The United Bank for Africa Plc has announced the inauguration of a special loan facility for businesses and individuals, tagged the ‘UBA Working Capital Loan’, in which individuals can access up to N50 million to meet their cash flow needs and expand their businesses.
This is contained in an email sent to its customers and other relevant stakeholders. In the notice, the pan-African bank also revealed that women-owned businesses will be granted a special interest rate. The special concession to female-owned businesses is a major boost in bridging the financial inclusion gender gap.
Recall that the Central Bank of Nigeria had on September 29, 2020 launched a framework for advancing women’s financial inclusion in Nigeria. The framework itemized 8 strategic imperatives for driving improved access to finance for women in Nigeria.
The banking giant through the mail sent to its customers noted that the Working Capital loan has a maturity period of about 12 months and a flexible collateral cover which depends on the loan amount and the nature of the customer’s business.
This credit facility is open to customers with verifiable credit net worth whose cash flow patterns meet the requirement for lending and other structured groups/business clusters. To access this credit facility, intending or prospective clients are advised to visit any of UBA branch nationwide to get a form and get properly briefed of modus operandi or mail [email protected]
Naijabusiness.com.ng understands that the recent gesture is in line with CBN’s expansionary policy aimed at resuscitating the economy and maintaining a growth path. The expansionary policy adopted by the monetary authority became imperative given the debilitating impact of the COVID-19 on the economy.