Union Bank of Nigeria has entered into a Memorandum of Understanding (MOU) with BFREE, a leading German-Nigerian FinTech company, to tackle economic challenges and revive distressed loan portfolios in Nigeria. The MOU, signed in Berlin, Germany, outlines plans for BFREE, along with its international financing partners, to explore the acquisition of distressed loan portfolios from Union Bank, with a potential investment cap of $40 million.
The primary focus of this collaboration is to refinance non-performing loan portfolios, particularly those facing delays in repayment or already written off. This strategic partnership aligns with Union Bank’s proactive approach to navigating the dynamic financial landscape and underscores its commitment to offering sustainable financial solutions to individuals and businesses in Nigeria.
Joe Mbulu, Executive Director of Union Bank, commented on the partnership, stating, “This partnership reflects Union Bank’s proactive approach to navigating the evolving financial landscape and reinforces our commitment to providing sustainable financial solutions to individuals and businesses in Nigeria.”
