Standard Chartered Bank (Nigeria) Limited, in collaboration with Youth Business International and FATE Foundation, has successfully graduated the second cohort of the Revolving Fund Programme (RFP), a key initiative under its global Futuremakers youth economic empowerment program. The participants of this cohort were offered loans at single-digit interest rates, providing much-needed financial support to young entrepreneurs across Nigeria.
The Revolving Fund Program is part of the bank’s commitment to tackling financial barriers faced by small-scale businesses, particularly nano and microenterprises. By offering low-interest loans, the program aims to address the financial obstacles that hinder the growth of these businesses. In addition to providing access to capital, the program offers comprehensive financial literacy and management training, equipping both established and emerging entrepreneurs with the skills required to effectively manage and sustain their businesses.
Speaking about the initiative, Joke Adu, Head of Corporate Affairs, Brand, and Marketing for Standard Chartered Bank in Nigeria, expressed pride in the success of the second cohort. “We are extremely proud of the partnership and success of the second cohort. 26 young entrepreneurs participated in our pilot program, and feedback on their business performance post the semester has been profound. This is an outstanding example of how Futuremakers is empowering young entrepreneurs and benefiting our communities,” Adu stated. She further emphasized the bank’s optimism about the continued impact of the program on future beneficiaries.
The key highlights of the Revolving Fund Program include financial capacity training, business development and advisory support, access to digital tools, and financial empowerment. Participating entrepreneurs receive microloans ranging from N500,000 to N10,000,000 at interest rates between 2% and 5%. These loans provide young business owners with the financial resources needed to expand their ventures while helping to improve their financial literacy and business management capabilities.
Nike Adeyemi, Executive Director of FATE Foundation, also shared her excitement about the program’s impact. “We are excited to continue our collaboration with Standard Chartered Foundation and Youth Business International on the Revolving Fund Programme. This initiative aligns perfectly with our mission to support entrepreneurial development by bridging the financing gap and catalysing sustainable growth,” Adeyemi said.
The program is designed to empower underserved young entrepreneurs aged 18-35, with a particular focus on women, to achieve financial independence and contribute to the growth of local economies. Through a combination of microloans, tailored financial literacy training, and business coaching, the program aims to help these entrepreneurs unlock capital, increase their income, and create new jobs. Key to the program’s success is its focus on mentorship and market linkages, which will help foster the development of sustainable businesses and unlock the entrepreneurial potential of marginalized communities.
The Revolving Fund Program is a three-year initiative that will run until August 2027. Over the course of the programme, it is expected to empower up to 300 young entrepreneurs, equipping them with the tools and resources needed to thrive in the competitive business landscape and make lasting contributions to their local economies.
