UBA, ATI collaborate to boost regional, international trade

United Bank for Africa (UBA) Plc, one of the largest financial services group in Africa, has entered into a partnership with the African Trade Insurance Agency (ATI) to ease the flow of credit to clients engaging in regional and international trade.

The partnership was announced on Monday, September 22, 2014 in Nairobi, Kenya, after officials of both institutions led by Kennedy Uzoka, CEO, UBA Africa, and George Otieno, ATI’s chief executive officer, signed the agreement to formalise the deal.

Under the agreement, ATI will provide insurance cover for eligible UBA Group transactions with its unique range of political risk and trade credit insurance products. The risk mitigation services will provide an alternative to collateral for UBA’s corporate clients, who may otherwise face financial constraints in obtaining credit, while also protecting them against cross-border trade risks and a broad range of investment risks.

“UBA is keen to boost inter and intra-African trade because of its capacity to accelerate development and integration across the continent. Over the years, we have supported our customers to grow their business network across Africa and internationally in pursuit of a more prosperous Africa. UBA’s partnership with ATI will ease the flow of credit to our customers and help them expand their businesses across the continent”, said Uzoka, CEO, UBA Africa.

Intra-Africa trade is estimated to be one of the lowest globally at just 10% of total trades on the continent.