Bank unveils initiative to support tech start-ups

Union Bank Plc has launched a unique banking initiative, TechVentures, which provides tailored services to technology companies, to support tech-based businesses in various stages of their lifecycles.

Besides, the scheme would also provide technology businesses with services which include access to venture capital funding, business advisory and mentorship as well as accelerator partnerships.

The initiative was unveiled at TechPoint Build, a leading technology conference for tech experts, investors, start-ups and owners of tech-enabled businesses in Lagos. Speaking at the launch, Head, Commercial Banking, Union Bank, Kunle Sonola, said the bank was focused on developing services that offer real value adding solutions for emerging and established sectors and ecosystems in Nigeria.

According him, TechVentures was designed in response to the emergence and accelerated growth seen in the tech space and to encourage more Small and Medium Enterprises (SME’s) to get into the technology sector. He said: “Our goal is to capture these businesses from startup stage, when they are just nursing an idea, and support them until they build unicorns because we believe that these businesses will drive a new economy in Nigeria.

“We are committed to being Nigeria’s most reliable and trusted banking partner and remains focused on delivering the simplest smartest solutions and guaranteeing the best experience with a strategy focused on upskilled employees, optimized processes and platforms, robust technology and a re-energized brand.”

Meanwhile, the bank in partnership with Co-Creation Hub, last year, launched a first-of-its-kind business acceleration programme ‘Start up Connect’ which provides opportunity for Nigerian businesses creating technology-based solutions for the emerging African market , to partner with the Bank and the social innovation center for rapid growth.