Ghanaian small and medium enterprises (SMEs) will be smiling to the bank as they stand to benefit from a $6 billion investment from the United Bank for Africa (UBA) Plc.

The Banks in a major initiative in partnership with the African Continental Free Trade Area (AfCFTA) Secretariat will inject $6 billion into funding SMEs across the continent.

Group Managing Director and CEO, Oliver Alawuba, who used to head the Ghana office disclosed that Ghanaian SMEs are set to benefit from approximately $300,000 of this investment.

“Our primary focus is to be the payment bank for capital flow, trade, and investment between Africa and the rest of the world,” Mr Alawuba stated.

He said this during the global launch of Africa's Global Bank, marking its 75th anniversary with a grand celebration at its headquarters in Lagos, Nigeria.

He emphasised UBA's commitment to driving growth through innovation and digital transformation.

This milestone coincides with UBA Ghana’s 20th anniversary, following its merger with Standard Trust Bank in 2005, marking its first subsidiary outside Nigeria.

During the launch event, Mr Alawuba highlighted the bank’s significant achievements noting many firsts.

Notably, UBA was the first Nigerian bank to list on the Nigerian Stock Exchange and remains the only sub-Saharan African bank with a deposit-taking license in the United States.

He also underscored the bank’s dedication to sectors such as education, healthcare, entrepreneurship, and environmental sustainability.

Reflecting on UBA’s journey, Alawuba praised the bank’s evolution into a global financial powerhouse, with a presence in 20 African countries and four major international financial hubs: New York, London, Paris, and Dubai.

The bank proudly serves over 35 million customers and operates with a workforce of 25,000 employees, alongside a network of over 250,000 Point of Sale (PoS) terminals.

In his remarks, Mr. Muyiwa Akinyemi, Group Deputy Managing Director for UBA Africa, lauded the bank’s legacy of reliability, stability, and excellence over the past 75 years.

He attributed the bank’s success to its unwavering commitment to exceptional customer experience, financial robustness, and resilience.

“We are committed to offering value that enhances the experiences of customers at every contact point,” Akinyemi affirmed.

Highlighting UBA’s impressive financial performance in 2023, Alawuba revealed that the bank’s profits had soared to $1.06 billion, with gross earnings rising by 143% year-on-year.

He also suggested the potential for the bank’s share price to reach N100, reflecting the institution's strong market position and growth prospects.

The celebration of UBA’s 75th anniversary not only marks a significant milestone in its history but also signals a continued commitment to fostering economic development and innovation across Africa and beyond.