Atlas Mara,OPIC and UBN partner to fund $200 million for inclusive lending in Nigeria
Atlas Mara, the Sub-Saharan Africa financial services group announced that the Overseas Private Investment Corporation (OPIC), the U.S. Government's development finance institution, has entered into an agreement to provide $200 million in financing for Union Bank of Nigeria (UBN) to support inclusive lending across Nigeria.
Under the terms of the agreement, UBN will receive a ten-year term loan of up to $200 million from OPIC for investments in digitization, on-lending to Small and Medium Enterprises (SMEs), and funding for women-led, women-owned, and women-supporting businesses as part of OPIC’s 2X Women’s Initiative which aims to catalyze investment in women across developing nations.
Commenting on the signing of the agreement, Michael Wilkerson, Executive Chairman of Atlas Mara said:
“This funding marks another milestone in OPIC’s ongoing partnership with Atlas Mara in Africa, and the recognition of UBN as a premier Nigerian financial institution poised for accelerated growth. 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 UBN, its customers and their communities, and ultimately to its shareholders including Atlas Mara, as UBN continues to grow its well-established banking presence in Nigeria.”
David Bohigian, Acting President and CEO of OPIC said:
"OPIC is pleased to partner with Atlas Mara and UBN to drive inclusive lending that will benefit entrepreneurs and women, especially underbanked and unbanked individuals and businesses while fostering economic development across Nigeria."
Emeka Emuwa, CEO of UBN also added:
“We welcome this opportunity to partner with OPIC and 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 Nigerian economy as we continue to advance proven initiatives including those focused on women’s banking and digitization of the bank’s offerings as UBN leads banking into the future in Nigeria.”