UBA, DEG sign $50m pact to support SMEs

United Bank for Africa (UBA), and Deutsche Investitions-und Entwicklungsgesellschaft mbH, a German development finance institution, have signed a $50 million Term Facility Agreement.

The facility with a tenor of six years is targeted at supporting the Small and Medium Enterprises (SMEs) and family owned businesses in Nigeria.

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UBA America’s Chief Executive Officer, Sola Yomi-Ajayi, who spoke about the partnership, said as a financial institution, UBA remained passionate about the growth of the private sector and small businesses, which according to her, remains critical for any developing country.

She noted that the passion to see the sector succeed was what led both organisations to collaborate on the laudable feat.

Yomi-Ajayi, who is also the Global Head for Financial Institutions, Multilateral and Development Organisations, said, “At UBA Group we are proud of this collaboration with DEG, particularly as it supports our financial intervention in the SME space; enabling financial inclusion, as well as facilitating economic empowerment.

“These objectives remain core aspects of our strategy, particularly as regards to facilitating the achievement of the Sustainable Development Goals (SDGs) on the African continent.”

DEG’s Regional Director for West Africa, Bernhard Tilemann, said, “DEG is delighted to enter into a long-term cooperation with UBA in Nigeria and the region. This cooperation will address the current economic challenges of the country while fostering private sector growth and impact in the largest economy of the continent.”