UTB Market Expansion in Financial Services

Project Description

Market expansion opportunity in Sierra Leone's financial services sector, capitalizing on growing demand for retail and SME banking services. UTB offers credit products including bank overdrafts (working capital for individual and corporate businesses), corporate loans (working capital and fixed term loans), salary loans (35% of annual salary, min SLL 1k max SLL 50k), and SME/MM loans (working capital and fixed assets for small and medium enterprises, min SLL 1k max SLL 50k). The banking industry posted 85% growth in profit before tax from Oct-22 to Oct-23, with deposits at NLe 21,049.41K, loans and advances at NLe 3,572.59K (6% growth), and T-Bills at NLe 11,559.77K. With customer credit at USD 131M (Sep 2023) and access to credit at less than 10% of the population, there is significant untapped market potential. The bank's mission is to establish an efficient, sound, and enduring financial institution that explores the tremendous human and material potentials of the country to create national wealth and ensure lasting prosperity.