Access Bank, Nigeria’s largest bank by customer base with a global presence beyond Africa, has introduced the “YouThrive” initiative.
According to the bank, the scheme is aimed at empowering over 700,000 Micro Small and Medium Enterprises (MSMEs) in the country through a 50 billion loan.
Victor Etuokwu, Deputy Managing Director of Access Bank, who disclosed this to journalists at the bank’s headquarters in Lagos recently, said the MSMEs benefiting from the program will receive training to help them effectively utilize the loan.
Etuokwu reiterated Access Bank’s committment to financially empower over 700,000 youth MSMEs by providing them with a 50 billion loan at a discounted interest rate.
Chioma Ogwo, Head of Emerging Businesses at Access Bank, reiterated the bank’s commitment to empowering four million individuals over four years. She highlighted the business exchange program that will allow SMEs to exchange ideas with counterparts in other countries.
Additionally, 700,000 individuals will have access to financing annually, with 300,000 receiving training. Outstanding individuals will also have employment opportunities within the Tech space, Access corporation ecosystem, and partner companies.
Temitola Adekunle Johnson, Senior Special Assistant to the president on job creation and MSMEs, praised Access Bank’s initiative for addressing the issue of access to affordable loans for small businesses.
He expressed the goal of achieving single-digit loans for MSMEs and commended the bank for offering loans at discounted rates.
Johnson encouraged small businesses to seize this opportunity to grow their ventures even as government is working towards creating 100,000 jobs by May 29 and 384,000 jobs over four years.
He emphasized the importance of social and private sector partnerships in supporting businesses and urged other financial institutions to develop programs to assist the SME sector.
According to Access Bank, the “YouThrive” initiative is a transformative program designed by Access Bank to empower and accelerate the next generation of MSMEs.
Over the next four years, the bank aims to empower 4 million youth, with one million beneficiaries each year. The program will not only focus on lending but also on capacity-building activities in Technology, Creatives, Business Management, and Skill acquisition.
To qualify for loan, applicants must be between the ages of 21 and 40.
To learn more about the YouThrive project and be part of this initiative, interested individuals can click HERE or send an email to Project.YouThrive@ACCESSBANKPLC.com for inquiries.
Comment here