Access Bank PLC has announced a substantial investment of N30 billion in the Micro, Small, and Medium Enterprises (MSME) sector. The Group Managing Director, Mr. Roosevelt Ogbonna, shared this information after a meeting with Vice President Kashim Shettima. The funds, provided as soft loans, are specifically targeted at women and youth entrepreneurs.
Ogbonna emphasized the bank’s commitment to making a positive impact on small businesses owned by women and youth, acknowledging the challenges they face, particularly in accessing finance. The initiative, done in collaboration with the office of the Vice President, aims to support at least four million people. The funds will be offered at discounted rates to commercial terms, fostering capacity building through training and empowering entrepreneurs in the MSME space.
The bank’s Managing Director highlighted that the entire process would kick-start immediately, with a focus on identifying deserving MSMEs and implementing the various programs aimed at building capacity, providing financing, and opening up new markets for SMEs.
Senior Special Adviser to the President on Medium and Small Scale Enterprises, Temitola Adekunle-Johnson, praised the conducive business environment in Nigeria and emphasized the importance of partnerships between the public and private sectors. He assured that the scheme would create a level playing ground for all prospective beneficiaries meeting the requirements, encouraging further partnerships to support the MSME space.
Access Bank’s investment reflects a strategic approach to empower and uplift women and youth entrepreneurs, aligning with broader efforts to drive economic growth and development in Nigeria.