UBA, BII move to boost trade finance access across Africa

United Bank for Africa (UBA) and British International Investment have signed a letter of intent to explore a strategic partnership aimed at expanding access to trade finance for businesses across Africa.

The agreement, announced in London on March 16, 2026, will see United Bank for Africa (UK) Limited collaborate with BII to develop trade finance solutions designed to address one of the continent’s most pressing economic challenges – limited access to working capital and trade facilities.

Access to trade finance remains a major constraint for African businesses, particularly small and medium-sized enterprises (SMEs), which often struggle to secure instruments such as letters of credit, guarantees, and supply chain financing. According to the African Development Bank, the continent faces an annual trade finance gap exceeding $80 billion.

Under the proposed collaboration, UBA UK will leverage its extensive network across 20 African countries to originate and structure trade finance transactions. BII, on the other hand, will support deals that may fall outside the risk appetite of conventional commercial lenders, helping to unlock capital for underserved markets.

Chief Executive Officer of UBA UK, Lok Mishra, described the agreement as a significant step in advancing the bank’s global ambitions. He noted that UBA UK’s role as the Group’s trade operations hub positions it to connect African businesses with international financial markets while helping bridge the financing gap limiting growth.

Similarly, Managing Director and Head of Africa at BII, Chris Chijiutomi, emphasised the importance of trade finance in driving private sector development. He said the partnership with UBA Group would help expand access to working capital, particularly in frontier markets across the continent.

The initiative aligns with broader efforts to enhance intra-African trade under the African Continental Free Trade Area, which came into force in 2021. Both institutions identified the trade pact as a key driver for demand in trade finance, with UBA’s presence in major AfCFTA markets providing a foundation to support cross-border commerce.

The collaboration also reflects the United Kingdom’s continued engagement in Africa’s economic development and reinforces London’s position as a major global hub for mobilising capital targeted at African markets.

However, both parties noted that the proposed partnership remains subject to further due diligence and internal approvals before full implementation.