United Bank for Africa (UBA) Plc has signed an agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing for up to US$6.0bn over the next three years to eligible small and medium enterprises, SMEs, across Africa.
The bank signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting (AAM) which was held in Accra, Ghana last week.
By this agreement, the parties are to promote the development of SMEs operating in four sectors under the first phase of the partnership which are largely import dependent by providing technical and financing solutions for intra-African/domestic alternatives. These economic sectors are Agro-processing, Automotive, pharmaceuticals, Transport and Logistics.
One of the key initiatives of the AfCFTA is to improve access to finance and markets for SMEs to encourage their growth and contribution to the socio-economic development of Africa.
The Deputy Managing Director of UBA, Muyiwa Akinyemi, who signed the agreement on behalf of the bank, noted that being Africa’s global bank, UBA remains committed to supporting the growth and development of SMEs across Africa.
Muyiwa further said, “Under this partnership UBA will go beyond just financing to provide non-financial services to these SMEs to develop the capacity for growth across the 20 African countries that we are present and build sustainable business practices. We shall also be leveraging on technology to deliver our financing activities to the beneficiaries and this platform provides us with a unique opportunity to stimulate the development of the continent as Africas’ Global Bank”.
On his part, the Secretary-General of the AfCFTA, Ambassador Wamkele Mene, who spoke on the agreement with UBA, emphasized the need to catalyze Africa’s industrialization and boost intra-Africa trade to improve the socio-economic well-being of the continent and its people, which he noted was a key factor behind the partnership.
Wamkele stated: “The Secretariat is committed to supporting SMEs as it recognizes the financing gap SMEs face on the continent and intend to mitigate this gap through this partnership.
‘‘The identified areas of collaboration with UBA will provide the desired impetus for these SMEs to achieve the desired growth in their intra-Africa/export trading capabilities, which aligns with the objectives of the AfCFTA
First Bank of Nigeria Limited has the launched a Humanoid Robot, the first of its kind in the financial services space in Nigeria.
The bank in a statement said that the robot is equipped with Video Banking and Artificial Intelligence (AI), taking on the role of a friendly branch staff.
“The Humanoid Robot can engage customers in conversations as well as through a touch screen strapped to his chest. The services performed by the robot include responding to customer enquiries on cash deposits, withdrawals and ATM cards. The robot also aids complaint management as customers can log a complaint via QR with feedback generated within the advised time.
“The Humanoid Robot also keeps customers up to date with happenings about the Bank, including products launch and upgrades designed to strengthen the customer experience and satisfaction. The robot is a one-stop point to keep customers informed about the Bank. It also effectively manages customers’ accounts.”
Expressing his delight at the initiative, Dr Adesola Adeduntan, the CEO of FirstBank Group noted that “the addition of the Humanoid Robot to our state-of-the-art Digital Experience Centre represents a purposeful stride towards transforming the banking landscape in the country and further showcases the priority we give to innovation within the Bank. With its advanced capabilities, the robot is designed to elevate the quality of our customers’ lives in today’s rapidly evolving digital world. Our unwavering dedication to delivering unparalleled banking services remains steadfast, as we leave no stone unturned in innovating to fulfil our customers’ needs.” he concluded.
“The introduction of the Humanoid Robot is among the phased configuration of the Bank’s state-of-the-art digitally led self-service branch called Digital Experience Centre, launched in December 2021. Another Humanoid Robot will also be deployed in the Bank’s next and second Digital Experience Centre, soon to be announced in the coming months”, the bank added.
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