L-R: President, Association of Small Business Owners of Nigeria (ASBON), Dr. Femi Egbesola and Head, SME Segment, Union Bank of Nigeria, Mr. Ayokunnumi Abraham during the presentation of the Best Bank for SME Growth Banking Initiative Award, 2025, to Union Bank of Nigeria at the 6th Nigeria National SME Business Awards (NNSBA), held at Rotary Centre, Ikeja, Lagos on April 30, 2026.
By Peace Udugba
Union Bank of Nigeria has been named the 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 (ASBON) in collaboration with the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The recognition comes at a time when the relationship between financial institutions and small businesses in Nigeria is evolving, with greater emphasis on practical support that enables entrepreneurs to operate efficiently and sustainably.
Unlike traditional award criteria that often focus on scale and product range, the ASBON recognition highlights banks that provide real value to small and medium-sized enterprises (SMEs) by addressing everyday operational challenges. This includes improving access to finance, simplifying onboarding processes, and delivering reliable digital banking solutions.
Industry observers note that for many Nigerian SMEs, success is increasingly defined by stability rather than rapid expansion. Business owners now prioritise consistent cash flow, seamless payment systems, and timely access to funding. These changing needs are reshaping expectations of banking services, placing a premium on efficiency and responsiveness.
Union Bank’s SME-focused strategy over the past year has centred on addressing key pain points identified by entrepreneurs. One major area of improvement has been in customer onboarding. Through enhancements to its Union360 platform and the introduction of a Straight-Through-Processing (STP) digital onboarding system, the bank has significantly reduced the time required for businesses to open accounts and begin transactions.
The bank has also strengthened its digital infrastructure to support the multi-channel nature of modern SME operations. Many small businesses now rely on a mix of payment options, including transfers, point-of-sale (POS) systems, mobile money, and online platforms. Union Bank’s systems are designed to function seamlessly across these channels, ensuring reliability for users.
Access to credit remains a major challenge for SMEs in Nigeria, particularly for businesses lacking traditional collateral or extensive financial records. In response, Union Bank has adopted a more flexible approach to credit assessment, placing greater emphasis on transaction history, account activity, and cash flow patterns. This shift has enabled more entrepreneurs to qualify for funding tailored to working capital, inventory, and equipment needs.
Beyond digital solutions, the bank has maintained a strong human engagement model. Its SME support structure includes relationship managers, sales agents, and branch networks nationwide, providing personalised assistance to business owners. Initiatives such as the “Adopt, Engage and Grow” campaign further demonstrate the bank’s commitment to building long-term relationships with SMEs.
Union Bank’s recognition is also linked to its partnership with ASBON through the SME Empowerment Challenge. The initiative encouraged entrepreneurs to formalise their operations by maintaining proper records, separating personal and business finances, and developing structured growth plans. Stakeholders say such practices are critical for accessing loans, grants, and broader market opportunities.
Analysts view the ASBON award not merely as a ceremonial honour but as an indication of shifting priorities within Nigeria’s SME ecosystem. With small businesses accounting for a significant share of employment and economic activity, banks that offer accessible financing, efficient systems, and consistent support are seen as key drivers of inclusive growth.
Union Bank stated that the award reflects its ongoing commitment to strengthening the SME sector through innovation, partnership, and customer-focused solutions. The bank added that it will continue to invest in initiatives that enhance export readiness, improve financial access, and support sustainable business development.
The recognition underscores the growing importance of practical, long-term support for SMEs, positioning Union Bank as a key player in advancing Nigeria’s small business economy.
