The United Bank for Africa Plc (UBA) has launched a specialized financial solution tailored for Small and Medium Enterprises (SMEs) known as the UBA SME Card. This initiative, unveiled during the 38th Lagos International Trade Fair, is a strategic effort by the bank to enhance value for its SME clients. The bank’s commitment extends beyond just financial products; it underscores an investment in advanced technology and training aimed at empowering SMEs in Nigeria and across the continent. By focusing on this demographic, UBA aims to strengthen their contribution to economic growth both locally and regionally, signaling a robust approach to nurturing entrepreneurship.
At the card’s launch, Shamsideen Fashola, Group Head of Retail and Digital Banking at UBA, emphasized how the bank’s investment in innovative technology is yielding tangible benefits for its customers. Fashola articulated that enhancing customer experiences and operational efficiency are critical cornerstones of UBA’s strategy, and the introduction of the UBA SME Card is a testament to these efforts. By providing a product specifically designed for SMEs, UBA reinforces its dedication to supporting business owners and streamlining their operations, enabling them to navigate the competitive business landscape more effectively.
The UBA SME Card presents several key features aimed at empowering business owners. It enables seamless access to financing, improving expense management processes, and provides exclusive benefits tailored to the needs of SMEs. Fashola emphasized that this card serves as a vital tool for entrepreneurs, equipping them with capabilities to thrive amid increasing competition. Through this tailored financial solution, UBA demonstrates its proactive approach in addressing the challenges faced by SMEs, which are often constrained by limited resources and financial access.
With a presence in 20 African countries, UBA is poised to play a significant role in fostering intra-African trade. Fashola reiterated UBA’s commitment to supporting economic integration across the continent through partnerships with bodies such as the African Continental Free Trade Area (AfCFTA). By facilitating cross-border trade and investment, UBA not only aims to assist businesses in expanding their markets but also contributes to the broader economic growth of Africa. This emphasis on interconnectedness reflects UBA’s strategic vision to become a key player in enhancing business opportunities across the continent.
Highlighting the significance of their support for the Lagos International Trade Fair, Babatunde Ajayi, Head of SME Banking at UBA, noted that the bank’s involvement goes beyond customer acquisition. It is about creating value for SMEs and showcasing their tailored financial products. UBA’s partnerships with organizations like AfCFTA and Afreximbank to present their PAPPS product exemplifies their dedication to facilitating seamless transactions for customers. This collaborative approach also demonstrates UBA’s purpose of supporting women and youth entrepreneurs by bridging financing gaps that often hinder their business growth.
In summary, the introduction of the UBA SME Card signifies the bank’s commitment to the vibrant SME sector, providing targeted solutions that enhance financial access and operational efficiency. By leveraging advanced technology and strategic partnerships, UBA not only supports individual entrepreneurs but also contributes to wider economic integration across Africa. This initiative highlights UBA’s proactive role in fostering growth among SMEs, illuminating the potential for these businesses to drive significant economic development throughout the region. As UBA continues to innovate and expand its product offerings, the focus remains clear: empowering SMEs to succeed and thrive in a competitive global landscape.
