Unity Bank Disburses N500m to Support Nigerian Traders
Unity Bank has disbursed over N500 million through its SHOP Collateralized Financing (SHOCOF) initiative to support small-scale traders and shop owners across Nigeria. This innovative loan product aims to enhance access to finance for traders, particularly in Southeast Nigeria, where it has quickly gained traction due to its flexible and tailored structure.
The initiative allows traders to secure funding without the stringent collateral requirements associated with traditional lending structures. This approach simplifies access to credit and enables beneficiaries to restock goods, increase inventory turnover, and improve cash flow in response to market demand.
Recent reports indicate that 80 percent of Nigeria's small businesses operate informally, relying on personal savings and informal borrowing channels due to limited access to bank credit.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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