UBA to open a subsidiary in Togo
It will be dedicated to SMEs.The president of Nigerian banking group UBA, Tony Elumelu, has announced plans to open a subsidiary in Lome for financing small and medium-sized enterprises (SMEs).
"The private sector holds the key to unlock the economic and human potential of Africa," he told newspaper Le Monde.
According to a study by the University of Lomé, about 80 per cent of SMEs are based in the Togolese capital.
Among them, 72 per cent financed their creation with their own capital, while just over 23 per cent took a loan from a financial institution.
These statistics reveal a problem of access to finance for SMEs in Togo, and the launch of this bank for SMEs should contribute to improving the situation.
first phase of expansion that saw it settle in fifteen African countries in five years (2007-2011), UBA is about to launch in seven other locations, mainly in countries of the Franc Zone.
"We are a truly pan-African institution and after a period of consolidation, we know that the continued expansion of our footprint in Africa is a key objective," said Fogan Sossah in a statement from UBA.