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Victor Etuokwu, Deputy Managing Director of Access Bank,
made this announcement during a recent press briefing at the bank’s head office
in Lagos. Etuokwu emphasized that beneficiaries of the program would receive
training to effectively utilize the loan.
He stated, “Access Bank is committed to financially
empowering over 700,000 youth MSMEs by setting aside N50 billion for lending to
them at a significantly discounted interest rate. To qualify for this loan,
applicants must be between 21 to 40 years old.”
Etuokwu described “YouThrive” as a transformative initiative
designed 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 disclosed that disbursements under the
initiative will be processed after loan assessments, thereby reducing the
funding challenges faced by MSMEs.
He urged small businesses to leverage this opportunity for
growth and job creation, while also encouraging other financial institutions to
develop similar programs to support the SME sector.
The “YouThrive” initiative is poised to make a significant impact on Nigeria’s MSME landscape, providing vital financial support and training to empower entrepreneurs and drive economic growth.