November 9,2022

The United Bank for Africa Plc has said it is committed to the growth of small and medium enterprises across Africa.

The Deputy Managing Director, Muyiwa Akinyemi, in his keynote address at the flag-off of the 2022 Lagos International Trade Fair, said the bank will promote regional trade via Pan African Payment Settlement System.

Speaking on the theme, ‘Connecting businesses, creating value’, Akinyemi explained that UBA had pioneered products and services specifically targeted at SMEs and young entrepreneurs towards meeting their financial needs, having access to markets and building capacity.

He said, “We are focused on creating value, connecting and facilitating business across Africa and between Africa with the rest of the world. Already, we have done a trade of about $7.7bn and export trade of about $29.4bn as at August 2022.”

Speaking, he said PAPSS is a centralised payment and settlement system for intra-African trade in goods and services that is poised to transform the payment landscape across Africa.

He said, “Because of our large network and pan-African presence, UBA is working with Afreximbank through the African Continental Free Trade Agreement, to promote regional trade through harmonised trade documentation, easier access to finance and timely and easy currency conversion with the PAPSS platform

Already, he added, UBA was at the forefront of the collaboration currently at six pilot countries in West Africa – Nigeria, Ghana, Sierra Leone, Guinea, Liberia and Gambia

Following the kick-off, this will be a major boost to trade across the continent as it will help to provide flexible export financing scheme to aid export of Nigeria products & commodities.

Akinyemi who was speaking in the presence of dignitaries including the Lagos State Governor, Mr Babajide Sanwo-Olu; Minister of Industry, Trade and Investment, Otunba Niyi Adebayo; Past President, LCCI, Dr. Nike Akande; Representative of the Secretary to the Government of the Federation, Mr Okonkwo Etoabasi; Past President, LCCI, Asiwaju Solomon Onafowokan, among others, explained that UBA Group prioritises capacity building  and valuable financial advisory services for SMEs, and the reason for its regular its quarterly webinar sessions and trainings.

Sanwo-Olu, lauded UBA’s efforts and support to SMEs which had significantly impacted the growth of businesses in Lagos and beyond.

He restate his administration’s commitment to prioritising the growth and development of micro, small and medium enterprises  to further drive the economic growth and development of the state.

The President, Lagos Chamber of Commerce and Industry, Asiwaju Michael Olawale-Cole, also expressed satisfaction on the level of SMEs’ participations in the 2022 fair