Union Bank has secured $200 million funding through a partnership with Atlas Mara, in agreement with U.S. government’s development finance institute, Oversees Private Corporate (OPIC).
In a statement signed by the bank’s company secretary, Somuyiwa Sonubi, sent to the Nigerian Stock Exchange (NSE) on Thursday, Union Bank explained that under the agreement it will receive a 10-year term credit facility of up to $200 million from OPIC for investment in digitalization, on-lending to Small and Medium Enterprises (SMEs) and funding for women-led businesses, as part of POIC’ 2X Women’
Initiative, which intends to extend $1 billion for investment for women developing countries.
“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 Niegerian economy as we continue to advance proven initialtives including those focused on women’s banking and financial inclusion,” Emeka Emuwa, CEO, Union Bank, stated.
For David Bohigian, acting President, OPIC, “This fund benefits SMEs and women and will help serve the needs of the underbanked and unbanked individuals and busines, while fostering enterpreneurship and economic development across Nigeria.”