Access Bank, Nigeria’s foremost banking institution in terms of customer base, has launched the “YouThrive” project with the aim of empowering 700,000 Micro, Small, and Medium Enterprises (MSMEs) in the country through a loan facility of N50 billion. Victor Etuokwu, Deputy Managing Director of Access Bank, revealed this development during a recent press briefing at the bank’s headquarters in Lagos. Etuokwu emphasized that participants in the program would undergo training to effectively utilize the loan.
He stated, “Access Bank is dedicated to financially empowering over 700,000 youth MSMEs by allocating N50 billion for lending to them at a significantly discounted interest rate. To be eligible for this loan, applicants must fall within the age range of 21 to 40 years.”
Etuokwu characterized “YouThrive” as a transformative initiative crafted to uplift the next generation of MSMEs, with plans to empower 4 million youths over the next four years.
Chioma Ogwo, Head of Emerging Businesses at Access Bank, reiterated the bank’s commitment to empowering millions of individuals annually through capacity-building programs, business exchange initiatives, and access to financing.
Temitola Adekunle Johnson, Senior Special Assistant to the President on job creation and MSMEs, commended Access Bank for addressing the challenge of access to affordable loans for small businesses. He emphasized the government’s goal of achieving single-digit interest rates for MSME loans and highlighted the importance of initiatives like “YouThrive” in achieving this objective.
Adekunle-Johnson revealed that disbursements under the initiative will be processed after loan assessments, thereby alleviating the funding challenges faced by MSMEs. He encouraged small businesses to leverage this opportunity for growth and job creation, while also urging other financial institutions to create similar programs to support the SME sector.
The “YouThrive” initiative is poised to have a substantial impact on Nigeria’s MSME landscape, offering essential financial support and training to empower entrepreneurs and drive economic growth.
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