Union Bank of Nigeria has strengthened its position as a key financial partner to small businesses after securing the Best SME Growth Banking Initiatives Award for 2025 from Association of Small Business Owners of Nigeria at the Nigeria National SME Business Awards held in Lagos.
The recognition underscores the bank’s growing influence in Nigeria’s small and medium-sized enterprise sector, a critical segment widely regarded as the backbone of the country’s non-oil economy. SMEs account for a significant share of employment and economic activity in Nigeria but continue to face challenges ranging from limited access to financing to cumbersome banking processes and rising operating costs.
According to ASBON, the award recognised Union Bank’s strategic efforts to improve business banking accessibility and strengthen the resilience of SMEs through tailored financial products, digital platforms, and customer-focused solutions aimed at accelerating business growth.
Receiving the award on behalf of the bank, Ayokunnumi Abraham described the recognition as validation of the institution’s long-term commitment to supporting Nigerian entrepreneurs and business owners.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible,” Abraham said.
He added that enhancements to the bank’s specialised digital platform, Union360, had significantly reduced onboarding timelines for business customers, improved digital adoption rates, and supported the acquisition of new SME clients.
The bank’s focus on digital transformation comes at a time when Nigerian lenders are increasingly investing in technology-driven banking services to deepen financial inclusion and improve efficiency for businesses navigating inflationary pressures, foreign exchange volatility, and tighter operating margins.
Industry analysts say financial institutions that simplify access to banking services for SMEs are likely to gain stronger customer loyalty and expand their share of Nigeria’s fast-growing entrepreneurial market. The push toward digitised banking solutions has also become increasingly important as businesses demand faster payment processing, streamlined account opening procedures, and improved access to working capital.
The Nigeria National SME Business Awards, organised by ASBON in collaboration with the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment, brought together policymakers, financial institutions, and private-sector stakeholders to celebrate organisations driving measurable impact within Nigeria’s SME ecosystem.
Union Bank said it remains focused on expanding customer-led solutions that strengthen business sustainability and unlock growth opportunities for entrepreneurs across multiple sectors of the economy.
As competition intensifies within Nigeria’s banking industry, the award is expected to further reinforce Union Bank’s reputation as one of the lenders prioritising SME-focused innovation and long-term enterprise development.
