Access Bank, Federal Government Partner to Empower MSMEs with “YouThrive” Initiative

Access Bank, Federal Government Partner to Empower MSMEs with “YouThrive” Initiative

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Access Bank has partnered with the federal government to launch the “YouThrive by Access” initiative, aimed at providing enhanced access to funds for Medium, Small, and Micro Enterprises (MSMEs) across Nigeria.

Chioma Ogwo, Head of Non-Financial Services and Emerging Businesses at Access Bank, emphasized the initiative’s focus on empowering small businesses through capacity building, affordable finance, and digital, technical, and skill acquisition training.

Temitola Adekunle-Johnson, Senior Special Assistant to President Bola Tinubu on Job Creation and MSMEs, reiterated the government’s dedication to generating 380,000 jobs within four years, striving for a single-digit loan interest rate for MSMEs.

Access Bank has allocated N50 billion for the intervention program, offering loans at a 15% interest rate, along with free grants for deserving SMEs. The bank’s goal is to empower 4 million individuals over four years, providing access to finance for 700,000 yearly and training for 300,000.

Minister for Communications, Innovation, and Digital Economy, Olatunbosun Tijani, stressed the importance of empowering technology-inclined youths to leverage technology and innovation for enhancing MSMEs’ productivity, with the vision of Nigeria becoming a net exporter of technology.

Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), highlighted the impact of flooding, which led to the loss of 3 million jobs in 2023. He emphasized the government’s efforts in developing technology to predict and prevent flooding, enabling proactive measures to safeguard potential victims.

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