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UBA Announces Credit Line to Finance Mozambican SMEs

UBA Announces Credit Line to Finance Mozambican SMEs

The United Bank for Africa (UBA) in Mozambique announced on Monday, 20 May, in Maputo, that it has a credit line to finance Small and Medium Enterprises (SMEs) operating in the country, stressing that it also has products and services available capable of transforming the national business environment.

Quoted by Agência de Informação de Moçambique (AIM), the bank’s executive director, Pedro Marringuene, explained that by making this funding available, UBA intends to renew its commitment to serving Mozambicans better by investing in innovative and easy technologies.

He also revealed that the bank is implementing new ways of accessing credit, emphasising that there is a package created especially for women entrepreneurs.

‘There is a line of credit available for women entrepreneurs, as well as a training programme for those wishing to start a business for the first time,’ he said.

In March, in partnership with the CTA, the UBA launched a line of finance aimed at supporting Micro, Small and Medium-sized Enterprises (MSMEs), with a focus on the agro-processing, automotive, pharmacy, transport and logistics sectors.

At the time, it was made clear that the launch of the line was marked by the signing of a memorandum of understanding formalising the partnership between the bank, represented by its chairman Agostinho Vuma, and UBA, represented by its CEO Rotimi Morohunfola.

The financing totalled 50 million dollars (3.1 billion meticals), to be allocated to MSME projects starting at 150,000 dollars (9.4 million meticals).

UBA Mozambique has been operating in the country for ten years and currently has representation in the provinces of Maputo, Sofala and Nampula, but is planning to expand in order to guarantee nationwide coverage.

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