Unity Bank has disbursed over N500m through SHOCOF to empower traders and boost SMEs in Nigeria.
NewsOnline Nigeria reports that Unity Bank Plc has disbursed over N500 million to traders and shop owners across Nigeria through its innovative Shop Collateralised Facility (SHOCOF), as part of efforts to strengthen small businesses and deepen financial inclusion.
The initiative, designed to support operators in the informal sector, enables eligible customers to use their shops as collateral to access loans without the stringent requirements associated with traditional lending structures.
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Initially launched as a targeted intervention for traders in Southeast Nigeria, SHOCOF gained widespread acceptance due to its flexible structure and accessibility, prompting the bank to expand the scheme nationwide.
According to the bank, the facility provides working capital support that helps beneficiaries restock goods, improve inventory turnover, strengthen cash flow, and respond more effectively to market demands.
With reports showing that more than 80 per cent of Nigeria’s small businesses operate informally and largely depend on personal savings or informal borrowing channels, SHOCOF was developed to bridge the financing gap confronting traders and small-scale entrepreneurs.
Speaking on the initiative, Olusegun Oladipo, Group Head of Risk Management at Unity Bank, said the product was created to provide practical financing solutions tailored to the realities of informal sector businesses.
“SHOCOF was created to address a critical gap within the small business ecosystem by providing access to credit through a structure that traders can satisfactorily meet without much ado,” Oladipo said.
He added that the bank recognised the value and stability embedded in small businesses and leveraged this to support traders with the capital needed to sustain and expand their operations.
Also speaking, Adenike Abimbola, Divisional Head of SME and Retail Banking at Unity Bank, noted that the nationwide expansion of the initiative reflects the growing demand for accessible financing among small business owners.
“What started as a targeted intervention in the Southeast quickly gained momentum because the product directly addressed the realities of everyday traders,” she said.
Unity Bank added that it remains committed to supporting entrepreneurs through targeted financial solutions, including its Yanga account package tailored for female entrepreneurs.
The bank reiterated that expanding access to capital for underserved business segments is critical to boosting trade, strengthening local economies, and driving sustainable economic growth.
