London, March 16, 2026 — United Bank for Africa (UK) Limited and British International Investment plc have signed a Letter of Intent to explore a strategic partnership aimed at expanding trade finance opportunities for businesses across Africa.
The proposed collaboration seeks to tackle one of the continent’s most persistent economic challenges—limited access to trade and working capital. Many African businesses, particularly small and medium-sized enterprises (SMEs), struggle to obtain essential financial instruments such as letters of credit, guarantees, and supply chain financing. According to the African Development Bank, the trade finance gap in Africa exceeds $80 billion annually.
Under the initiative, UBA UK will leverage its position as the trade operations hub of the United Bank for Africa Plc to originate and structure transactions through its extensive network spanning 20 African countries. Meanwhile, BII will provide support for deals that may fall outside traditional commercial risk thresholds, aligning with its mandate to drive inclusive and sustainable economic growth.
Speaking on the development, UBA UK CEO Loknath Mishra described the agreement as a significant milestone for the bank’s global expansion strategy.
“This collaboration strengthens our ability to connect African businesses to global financial systems, mobilising capital where it is most needed and helping to unlock the continent’s trade potential,” he said.
On his part, Chris Chijiutomi подчеркed the importance of trade finance in stimulating private sector growth across Africa.
“We are pleased to partner with UBA Group to expand access to vital financing tools, particularly in frontier markets where the need is greatest,” he noted.
The partnership aligns with the goals of the African Continental Free Trade Area, which aims to deepen intra-African trade and economic integration. Both institutions view the operationalisation of AfCFTA as a key driver for scaling trade finance solutions across the continent.
It also complements broader UK-Africa economic engagement efforts and reinforces London’s role as a global financial hub supporting Africa-focused investments.
The agreement remains subject to further due diligence and internal approvals by both organisations.
About UBA UK
UBA UK is the London-based subsidiary of United Bank for Africa Plc, offering trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
About UBA Group
United Bank for Africa is one of Africa’s leading financial institutions, operating in 20 African countries as well as the UK, US, France, and UAE, serving over 45 million customers globally.
About BII
British International Investment is the UK’s development finance institution, focused on investing in businesses that promote economic growth, reduce poverty, and address climate challenges across developing markets.
