By Hamisu B. S.
Union Bank of Nigeria Plc. has secured US$200 million in funding via a partnership with the 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.
In a statement signed by the company secretary Somuyiwa Sonubi the Bank stated 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 2X Women’s initiative which aims to catalyze US$1 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.
Commenting on the development. Emeka Emuwa, CEO Of Union Bank said, “We welcome this partnership with OP/C 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.”
Union Bank Established in 1917 and listed on the Nigerian Stock Exchange in 1971, The Bank has a network of over 300 Sales and Service Centers across Nigeria. Following recapitalization in 2012 from new investors and the appointment of a new Executive Management team, Union Bank has undergone an award-winning transformation to re-establish the Bank as a leading provider of financial services in Nigeria. Union Bank is focused on Retail, Commercial and Corporate Banking.