Business and Economy

UBA receives $150m trade finance facility as part of AKAFPA

United Bank for Africa Plc, has just received a trade finance facility worth a whopping $150m from the African Export-Import Bank. The facility is part of Afreximbank’s Ukraine Crisis Adjustment Trade Financing Programme for Africa, and the signing ceremony took place during the Intra-Africa Trade Fair in Cairo.

This facility will be used to finance trade and trade-related transactions to support UBA’s clients. It will also help boost trade businesses in different sectors of the Nigerian economy. This will definitely help mitigate the adverse effects of the Russia-Ukraine crisis.

During the signing ceremony, Denys Denya, the Executive Vice-President of Afreximbank, expressed his excitement about the increased demand for trade finance support. He mentioned how this funding will enhance confidence in settling international trade transactions and support SMEs, especially those in the manufacturing sector. This is all about promoting economic growth and development in Nigeria.

UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, couldn’t be happier about this facility. He believes it will further strengthen their commitment to intra-African trade, which has been affected by the war in Ukraine. He also expressed his delight in the partnership with Afreximbank and their shared vision for better customer experiences.

UBA is truly a remarkable Pan-African financial institution, serving over thirty-seven million customers across 20 African countries. They are dedicated to providing excellent banking services and making a positive impact on the continent. This trade finance facility is just another step towards their goal of fostering economic growth and prosperity in Africa.

Not only that, but UBA is also making its mark in New York, London, Paris, and the UAE, connecting people and businesses throughout Africa. With a wide range of services including retail, commercial, and corporate banking, as well as innovative cross-border payments, remittances, trade finance, and other banking services, UBA is truly making a difference in the financial world.

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