Union Bank of Nigeria and BFREE, a cutting-edge German-Nigerian FinTech firm, have signed a Memorandum of Understanding (MOU), at Berlin, Germany, aimed at addressing economic challenges and revitalising distressed loan portfolios in Nigeria.
Under the terms of the MOU, BFREE, in conjunction with its international financing partners, will explore the acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million.
The key focus will be refinancing non-performing loan portfolios, particularly those delayed in repayment or already written off.
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Speaking about the partnership, Joe Mbulu, Executive Director of Union Bank, said: “This partnership reflects Union Bank’s proactive approach to navigating the evolving financial landscape and reinforces our commitment to providing sustainable financial solutions to individuals and businesses in Nigeria.”
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