UBA signs MOU with SMEDA for Development of SMEs in Sierra Leone

UBA signs MOU with SMEDA for Development of SMEs in Sierra Leone

United Bank for Africa Sierra Leone Limited has signed a partnership Memorandum of Understanding with The Sierra Leone Small and Medium Enterprises Development Agency (SMEDA) at SMEDA’s Head Office on Wednesday, November 30, 2022. As part of UBA’s Financial Inclusion and Sustainable development drive, the goal of this partnership is to take the lead in the growth and development of SMEs in the country and partnering with SMEDA is ideal to achieving this drive as SMEDA is charged with the responsibility to design and implement development support programmes and schemes for SMEs.

In his remark during MOU signing event, the MD/CEO of UBA Sierra Leone, Mr. Usman Isiaka noted that this partnership aligns with the strategic focus of the UBA Group of growing the SME business segment across all the 20 countries where the bank operates in Africa with establishment of an SME Business Unit in the bank and development of various products and services that are specifically designed to meet the requirements of the small and medium business owners. He stated further that, UBA Sierra Leone will be leveraging on the global expertise of its parent company, UBA Plc to support SMEDA towards the achievement of it’s objectives in the SME space.

This partnership marks the beginning of a mutual beneficial relationship between UBA Sierra Leone, SMEDA and the entire SME stakeholders in Sierra Leone.

In attendance during the signing of the MOU were Mr. Usman Imam Isiaka (MD/CEO, UBA), Mr. Sharka Samuel Sannoh (CEO, SMEDA), Mr. Melvin Foray (Enterprise Development Planning and Development Manager-SMEDA), Mrs. Victoria Olukotun (Head, Retail Banking, UBA), Mr. Samuel Soka (Head, SME Banking, UBA) and cross section of senior staff of SMEDA.

The SMEDA is a government entity established under the SMEDA Act No.11 of 2016. The Act was developed through a stakeholder’s consultation and a Memorandum of Understanding (MOU) signed between the Bank of Sierra Leone, the Ministry of Finance, Ministry of Trade and Industry and the International Labour Organization (ILO) to fine-tuned the SME policy and strategy that was developed in 2014.