Banking
30 Win N10m in Unity Bank Corpreneurship Challenge
By Modupe Gbadeyanka
Business grants worth N10 million have been given to 30 members of the National Youth Service Corps (NYSC) by Unity Bank Plc.
The funds were shared to the corps members by the lender through its flagship business plan competition known as Corpreneurship Challenge, which is in its 6th edition.
The Unity Bank Corpreneurship Challenge has been an avenue to support the fresh graduates from the various tertiary institutions across the country serving their fatherland.
Unity Bank is currently in 10 states of the federation where three winners each emerged from the Batch B Orientation. The winners emerged last week from Lagos, Ogun, Benin, Abuja, Akwa Ibom, Kano, Sokoto, Enugu, Osun and Kwara States.
As in the previous editions, the cash prizes included a N200,000 business grant for third place winners; a N300,000 business grant for second place and a star prize of N500,000 for the winners.
Some of the winners included Yahaya Muhammad, Alade Ayinde and Omolola Kehinde in the Kano NYSC camp, while Chiamaka Nweke, Nduke Oduobuk and Victoria Adesope emerged as the winners in the Enugu State camp.
In Lagos, Aliu Haira Abimbola, Uzoechi Ihuoma Augustus and Adesanolu Lukmon Abiodun emerged winners to claim the cash prizes.
One of the winners in Abuja, Ebingha Ogbe John appreciated Unity Bank for the opportunity, saying the initiative has helped her to showcase her business to the world.
“I thank Unity Bank for making my project, Mama’s Ally Crashfish to come alive in this Abuja,” she said.
The scheme continues to attract increasing interest among the corps members, as over 2000 applications were received but only 100 were shortlisted for the pitching sessions where the thirty winners emerged.
The contestants’ business plans which ranged from software solutions, fashion, fish production, poultry farming, bee farming, retail chains, piggery to beverages were assessed on originality, marketability, future employability potential of the product and knowledge of the business.
Speaking during the finale in the FCT NYSC camp, the Divisional Head, Retail, SME Banking and E-Business Directorate, Unity Bank Plc, Mr Olufunwa Akinmade, said the competition has proved to be a great tool for empowering fresh graduates in the country.
“The corpreneurship challenge is a creative entrepreneurial development initiative by Unity Bank in conjunction with the National Youth Service Corps, NYSC. It is aimed at driving job creation through entrepreneurship.
“With rising youth unemployment in the country, it is just common sense to consider the entrepreneurship alternative”
“As the corps members join the labour market after their youth service, not every one of them will get the opportunity for a paid employment. But with what Unity Bank is doing, many of them will get the support they need to start a small business and even become employers of labour.
“We encourage the corps members to take seriously the opportunity that the Unity Bank Corpreneurship has provided. And to those that have emerged as the winners today, we ask them to utilise their grants judiciously. Unity Bank remains committed to empowering the youth through initiatives such as this, as we know that the bedrock of the economy is entrepreneurship,” he said.
The Zonal Head, North West, Unity Bank Plc, Mr Mustapha Idris Baba, implored the winners to judiciously utilise the funds to support the business venture that got them the grant.
This edition follows the expanded Corpreneurship Challenge which started in the 5th edition in June this year. The programme looks set to expand nationwide, empowering corps members to explore entrepreneurship alternatives in the face of rising youth unemployment in the country.
Recall that Unity Bank started the Entrepreneurial Development Initiative in 2019, to specifically target corps members, as part of efforts to contribute to job creation in Nigeria. It continues to gain traction, growing bigger and better in grooming corps members having successfully run several editions of the scheme in partnership with the NYSC Skill Acquisition and Entrepreneurship Development (SAED).
Unity Bank has invested over N80 million in the initiative, which has now produced 58 winners since it was launched.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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