United Bank for Africa (UBA) Plc has stated that it is committed to growing Small and Medium Enterprises (SMEs) across Africa, as evidenced by increased funding provided to such businesses in Nigeria and across the continent.
Muyiwa Akinyemi, the Deputy Managing Director, stated this during his keynote address at the 2022 Lagos International Trade Fair. Since 2019, UBA has been the primary sponsor of the annual event.
Akinyemi explained that, with the firm belief that SMEs remain the bedrock of any country’s economic development, UBA had pioneered products and services specifically targeted at SMEs and young entrepreneurs to meet their financial needs, gain access to markets, and build capacity.
We are focused on creating value, connecting and facilitating business across Africa and between Africa with the rest of the world. Already, we have done a trade of about US$7.7bn and Export trade of about US$29.4bn as of August 2022, he said.
It will also interest you all to know that we match our words with action as we have supported hundreds of SMEs in Africa, especially in countries where we have a presence. UBA does this not only in the manufacturing and services sectors but also in the creative industry and Fintech, the DMD continued.
Akinyemi spoke in the presence of dignitaries such as the Governor of Lagos, Mr. Babajide Sanwo-Olu; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Past President, LCCI, (Dr.) Mrs. Nike Akande; Representative of the Secretary to the Government of the Federation, Mr. Okonkwo Etoabasi; Past President, LCCI, Asiwaju
He also discussed the Pan African Payment Settlement System (PAPSS), a centralized payment and settlement system for intra-African trade in goods and services that is set to transform Africa’s payment landscape.
Because of our large network and pan-African presence, UBA is working with AfrEXIM Bank through the African Continental Free Trade Agreement (AfCFTA) to promote regional trade through harmonized trade documentation, easier access to finance, and timely and easy currency conversion with the PAPSS platform. Currently, UBA is at the forefront of this collaboration at six pilot countries in West Africa – Nigeria, Ghana, Sierra Leone, Guinea, Liberia, and Gambia, Akinyemi said.
He stated that after the launch, this would be a significant boost to trade across the continent because it would help to provide a flexible export financing scheme to aid the export of Nigerian products and commodities.
Earlier in his speech, Lagos State Governor Babajide Sanwo-Olu praised UBA’s efforts and support for SMEs, which have significantly impacted business growth in Lagos and beyond.
Sanwo-Olu took advantage of the opportunity to reiterate his administration’s commitment to prioritizing the growth and development of Micro, Small, and Medium Enterprises (MSMEs) to drive the state’s economic growth and development.
Asiwaju (Dr.) Michael Olawale-Cole, President of the Lagos Chamber of Commerce and Industry (LCCI), expressed satisfaction with the level of SMEs’ participation in this year’s fair and commended UBA for its commitment to the growth of SMEs.
