Banking
Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive
By Modupe Gbadeyanka
An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc.
The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years.
YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs.
According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists at the event, “In the next four years, we will empower 4 million youth, one million per year.”
He disclosed that the scheme “would not just be about lending, we are building various capacity-building activities for them, and the curriculum will be centred around technology, creatives, business management and skill acquisition.”
Mr Etuokwu also revealed that the MSMEs that would benefit from the programme would undergo training to enable them to optimally make use of the loan, which would be given at a “discounted interest rate.”
Reiterating Victor’s comments at the Inaugural Job Creation and MSMEs Quarterly Communications Forum, hosted by the Senior Special Assistant to the President on Job Creation and MSMEs, Mr Temitola Adekunle-Johnson, held recently in Abuja, the Head of Emerging Businesses at Access Bank, Ms Chioma Ogwo, said, “We have a business exchange program for the beneficiaries that would enable the SMEs to go and exchange ideas with their counterparts in other countries.
“Every year, 700,000 would be given access to financing, and 300,000 would be trained. After that, we will take the best advice from the best and return to Nigeria to implement it.”
“There is also going to be employment opportunities as 1000 outstanding individuals who receive the training by the bank and its holding companies will be recruited within the tech space, the Access corporation ecosystem and other partner companies,” Ms Ogwo added.
Speaking on this initiative, Mr Adekunle-Johnson, said that the initiative by Access Bank would help address the issue of access to affordable loans by small businesses.
“Our aim is to ensure single-digit loans become the norm for MSMEs,” adding that disbursements will be made after the loan assessment is processed. This initiative will help reduce the bottlenecks often faced by MSMEs in securing funding for their businesses.”
He commended the bank for using its funds and giving out the loan at a discounted rate and urged small businesses to take advantage of the opportunity and grow their businesses, noting that the government is working towards creating 100,000 jobs by May 29 and 384,000 jobs in four years.
The President’s aide urged other financial institutions to come up with programmes to support the SME sector.
By Aduragbemi Omiyale
Foremost Nigerian real estate lending institution, Abbey Mortgage Bank Plc, has rebranded to Abbey Bank Plc.
This is to reflect its new status as a full-fledged financial institution as against its previous status as a bank for only the real estate sector.
The company, which trades its securities on the Nigerian Exchange (NGX) Limited, informed the investing community of its transformation.
This was in line with the approval granted by shareholders to the board of the organisation to change the name at an Extraordinary General Meeting (EGM) in January 2025.
The NGX Regulation Limited last week confirmed the name change via a circular signed by Bonaventure Onwuji on behalf of its Head of Issuer Regulation Department.
“Trading license holders and the investing public are hereby notified that the change of name of Abbey Mortgage Bank Plc to Abbey Bank Plc has been implemented by Nigerian Exchange Limited.
“This is in line with the approval obtained from the shareholders of the bank at its Extraordinary General Meeting held on January 24, 2025, and the receipt of a new certificate of incorporation from the Corporate Affairs Commission (CAC).
“Please note that the company’s trading symbol has also been changed from ABBEYBDS to ABBEYBANK,” the notice read.
By Modupe Gbadeyanka
In recognition of its outstanding performance, operational excellence, and commitment to delivering superior Institutional Cash and Trade Finance services, Ecobank Nigeria has clinched the Client Excellence Award.
The accolade was given to the subsidiary of the leading pan-African financial services group, Ecobank Group, by Deutsche Bank.
It recognises Ecobank Nigeria’s consistent achievement of high standards in transaction processing, service delivery, operational efficiency, and collaboration within the global trade finance ecosystem.
It further reinforces the lender’s position as a leading financial institution providing innovative financial solutions that support corporates, financial institutions, and businesses engaged in domestic and international trade.
“The Client Excellence Award recognises institutions that consistently demonstrate outstanding quality, efficiency, and reliability in transaction banking operations.
“Ecobank Nigeria distinguished itself through its commitment to excellence, strong operational controls, and customer-focused service delivery that has created measurable value for clients and counterparties alike,” the Managing Director for Global Head of TFFI and Regional Head of Trade & Lending for the Middle East and Africa (MEA) at Deutsche Bank, Mr Anand Jha, said.
“We are pleased to recognise Ecobank Nigeria’s achievements and appreciate the strong partnership we have built over the years. We look forward to continuing our collaboration in supporting trade, payments, and financial flows that drive economic development across Africa and beyond,” Mr Jha added.
In his remarks, the Coverage Head of Corporate and Investment Bank at Ecobank Nigeria, Mr Segun Anjorin, thanked Deutsche Bank for the recognition, noting that the award reflects the bank’s unwavering commitment to excellence, innovation, and customer-centric service delivery.
“We are honoured to receive the Deutsche Bank Client Excellence Award. This recognition is a testament to our commitment to delivering seamless and innovative solutions that enable our clients to thrive in an increasingly interconnected global marketplace.
“At Ecobank Nigeria, we remain focused on leveraging our extensive pan-African network, digital capabilities, and strategic partnerships to facilitate trade, improve transaction efficiency, and support economic growth across Nigeria and the African continent. We value our longstanding relationship with Deutsche Bank and look forward to further strengthening our collaboration in the years ahead,” Mr Anjorin said.
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of paying insured deposits to customers of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN).
In a statement issued on Wednesday by the Head of Communication and Public Affairs Department, Mrs Hawwau Gambo, the corporation said it had been appointed the official liquidator of the failed banks following the CBN’s revocation of their licences, which took effect on July 1, 2026.
The NDIC said its appointment was in line with the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the NDIC Act 2023.
The organisation said the affected banks have ceased to operate as licensed financial institutions and are no longer authorised to carry out banking business in Nigeria.
“The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors,” the statement said.
It added that depositors and the general public would be informed of subsequent steps in the liquidation process, warning members of the public against conducting transactions with any of the affected banks following the revocation of their licences.
It also cautioned individuals against removing, concealing or tampering with the assets, records or properties of the failed institutions, noting that such actions could amount to a breach of the law and attract sanctions.
Business Post earlier reported that the CBN revoked the operating licences of the 46 microfinance banks after determining that they no longer met the regulatory conditions required to continue operations.
According to the apex bank, the affected institutions were sanctioned for various regulatory breaches, including insufficient assets to meet liabilities, operating without approval, prolonged inactivity, failure to commence business within the stipulated period and failure to maintain the minimum capital required by law.
The apex bank said the action forms part of its efforts to strengthen financial sector stability, protect depositors and ensure compliance with banking regulations.
The affected institutions are spread across several states, including Lagos, Kano, Abia, Kaduna, Kebbi, Ogun, Niger, Plateau, Rivers, Delta, Benue, Cross River, Ondo, Osun, Anambra, Oyo, Bayelsa, Abuja and Akwa Ibom.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz4 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn