Access Bank and Federal Government Collaborate to Empower MSMEs through the “YouThrive” Initiative

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Access Bank and Federal Government Collaborate to Empower MSMEs through the "YouThrive" Initiative

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Access Bank and Federal Government Collaborate to Empower MSMEs through the “YouThrive” Initiative

Access Bank and Federal Government Collaborate to Empower MSMEs through the “YouThrive” Initiative

Access Bank and the federal government have forged a new alliance to provide enhanced access to funds for Medium, Small, and Micro Enterprises (MSMEs) across Nigeria through the “YouThrive by Access” initiative.

Chioma Ogwo, Head of Non-Financial Services and Emerging Businesses at Access Bank, highlighted that the initiative would empower 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, emphasized the government’s commitment to creating 380,000 jobs within four years, aiming 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, with free grants for deserving SMEs. The bank plans 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, urged empowering technology-inclined youths to leverage technology and innovation for MSMEs’ productivity, aiming for Nigeria to become a net exporter of technology.

Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), disclosed that 3 million jobs were lost to flooding in 2023. He highlighted the government’s development of technology to predict and prevent flooding, aiding in proactive measures to protect potential victims.

Source: Msmeafricaonline.com

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