UBA to support youth, women-run businesses
United Bank of Africa (UBA) Kenya CEO, Mary Mulili.
What you need to know:
- United Bank of Africa (UBA) has operated in Kenya for the past 15 years.
- The bank said it is committed to financing large-scale infrastructure projects.
Nigeria-based lender, United Bank of Africa (UBA), has expressed its commitment to entrench its focus on youth and women as it aims to provide them with capital and expertise to run businesses.
The Pan-African lender, which has operated in Kenya for the past 15 years, terms the two demographics key drivers of economic growth who need to be supported through capacity building and affordable financing.
“In line with UBA’s mission to promote economic empowerment, the bank meets the needs of women and youth entrepreneurs. These demographics are key drivers of economic growth, and UBA is actively supporting them through affordable financing, mentorship programs, and capacity-building initiatives,” the lender said.
Cross-border payments
The lender also said it is committed to financing large-scale infrastructure projects critical to East Africa’s economic development, mainly in the energy and telecommunications sectors.
UBA Kenya’s CEO, Mary Mulili, further underscored the bank’s focus on facilitating cross-border transactions and investments to enable businesses in Kenya and across the borders to extend their reach into new markets, driving regional economic integration.
“Our goal as a bank is to bridge the gap between local economies and global markets and serve all our customers,” Ms Mulili said.
A recent financial sector stability report by the Central Bank of Kenya noted that the country’s regional interconnectedness through trade has created the need for a well-functioning regional and settlement systems to facilitate cross-border payments.
Accessible banking
Last year, for instance, the report showed, the value of transactions settled through the East African Community (EAC) Payment and Settlement System (EAPSS) increased by 10 per cent to $905 million.
This month, UBA received an award for Excellence in Financial Inclusion during the Africa Fintech Forum, for its introduction of Braille account opening services and the AI-powered Leo Chat banking, which were praised for making banking more accessible for all.
“We are bringing world-class financial services to Kenya and the region, empowering businesses to scale while promoting economic inclusion and innovation,” Ms Mulili said.
