Unity Bank Disburses N500m to Empower Nigerian Traders

Unity Bank Plc has disbursed over N500 million through the Shop Owner Collateral Facility (SHOCOF) to empower traders and enhance small and medium enterprises (SMEs) across Nigeria. This initiative aims to strengthen small businesses and deepen financial inclusion by allowing eligible customers to access loans without the stringent requirements associated with traditional lending structures.

The SHOCOF initiative, which was launched to target traders in Southeast Nigeria, has gained widespread acceptance due to its flexible structure and prompt banking support. According to reports, 80% of Nigeria's small businesses operate informally and largely depend on personal savings or informal borrowing channels.

Olusegun Oladipo, Group Head of Risk Management at Unity Bank, stated that the product provides practical financial solutions tailored to the realities of the informal sector. Adenik Abimbola, Division Head of SME Retail Banking at Unity Bank, noted that the nationwide expansion reflects the growing demand for financial access among small business owners.

The bank remains committed to supporting entrepreneurs with tailored financial solutions.