Union Bank of Nigeria Plc has announced that it has secured US$200 million in funding via a partnership with sub-Saharan Africa financial services group, Atlas Mara Limited, in agreement with Overseas Private Investment Corporation (OPIC) the U.S. government's development finance institution.

Under the terms of the agreement, Union Bank will receive a ten-year term credit facility of up to US$200 million from OPIC for investments in digitization, on-lending to Small and Medium Enterprises (SMEs) and funding for women-led businesses, as part of OPIC's Women's initiative which aims to catalyse US$I billion for investment in women across developing nations.

The agreement is consistent with Union Bank's long-standing commitment to enabling enterprise and empowering women-owned businesses. Earlier this year, Union Bank launched Alpher (a), a dynamic proposition aimed at uplifting women across all segments of the Nigerian society through capacity building opportunities, networking platforms, scholarships, and tailored financial services for women.

Last year, Union Bank also introduced an innovative business acceleration program, 'Startup Connect, which enables Nigerian businesses creating technology-based solutions to be more competitive in the rapidly expanding African technology market. Union Bank has been steadfast in providing innovative services where SMEs can access up to US$20,000 per quarter for importation without opening Letters of Credit or Bills for Collection under the Form Q scheme.

Speaking on the funding milestone, Emeka Emuwa, CEO of Union Bank 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 maximize 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."

David Bohigian, Acting President and CEO of OPIC also noted that "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 underbanked and unbanked individuals and businesses while fostering entrepreneurship and economic development across Nigeria."

Source: https://financialmetricsnigeria.com/union-bank-secures-200-million-opic-funding-for-smes-and-women-initiatives/

this is a good development. The SMEs play a significant role in building the economy of a nation's. They lag behind in several ways esp technology and business alignment. Hopefully, these grey areas will be put into consideration. Financial aid is vital however adequate awareness is required to propel their good use of any financial aid allocated to them.

Good time to be a woman

Under the terms of the agreement, Union Bank will receive a ten-year term credit facility of up to US$200 million from OPIC for investments in digitization, on-lending to Small and Medium Enterprises (SMEs) and funding for women-led businesses, as part of OPIC's Women's initiative which aims to catalyse US$I billion for investment in women across developing nations.

This is a very good one.
We hope it will benefit the SMEs and women in business it is for.

Everything about Nigeria is borrowing and loan.
We are so indebted to the neck.
SMH

Okay

This is a welcome development.

Only if it would go to sme's and women.
The real ballers be licking lips now

ok

Ok

We know those that will access it already....welcome to Nigeria.

There's a reason market women, okada owners and riders, road transport workers, etc have a lot of influence when it comes to politics. They're organised, they engage, they deliver.

Rather than look upon these groups with disdain, we should learn a couple things from them.

How I wish u can be giving them long time loan as oversea bank gave to you and avoidable interest as they gave to you

Any man born of woman thinking of diverting the fund for personal use /gain aside what it's originally meant for will encounter the wrath of God and will be in perpetual sorrow

Nigeria will be GREAT

Its time to think of what idea would sell and look into as a business. Then, we can get funded by this initiative.

Am already seeing proposals for make-up Artist and fashionpreneur. Are this the only businesses women can think of?

The Treasury department of Rosabon Financial Services (32 Montgomery road Sabo yaba Lagos) offers Treasury Products that are immune to inflation risks and backup with securities of investment. check out my signature to contact me if ur interested. www.rosabon-finance.com

That's the best bank in Nigeria, argue with your keyboard.

pls how can i apply for these plssssssssss

scammer bank

419 bank

https://www.herald.ng/photo-former-union-bank-manager-gets-19-years-in-prison-for-n27-million-fraud/

https://www.herald.ng/criminal-fraud-places-union-bank-plc-serious-financial-uncertainty/

https://www.herald.ng/former-union-bank-director-committed-biggest-419-scam-ever-nigeria/

https://www.nairaland.com/5449914/efcc-arrests-banker-stealing-customers/1#82797828

i hope they will not frustrate the partnership with interest , admin and other HIDDEN charges. bad loan conditions both kills the beneficiary and the benefactor, i hope they learn from the past mistakes, because small time now, nigerians go shift the blame on buhari and they will make it look real and justified.