February 9, 2023

IFC partners Union Bank to support trade, SMEs

Union Bank of Nigeria

By Peter Egwuatu

To boost access to finance for smaller businesses in Nigeria and to support increased trade, International Finance Corporation, IFC, has announced a partnership with Union Bank of Nigeria Plc to help the bank expand lending to hundreds of businesses operating in critical sectors in the country, including food, healthcare, manufacturing, and services.

Under the partnership, IFC will provide $30 million on-lending facility for Union Bank to increase trade financing and working capital lending to Nigerian businesses, including those whose cash flows have been strained by recent disruptions in global and local markets.

Speaking on this, Mudassir Amray, Managing Director of Union Bank, said “As a bank, we are deeply committed to enabling success for SMEs. We understand the critical role of small businesses in leading Nigeria’s economy towards growth. This funding from IFC will enable us to extend financial relief to our customers during this difficult time.”

“IFC’s partnership with Union Bank is part of a wider strategy to ensure the flow of goods and services are sustained despite global trade disruptions,” said Kalim M. Shah, IFC Senior Country Manager for Nigeria, Liberia and Sierra Leone.