Access Bank is set to empower 700,000 MSMEs with N50b Loans.
NewsOnline Nigeria reports that Access Bank has launched a N50 billion campaign aimed at empowering more than 700,000 micro, small and medium enterprises (MSMEs) across the country.
This Nigeria news platform understands that the N50 billion loan facility for MSMEs tagged “YouThrive” was unveiled at the bank’s head office in Lagos.
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Deputy Managing Director, Access Bank, Mr. Victor Etuokwu said the MSMEs that would benefit from the programme would undergo trainings to enable them optimally make use of the loan.
According to him, the N50 billion MSMEs empowerment would not just be about lending, but also included various capacity-building activities, with curriculum that centres on technology, creatives, business management and skill acquisition.
“Access Bank is set to financially empower over 700,000 youth MSMEs and to achieve this, we have set aside N50 billion 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 youths, one million per year,” Etuokwu said.
At the inaugural job creation and MSME quarterly communications forum, hosted by the Senior Special Assistant to the President on Job Creation and MSME held recently in Abuja, the bank provided further details on the N50 billion MSMEs campaign.
Speaking at the forum, Head, Emerging Businesses, Access Bank, Chioma Ogwo, said the bank has business exchange programme for the beneficiaries that would enable the MSMEs to go and exchange ideas with their counterparts in other countries.
