Africa faces an estimated $100 billion trade finance shortfall, and UBA UK’s newly appointed CEO, Loknath Mishra, said the bank is positioning itself to help fill it and connect African businesses to global markets.
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Speaking on Arise TV’s Global Business Report on Monday, Mishra said UBA will leverage its Pan-African network and London operations to unlock capital, strengthen correspondent banking relationships and support African corporates and SMEs in accessing international trade opportunities.
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“The global trade order is changing, supply chains are being rewritten, and Africa is increasingly becoming a reliable and strategic partner. UBA has a significant role to play in ensuring Africa is connected to the globe, and UBA UK plays a critical role in providing hard-currency liquidity, structured trade finance and settlement services through London’s financial infrastructure,” he said.
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He highlighted that several international banks are retreating from African markets, even as trade across the continent is projected to grow faster than in many other regions.

He noted that the bank’s presence across 20 African countries enables UBA to connect buyers and sellers seamlessly, while UBA UK ensures efficient foreign currency settlement and international trade structuring.
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Mishra also pointed to the African Continental Free Trade Area (AfCFTA) and South-South trade as key opportunities.

“Intra-African trade currently stands at about 12–15 per cent, compared to roughly 60 per cent in Europe,” he said.

“As Africa moves from raw material exports to processed goods and manufactured products, the demand for sophisticated trade finance solutions will increase — an area where UBA’s international subsidiaries will play a vital role,” he said.
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UBA Group CEO, Oliver Alawuba, described Mishra’s appointment as a signal of the bank’s commitment to expanding Africa’s integration into the global economy.
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Mishra added that his vision extends beyond balance sheet metrics.

“Success is when African corporates and banks see UBA UK as the first bank to approach for global business, and when international investors think of UBA when they think of Africa,” he said.

Meanwhile, the state government-backed e-taxi service, Lagride, has set a target of deploying 3,500 vehicles under its drive-to-own scheme backed by the $100 million financing facility from UBA as the ride-hailing platform formally handed over keys to its first batch of qualifying captains in Lagos.
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The projection was disclosed at a key handover ceremony in Lagos, where keys were presented to qualifying captains.
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The rollout positions a restructured ownership model for future scale, designed to move drivers from structured rentals into long-term asset ownership, with eligibility determined by documented performance, operational discipline and compliance standards.
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Executive Director of Lagride, Mildred Ekanem, described the rollout as a measurable milestone rather than a ceremonial gesture.
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“We are marking a major milestone with the first cohort receiving keys under Drive-to-Own,” she said. “This is a pathway designed to lead hardworking captains from daily earnings to long-term ownership. It is built on structure, consistency, safety and operational discipline,” Ekanem said.