UBA Kenya has lowered its lending rate from 16.22 percent to 14.79 percent in a major move to cushion borrowers against higher loan interest rates. The move follows the Monetary Policy Meeting (MPC) decision to lower the Central Bank Rate (CBR).
“We hereby notify our customers that we shall adjust our base lending rate downwards from 16.22 percent to 14.79 percent per annum with effect from March 5, 2025,” said the lender in a statement. The adjustment will apply to all existing and new Kenya Shilling-dominated credit facilities.
UBA Kenya has been at the forefront of supporting Kenyan entrepreneurs and SMEs to grow and amplify their business from ideas to maturity. Through the Tony Elumelu Foundation, Kenyan entrepreneurs have been receiving at least 5,000 dollars each as a grant to grow their business ideas.
Related Content: UBA Kenya’s $282 Million Commitment to Empower Entrepreneurs
The lowering of the lending rate after UBA Kenya moved to turbocharge Kenya’s small and medium-sized enterprises (SMEs) by unveiling a massive $282 million commitment to SME lending for 2024–2026 in an agreement signed through UBA Plc and the African Continental Free Trade Area (AFCFTA).
Kenya’s SMEs are the heartbeat of the economy, accounting for about 40% of GDP and employing millions. Yet, these businesses often face a common nemesis: limited access to affordable financing. That’s where UBA Kenya comes in. With a war chest of $282 million, SMEs across the country now have a shot at overcoming barriers, scaling operations, and breaking into regional and international markets.
During the week, Tony O. Elumelu, the Group Chairman of United Bank for Africa (UBA) and the founder of the Tony Elumelu Foundation (TEF) secured a $6 million partnership with the UAE Office of Development Affairs and the Khalifa Bin Zayed Al Nahyan Foundation.
The initiative will provide 1,000 young African entrepreneurs with much-needed funding, mentorship, and business training, equipping them with the tools to build and sustain businesses that will drive economic transformation across the continent.
The collaboration between the Tony Elumelu Foundation and its UAE partners comes at a crucial time when African youth are increasingly looking for opportunities to turn their innovative ideas into thriving businesses.
With Africa’s population expected to double by 2050 and youth unemployment remains a pressing challenge, initiatives such as this one are essential in fostering a culture of entrepreneurship that can generate jobs and reduce poverty.
Related Content: UBA Group To Officially Start Operations In France
