UBA Group Partners with AfCFTA Secretariat to Provide $6 Billion in Innovative Financing for African SMEs
The African Continental Free Trade Area (AfCFTA) Secretariat has signed an agreement with UBA Group that will see the bank provide up to $6 billion in financing to African small and medium enterprises over the next three years.
Speaking about the partnership, Muyiwa Akinyemi, Deputy Managing Director of UBA, said “Under this partnership we will go beyond just financing to provide non-financial services to these SMEs to develop the capacity for growth across the 20 African countries that we are present and build sustainable business practices.
We shall also be leveraging on technology to deliver our financing activities to the beneficiaries and this platform provides us with a unique opportunity to stimulate the development of the continent as Africas’ Global Bank.”
The Secretary-General of the AfCFTA, H.E. Ambassador Wamkele Mene, “The Secretariat is committed to supporting SMEs as it recognizes the financing gap SMEs face on the continent and intend to mitigate this gap through this partnership. The identified areas of collaboration with UBA will provide the desired impetus for these SMEs to achieve the desired growth in their intra-Africa/export trading capabilities, which aligns with the objectives of the AfCFTA.”
Source: The Kenyan wallstreet
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