Union Bank of Nigeria Plc has secured $200 million in funding through a partnership with Sub-Saharan Africa financial services group, Atlas Mara Limited, in agreement with Overseas Private Investment Corporation (OPIC), the US government’s development finance institution.
Under the terms of the agreement, Union Bank will receive a 10-year term loan of up to $200mn 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 $1bn for investment in women across developing nations.
Speaking on the funding in a statement, CEO 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 maximise 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.”
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President and CEO of OPIC, David Bohigian, said, “OPIC is delighted to partner with Atlas Mara and the team at Union Bank to drive inclusive lending in Nigeria. This funding benefits SMEs and women and will help serve the needs of under-banked and unbanked individuals and businesses while fostering entrepreneurship and economic development across Nigeria.”