UBA Earmarks N50bn For SMEs In Nigeria

The United Bank for Africa Plc (UBA) has made a commitment to increase funding for Small and Medium Scale Enterprises (SME’s) in Africa.

The General Managing Director, UBA, Mr Kennedy Uzoka made this known on Friday at the opening of the bank’s entrepreneurship fair  “UBAMarketPlace” in Abuja.

The UBA Market Place which was held alongside the Tony Elumelu Foundation Entrepreneurship Forum hosted SMEs/exhibitors from 20 African countries.

Uzoka said that the bank had developed specific initiatives to make African SMEs more viable and better established.

“We bank a lot of customers across the continent and in doing that we have discovered that there is a gap in the business value chain.

“That void we discovered is how to bring more buyers and sellers together and that is what we have done today.

“The UBA market place has brought together under one roof, more than 5,000 SMEs from across Africa. We want to create a platform in Africa similar to Alibaba and ebay” Uzoka said.

The UBA Group Head, Retail Banking, Mr Jude Anele also disclosed that 10 percent of the bank’s total balance sheet has been allocated to support SMEs in countries where the bank operates in Africa.

According to Anele, about N50 billion had been set aside from the bank’s portfolio for the funding of SMEs in Nigeria.