United Bank for Africa (UBA) Plc has said that it is committed to the growth of Small and Medium Enterprises (SMEs) across Africa as evidenced in the increased funding it has provided to such businesses in Nigeria and across Africa.
The Deputy Managing Director, Muyiwa Akinyemi, said this while delivering his keynote address at the flag-off of the 2022 Lagos International Trade Fair. UBA has been the lead sponsorship partner for the annual event since 2019.
Speaking on the theme: “Connecting Businesses, Creating Value,” Akinyemi explained that armed with the firm belief that SMEs remains the bedrock of any country’s economic development. He added that UBA has pioneered products and services specifically targeted at SMEs and young entrepreneurs towards meeting their financial needs, having access to markets and building 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 $29.4bn as at August 2022.
“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 presence. UBA does this not only in the manufacturing and services sectors but also in the creative industry and Fintech, ”he said.
He also spoke on the Pan African Payment Settlement System (PAPSS), a centralised payment and settlement system for intra-African trade in goods and services that is poised to transform the payment landscape across Africa.
“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 harmonised trade documentation, easier access to finance and timely and easy currency conversion with the PAPSS platform. Already, UBA is at the forefront of this collaboration currently at six pilot countries in West Africa – Nigeria, Ghana, Sierra Leone, Guinea, Liberia and Gambia,” Akinyemi said.
