclusion.”

President and CEO of OPIC, David Bohigian, said, “OPIC is delighted to partner with Atlas Mara and the team at Union Bank to drive inclusive lending in Nigeria. This funding benefits SMEs and women and will help serve the needs of under-banked and unbanked individuals and businesses while fostering entrepreneurship and economic development across Nigeria.”

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

CBN MPC Retains MPR and Liquidity Ratio; Raises CRR to 27.5% In First Meeting of 2020

The Monetary Policy Committee (MPC) concluded its two-day policy meeting today. The committee agreed to raise the cash reserve...

Dangote Cement and 15 others drives equity market higher as NSE-ASI gain 0.13%

The Nigerian bourse on Friday ended the trading week on a positive note, extending the previous day’s positive sentiment. The growth was impacted by gains...

Airtel Gets New Number Range, 0904

Leading telecommunications services provider, Airtel Nigeria, has announced that it has added 0904 number series to its numbering range, following the approval of the...

Fashion Fix 3 (Ep 6)- Your Transitional TGIF Wardrobe

Award-winning fashion stylist Rhonke Fella joins Mercy on this week’s episode of Fashion Fix to discuss getting your Friday office workwear sorted. The pair dish...

More Articles Like This