The decision by a German-Nigerian FinTech company, Bfree, to inject $40 billion in Nigeria’s Union Bank is aimed to revitalize the bank’s distressed loan portfolios.
Confiance News gathered from a Leadership report on Tuesday.
In order to seal the deal, a Memorandum Of Understanding (MOU) was signed during the recent German-Nigerian Business Forum in Berlin.
Confiance News gathered that Bfree was founded by Julian Flosbach who is the Chief Executive Officer (CEO), Chukwudi Enyi, the Chief Operating Officer (COO) and Moses Nmor, Chief Product Officer (CPO) inspired by the need to introduce ethical debt recovery tools and processes in emerging markets.
Reacting to the deal, Floshbach said: “Bfree is thrilled to announce our strategic partnership with Union Bank, a collaboration that underscores our joint commitment to innovation and resilience in the face of economic challenges.”
On his part, the Executive Director of Union Bank, Joe Mbulu said, “We are excited about the strategic partnership with BFREE as it aligns with Union Bank’s commitment to innovation and adaptability. This collaboration signifies our dedication to finding innovative solutions to the economic challenges faced by our customers.
Confiance News also learnt that beyond the Union Bank deal, the company has interest in emerging markets and has raised capital as much as $1.7 to tap into opportunities in it.