Union Bank of Nigeria Plc has secured $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 United States government’s development finance institution.
In notification to the Nigerian Stock Exchange (NSE) yesterday, Union Bank said under the terms of the agreement, the bank will receive a 10- term credit facility of up to $200 million from OPIC for investments in digitisation, 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 catalyse $1 billion for investment in women across developing nations.
According to the bank, the agreement is consistent with its long-standing commitment to enabling enterprise and empowering women-owned businesses. Speaking on the funding milestone, Chief Executive Officer of Union Bank, Emeka Emuwa, 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.”