Business

Women entrepreneurs set to benefit $200 million from Union Bank

Women Entrepreneurs will benefit from a $200 million facility which has been secured by Union Bank to support women-led businesses.

This was disclosed by the lender in a notification to the Nigeria Stock Exchange.

The Details: The $200 million fund was secured by Union Bank in a partnership with sub-Saharan Africa financial services group, Atlas Mara Limited, and in agreement with Overseas Private Investment Corporation (OPIC), the United States government’s development finance institution.

The fund is a 10-year term credit facility of up to $200 million from OPIC. It is expected to be utilized to encourage digitization, lend to Small and Medium Enterprises (SMEs) and provide funding for women-led businesses.

Chief Executive Officer of Union Bank, Emeka Emuwa, who was elated with the development, explained that the fund was in line with the bank’s commitment in empowering women-owned businesses.

“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 maximize 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,” Emuwa stated.

Acting 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 underbanked and unbanked individuals and businesses while fostering entrepreneurship and economic development across Nigeria.”

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