Access Bank, Nigeria’s most popular bank, has launched the “YouThrive” initiative which targets to empower 700,000 Micro, Small and Medium Enterprises (MSMEs) in Nigeria through a N50 billion loan.
The Deputy Managing Director of Access Bank, Victor Etuokwu, announced this during a press briefing held recently at the bank’s head office in Lagos. The DMD explained that Access Bank will train the MSMEs to make the best use of the loan.
“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 four million youth, one million per year,” Etuokwu said.
It would not just be about lending, we are building various capacity-building activities for them, and the curriculum will be centered around Technology, Creatives, Business Management and Skill acquisition.
Reiterating Etuokwu’s comments at the Inaugural Job Creation and MSME Quarterly Communications Forum in Abuja, hosted by the Senior Special Assistant to the President on Job Creation and MSME, Temitola Adekunle-Johnson, the Head of Emerging Businesses at Access Bank, Chioma Ogwo, 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 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,” Ogwo concluded.
Adekunle-Johnson said this initiative will help makes loans more accessible and affordable for small businesses, adding that the aim of the initiative was to minimize the number of loans by commercial banks for MSMEs
“Our aim is to ensure single digit loans become the norm for MSMEs.” He explained that the money will be disbursed to the MSMEs after the loan assessment is processed. This will help reduce the problems often faced by MSMEs in securing funding.
The presidential aide commended the bank for using its funds and giving out the loan at a discounted rate, urging small businesses to take advantage of the opportunity.
Adekunle-Johnson also confirmed that the government is working to create 100,000 jobs by May 29 and 384,000 jobs by 2027. The initiative will be launched in the country, with the government willing to provide businesses with the support of social and private sector partnership.
He then urged other banks and financial institutions to come up with similar initiatives to help small businesses. To be part of this initiative and learn more about the YouThrive project, please send an email to project.youthrive@accessbankplc.com for more enquiries.
