May 06, (THEWILL) — Union Bank of Nigeria Plc has been named winner of the Best SME Growth Banking Initiatives Award (2025) at the Nigeria National SME Business Awards organised by the Association of Small Business Owners of Nigeria in partnership with the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The recognition comes at a time when Nigerian small businesses are navigating rising operating costs, tighter credit conditions and increasing digital competition, forcing banks to rethink how SME support is delivered.
For years, SME banking in Nigeria was largely assessed by the size of loan books or the number of specialised products offered. Increasingly, however, small business owners are prioritising execution how quickly accounts can be opened, how efficiently payments move, and whether credit structures align with daily cash flow realities rather than rigid documentation requirements.
Union Bank’s SME strategy during the review period has focused on operational efficiency and accessibility. Through upgrades to its Union360 digital platform and the deployment of a Straight-Through-Processing onboarding system, the bank has shortened account activation timelines, allowing entrepreneurs to begin transactions more quickly with fewer administrative barriers. This has become particularly relevant for businesses managing multiple payment channels such as transfers, POS terminals and mobile collections.
On the lending side, the bank has increasingly adopted cashflow-informed credit models where transaction history and account activity complement traditional collateral requirements. The approach has widened financing access for businesses with strong operational turnover but limited formal documentation a common challenge within Nigeria’s largely informal SME sector.
Union Bank has also maintained physical engagement with businesses through its “Adopt, Engage and Grow” initiative, combining digital banking with relationship management and branch-level support.
The bank’s collaboration with ASBON through the SME Empowerment Challenge which promotes formalisation, structured record-keeping and financial discipline further strengthened its engagement with entrepreneurs.
The award reflects a broader shift in Nigeria’s banking landscape, where institutions that combine digital efficiency, flexible credit models and direct engagement with small businesses are increasingly shaping SME-led economic growth.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
