Best bank for SMEs 2025: United Bank for Africa (SL)
United Bank for Africa demonstrated remarkable performance in Sierra Leone, taking the country’s award for best bank for SMEs.
In 2024, despite a fall in SME portfolio composition, the bank’s SME business unit experienced a financial leap, achieving a 68% increase in revenue from $17.3 million in 2023 to $29 million in 2024. This growth underscores not only improved efficiency and product integration but also an enhanced revenue generation from its SME clients.
In response to the distinct needs of small and medium enterprises, United Bank for Africa has innovatively introduced several bespoke SME products and digital enhancements. Noteworthy among these are the AfCFTA/UBA loan product and working capital loans which have been crucial in facilitating cross-border trade and bolstering liquidity.
The bank has advanced its digital platforms by enhancing internet and mobile banking, deploying dollar prepaid cards, and introducing a ‘Push and Pull’ initiative, which ensures seamless payments for micro, small and medium enterprises.
Additionally, United Bank for Africa has strategically bolstered its relationship management and inclusive onboarding approaches. The establishment of a specialised SME desk, which aids in simplifying business registration, account opening and finance accessibility, reflects the bank’s commitment to SME development.
Moreover, the bank has launched the UBA Business Tok Series and Connect with Your Customer initiatives, which are pivotal in building capacity and engaging clients. The introduction of QR code tools for instant feedback further signifies the bank’s endeavours to enhance service delivery and client satisfaction, rounding out a comprehensive strategy to support and transform Sierra Leone’s SME sector.
