June 13, 2024

  • Bitcoin(BTC)$24,383.00-1.66%
  • Ethereum(ETH)$1,657.83-2.53%
  • Tether(USDT)$1.000.18%
  • BNB(BNB)$310.23-1.26%
  • USD Coin(USDC)$1.000.10%
  • XRP(XRP)$0.39-0.81%
  • Binance USD(BUSD)$1.000.05%
  • Cardano(ADA)$0.39-2.73%
  • Dogecoin(DOGE)$0.09-2.67%
  • Polygon(MATIC)$1.38-6.66%
parkisgold-zz

Union Bank Partners BFREE on Loan Revitalisation

0 42
Union Bank

CEM REPORT, FINANCE | In a strategic effort to enhance financial stability and support economic growth in Nigeria, Union Bank of Nigeria and BFREE, have inked an agreement that will explore the acquisition of distressed loan portfolios from Union Bank.

The memorandum of understanding (MOU) bears a primary focus on refinancing non-performing loan portfolios, particularly those that have experienced delays in repayment or have already been written off.

This significant agreement which was formalized during the German-Nigerian Business Forum held in Berlin, Germany, holds potential investment cap of $40 million.

parkisgold-zz

The German-Nigerian FinTech firm, BFREE, comes on board with AI-driven automated interaction with loan customers which is expected to facilitate discussions and agreements on revised loan terms.

This streamlined approach enables the rapid review of many loan agreements within short periods, resulting in higher repayment rates and reduced instances of loan write-offs for Union Bank.

Commenting on the partnership Executive Director of Union Bank, Joe Mbulu, said, the partnership will enhance the bank’s ability to provide loans tailored for its customers.

“We are excited about the strategic partnership with BFREE as it aligns with Union Bank’s commitment to innovation and adaptability. This collaboration signifies our dedication to finding innovative solutions to the economic challenges faced by our customers.

“By leveraging BFREE’s advanced AI capabilities, we aim to enhance the efficiency of our loan portfolio management, ensuring flexibility for our customers in these challenging times. This partnership reflects Union Bank’s proactive approach to navigating the evolving financial landscape and reinforces our commitment to providing sustainable financial solutions to individuals and businesses in Nigeria.”

Chief Executive Officer of BFREE, Julian Flosbach, on his part said: “BFREE is thrilled to announce our strategic partnership with Union Bank, a collaboration that underscores our joint commitment to innovation and resilience in the face of economic challenges. With a track record of successfully managing over 4 million distressed customers across Africa, BFREE brings extensive experience to the table.

[READ ALSO] Delays in MPC Meeting could Harm the Economy

“Our proprietary AI capabilities will play a crucial role in streamlining Union Bank’s loan portfolio management, offering unparalleled flexibility to customers during these challenging times. The commitment of our financing partners is instrumental in driving this initiative, highlighting their dedication to supporting Union Bank’s revitalisation efforts,” he said.

Share this

Leave a Comment

parkisgold-zz
glo advert
WP Twitter Auto Publish Powered By : XYZScripts.com