Access Bank to Empower over 700,000 MSMEs with 50bn Loan

Nume Ekeghe

In bid to support small businesses, Access Bank Plc has launched “YouThrive”, an initiative, which targets to empower 700,000 MSMEs in the country through a 50 billion loan.

Deputy Managing Director, Access Bank, Victor Etuokwu, announced this during a press briefing in Lagos. He also revealed that the MSMEs that would benefit from the programme would undergo training to enable them optimally make use of the loan.

He said:  “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 4 million youth, one million per year. It would not just be about lending, we are building various capacity-building activities for them, and the curriculum will be centred around Technology, Creatives, Business Management and Skill acquisition.”

Head, of Emerging Businesses, Access Bank said Chioma Ogwo, said: “In four years, we hope to empower four million people, or one million each year. We have a business exchange program for the beneficiaries that would enable the SMEs to go and exchange ideas with their counterparts in other countries. Every year, 700,000 would be given access to financing, and 300,000 would be trained. After then, we will take the best advice from the best and return to Nigeria to implement it.” 

Speaking on this initiative, Senior Special Assistant to the president on job creation and MSMEs, Temitola Adekunle Johnson said that the initiative by Access Bank will help address the issue of access to affordable loans by small businesses.

He said the endpoint is to achieve a single-digit loan by commercial banks for MSMEs adding, “Our aim is to ensure single digit loans become the norm for MSMEs.”

He disclosed that disbursements will be made after the loan assessment is processed.