Union Bank, Wakanow Partner To Boost Affliate Lending

Foremost financial institution in Nigeria, Union Bank, had entered into a partnership with the country’s first and leading online travel company, Wakanow.com, in a bid to improve business turnover of the company’s affiliates.

The deal, according to a statement made available to Aproko247, was signed to provide a global limit of N1 billion overdraft with N1 billion or more per affiliate/ agent subject to performance.

Head of Commercial Banking and Regional Executive of Union Bank, Kingsley Ulinfun, disclosed that the partnership ‘gives the bank an opportunity to work with growing businesses and expose the banks revamped services,’ which said is ‘about growth; Growth for the Affiliates, Growth for Wakanow and Growth for Union Bank.’

The statement explained that the partnership is structured to provide funding to qualified agents/affiliates of Wakanow to improve business turnover and grow their margins. In addition, by making funding more accessible to this market segment will led to expansion of the travel industry as a whole.

To qualify for this partnership scheme, the existing Wakanow sub Agents/ Affiliates must be a registered Nigerian company in existence for a minimum of two years with a monthly sales figure of N2million and a clean credit bureau record.

‘Union Bank believes partnerships like these are key to the development of industries across the country. The coming together of different industries to achieve economic empowerment across different segments of society remains the ultimate objective of these initiatives,’ the statement noted.

Wakanow.com is Nigeria’s first and leading online travel company that provides customers with everything they need to research, plan and purchase a trip locally and globally. Wakanow.com offers travelers the cheapest available fares for flights, hotel reservations, airport pickups, visa assistance, vacation packages and many other travel services from a broad selection of partners. Established in 2008, Wakanow was founded as Nigeria’s first online travel company to bridge the gap and inefficiencies in Nigeria’s online travel space.

Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognizable brand, with an extensive network of over 350 branches across Nigeria.