Nigeria’s largest bank by customer base with a global footprint beyond Africa, Access Bank Plc., has launched “YouThrive” initiative which targets to empower 700,000 MSMEs in the country through a N50 billion loan.
The Deputy Managing Director, Access Bank, Victor Etuokwu made the announcement recently at the bank’s head office in Lagos.
He said: “Access Bank is set to financially empower over 700,000 youth MSMEs and to achieve this, we have set aside N50bn to lend to them at a huge, discounted interest rate. To be eligible to access this loan, all applicants must be within the ages of 21 to 40 years.”
“The YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. In the next four years we will empower 4 million youth, one million per year.”
“It would not just be about lending, we are building various capacity-building activities for them, and the curriculum will be centred around Technology, Creatives, Business Management and Skill acquisition.”
Reiterating Victor’s comments at the Inaugural Job Creation and MSME Quarterly Communications Forum in Abuja, hosted by Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSME, Chioma Ogwo, Head, Emerging Businesses, Access Bank, said; “In four years, we hope to empower four million people, or one million each year.”
“We have a business exchange program for the beneficiaries that would enable the SMEs to go and exchange ideas with their counterparts in other countries. Every year, 700,000 would be given access to financing, and 300,000 would be trained. After then, we will take the best advice from the best and return to Nigeria to implement it.”
“There is also going to be employment opportunities as 1000 outstanding individuals who receive these trainings by the Bank and its holding companies will be recruited within the Tech space, the Access corporation ecosystem and other partner companies.”
Adekunle-Johnson said; “The initiative by Access Bank will help address the issue of access to affordable loans by small businesses. Our aim is to ensure single digit loans become the norm for MSMEs.”
“Disbursements will be made after the loan assessment is processed. The initiative will help reduce the bottlenecks often faced by MSMEs in securing funding for their businesses.”
“I commend the bank for using its funds and giving out the loan at a discounted rate. I urge small businesses to take advantage of the opportunity and grow their businesses.”
“The government is working towards creating 100,000 thousand jobs by May 29 and 384,000 jobs in four years. The initiative will be launched across the country as the government is willing to provide businesses with the support of the social and private sector partnership.”
“I urge other financial institutions to come up with programmes to support the SME sector.”
However, to be part of this initiative and learn more about the YouThrive project, please send an email to Project. YouThrive@ACCESSBANKPLC.com for more enquires.