Business
Access Bank’s ‘You Thrive’ Initiative Empowers 700,000 MSMEs with a 50bn Loan.
Access Bank’s ‘You Thrive’ Initiative Empowers 700,000 MSMEs with a 50bn Loan.
Access Bank, a leading financial institution in Nigeria with a significant global presence, recently unveiled a groundbreaking initiative named ‘YouThrive’ aimed at empowering over 700,000 micro, small, and medium enterprises (MSMEs) in the country by providing a substantial 50 billion naira loan. Victor Etuokwu, the Deputy Managing Director of Access Bank, made the official announcement of this ambitious project at a press conference held at the bank’s Lagos headquarters.
Etuokwu emphasized that in addition to receiving financial assistance, program participants would receive extensive training to improve their ability to manage the loan. The eligibility criteria for potential applicants stipulates an age range of 21 to 40 years, emphasizing the focus on empowering young entrepreneurs within the MSME sector.
The core objective of the ‘YouThrive’ initiative is to nurture and propel the next generation of MSMEs by providing them with the necessary resources and guidance to thrive in their respective industries. Over the next four years, Access Bank aims to empower a total of 4 million youths, with an annual target of one million beneficiaries. The program is designed to encompass a holistic approach that includes not only financial assistance but also capacity-building activities centered around technology, creativity, business management, and skill acquisition.
Chioma Ogwo, the Head of Emerging Businesses at Access Bank, further elaborated on the initiative during the Inaugural Job Creation and MSME Quarterly Communications Forum in Abuja. She emphasized the importance of equipping MSMEs with the tools and knowledge needed to succeed, including a business exchange program that would facilitate knowledge sharing with international counterparts. Additionally, Ogwo highlighted the employment opportunities that would arise from the initiative, with plans to recruit 1000 individuals trained through the program within the technology sector and Access Bank’s ecosystem.
Temitola Adekunle Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, commended Access Bank for its efforts to address the challenges faced by small businesses in accessing affordable loans. He emphasized the government’s commitment to promoting single-digit interest rates for MSMEs and expressed optimism that initiatives like ‘YouThrive’ would contribute to job creation and economic growth.
The ‘YouThrive’ initiative is poised to streamline the loan application and disbursement process, alleviating the hurdles typically encountered by MSMEs when seeking funding for their ventures. By offering loans at discounted rates and providing comprehensive support beyond financial assistance, Access Bank aims to foster a conducive environment for MSMEs to flourish and contribute to the economic development of Nigeria.
As the government works towards creating more job opportunities and fostering partnerships between the public and private sectors, initiatives like ‘YouThrive’ serve as a beacon of hope for small businesses seeking to scale and thrive in a competitive market. The call for other financial institutions to emulate Access Bank’s commitment to supporting the SME sector underscores the collective effort needed to drive sustainable growth and prosperity in Nigeria.
