UBA Kenya has received $282 million (Sh37.5 billion) from its parent firm for lending to small and medium-sized enterprises (SMEs) over the next three years, joining the growing list of lenders directing money to small businesses.
The lender, which is marking 15 years in Kenya, said Tuesday the amount has been allocated from the $6 billion (Sh789 billion) SME funding agreement that its parent company, United Bank of Africa (UBA) Plc, signed with the African Free Trade Area (AfCFTA) to disburse to small businesses across Africa.
