L-r: West Africa Director and of Office Africa Coverage, BII West Africa, Benson Adenuga; Managing Director and Head of Africa, BII, Chris Chijiutomi; Lok Mishra, Chief Executive Officer, UBA UK, Loknath Mishra; Group Managing Director, United Bank for Africa (Plc) during the signing of letter of intent to develop trade finance collaboration opportunities
United Bank for Africa (UK) Limited and British International Investment (BII) have signed a letter of intent to explore collaboration on trade finance, in a move aimed at expanding access to funding for businesses across Africa.
The proposed partnership is designed to address one of the continent’s biggest economic challenges—limited access to trade and working capital—particularly for small and medium-sized enterprises (SMEs).
According to estimates by the African Development Bank, Africa faces an annual trade finance gap of over $80 billion, a shortfall that continues to hinder import and export activities across the continent.
Under the agreement, UBA UK will leverage its extensive network across 20 African countries to originate and structure trade finance deals, while BII will provide support for transactions that may fall outside traditional commercial risk appetite.
Chief Executive Officer of UBA UK, Lok Mishra, described the agreement as a major milestone for the bank’s global expansion strategy.
“Working alongside BII, we can mobilise capital where it matters most and help close the trade finance gap that holds back African potential,” he said.
Also speaking, BII’s Managing Director and Head of Africa, Chris Chijiuitomi, said the collaboration aligns with the institution’s commitment to driving private sector growth across Africa.
“Trade finance is a critical enabler of growth, and this partnership with UBA Group will help expand access to funding, especially in frontier markets,” he noted.
The initiative comes amid growing momentum around the African Continental Free Trade Area, which took effect in 2021 and is expected to significantly boost intra-African trade.
Both institutions identified AfCFTA as a key driver for the proposed trade finance facility, with UBA’s pan-African presence positioning it to support businesses navigating the evolving continental market.
The collaboration also aligns with broader UK government efforts to strengthen economic ties with Africa and reinforces London’s role as a global financial hub for Africa-focused investments.
However, both parties noted that the partnership remains subject to further due diligence and internal approvals before full implementation.
UBA Group currently operates in 20 African countries as well as the United Kingdom, United States, France, and the United Arab Emirates, serving over 45 million customers globally. Meanwhile, BII has investments in more than 1,600 businesses across 66 countries, with a strong focus on sustainable development and climate finance.