Union Bank of Nigeria has been recognised with 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 award highlights the bank’s efforts in supporting small and medium sized enterprises (SMEs) through improved access to banking services, financing and digital tools.

Industry observers note that the recognition reflects a broader shift in SME banking, where ease of doing business, faster transactions and accessible credit are becoming more important than the range of financial products offered.

Union Bank has introduced upgrades to its Union360 platform and deployed a Straight Through Processing digital onboarding system to reduce account opening time and improve access for business customers.

The bank has also adjusted its lending approach by placing greater emphasis on transaction history and cashflow patterns, enabling more SMEs, especially those without traditional collateral to access financing for working capital and expansion.

In addition to digital services, the bank maintains a nationwide network of relationship managers and support teams to provide direct engagement with SME customers.

Its collaboration with ASBON through the SME Empowerment Challenge further encouraged better financial record keeping and business structuring among entrepreneurs.

The award underscores the growing role of financial institutions in supporting Nigeria’s SME sector, which remains a key driver of employment and economic growth.