Thursday, October 03, 2019  /02:50PM  / By NSE / Header Image Credit: taketheleadwomen.com

Union Bank ofNigeria Plc. ("Union Bank") is pleased to announce that it has secured US$200million in funding via a partnership with sub-Saharan Africa financial servicesgroup, Atlas Mara Limited, in agreement with Overseas Private InvestmentCorporation ("OPIC"), the U.S. government's development finance institution.Under the terms of the agreement, Union Bank will receive a ten-year termcredit facility of up to US$200 million from OPIC for investments indigitization, on-lending to Small and Medium Enterprises (SMEs) and funding forwomen-led businesses, as part of OPIC's 2X Women's initiative which aims tocatalyse US$1 billion for investment in women across developing nations.

The agreement is consistent with Union Bank'slong-standing commitment to enabling enterprise and empowering women-ownedbusinesses. Earlier this year, Union Bank launched Alpher (α), a dynamicproposition aimed at uplifting women across all segments of the Nigeriansociety through capacity building opportunities, networking platforms,scholarships and tailored financial services for women.

Last year, Union Bank also introduced an innovativebusiness acceleration programme, 'Start up Connect', which enables Nigerianbusinesses creating technology-based solutions to be more competitive in therapidly expanding African technology market. Union Bank has been steadfast inproviding innovative services where SMEs can access up to US$20,000 per quarterfor importation without opening Letters of Credit or Bills for Collection underthe Form Q scheme.

Speaking on the funding milestone, Emeka Emuwa, CEO ofUnion Bank said,

"We welcome this partnership with OPIC as we arewell-positioned in Nigeria to further advance lending to key segments of thepopulation, especially SMEs. The 10-year tenor of the OPIC facility provides flexibilityto maximize impact across key sectors of the Nigerian economy as we continue toadvance proven initiatives including those focused on women's banking andfinancial inclusion."

David Bohigian, Acting President and CEO of OPIC alsonoted that, "OPIC is delighted to partner with Atlas Mara and the team atUnion Bank to drive inclusive lending in Nigeria. This funding benefits SMEsand women and will help serve the needs of underbanked and unbanked individualsand businesses while fostering entrepreneurship and economic development acrossNigeria.

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