The Union Bank of Nigeria has secured a $200 million funding from the Overseas Private Investment Corporation (OPIC) to invest in digitalisation and fund women-driven businesses in the country. A part of the funding received by Union Bank of Nigeria will also be used by the bank to lend money to small and medium-sized enterprises.
The funding received by Union Bank of Nigeria is a part of OPIC’s 2X Women’s initiative, which aims is to mobilise around $1 billion to businesses owned and managed by women.
Union Bank of Nigeria has secured the funding through Atlas Mara, a financial services holding company and in agreement with OPIC. The bank will receive a ten-year term loan of $200 million.
Michael Wilkerson, Executive Chairman of Atlas Mara told the media that, “This funding marks another milestone in
OPIC’s ongoing partnership with Atlas Mara in Africa, and the recognition of Union Bank of Nigeria as a premier Nigerian financial institution poised for accelerated growth.”
He added, “We are grateful for OPIC’s strong commitment to lending in key segments that are critical for economic growth, job creation and women’s empowerment in Nigeria, our largest and most important market. We are excited about the value this funding brings to Union Bank of Nigeria, its customers, and their communities, and ultimately to its shareholders including Atlas Mara, as Union Bank of Nigeria continues to grow its well-established banking presence in Nigeria.”
According to the CEO of Union Bank of Nigeria, Emeka Emuwa, the partnership with OPIC puts the bank in a position to continue funding key segments of the country, especially small-sized and medium-sized enterprises.