Unity Bank Increases Corpreneurship Prize Money to N16m

By Modupe Gbadeyanka

The prize money of the flagship Entrepreneurship Development Initiative of Unity Bank Plc known as Corpreneurship Challenge has been raised to N16 million per stream.

Launched in 2019 with pilots in 4 states; Lagos, Edo, Ogun, and Abuja, the Corpreneurship Challenge initiative was increased to 10 states in 2020 to capture more beneficiaries.

With the rise in the cash prize, participants who emerge winners in the business pitch will now receive N800,000, N500,000, and N300,000 Business grants for the first, second, and third positions, respectively.

Before this latest development, the winners of the previous got N500,000, N300,000 and N200,000 as first, second and third position, respectively.

Unity Bank explained that the increment was to boost start-up capital and place more resources at the disposal of aspiring young entrepreneurs in Nigeria.

The scheme is promoted by the retail lender in partnership with the National Youth Service Corps (NYSC) Skills Acquisition and Entrepreneurship Development (SAED).

It features a business pitch presentation where participants have the opportunity to present their business plans and stand a chance to win business grants.

So far, Unity Bank has invested over N120 million in the initiative, which has now produced 369 winners since it was launched in 2019.

In 2021, the leadership of the NYSC bestowed on Unity Bank the Icon of Youth Empowerment award in recognition of the impact of the initiative.

“Over the past five years, Unity Bank has steadfastly supported the Corpreneurship Challenge, witnessing its profound impact on youth empowerment and job creation nationwide.

“The programme has earned a reputation for its innovative approach, seamlessly integrating financial backing, mentorship, and skill development to nurture aspiring entrepreneurs,” the Head of SME Banking at Unity Bank, Mr Opeyemi Ojesina, said.

Mr Ojesina further underscored the invaluable mentorship offered to participants, connecting them with seasoned professionals who provide crucial insights, guidance, and a roadmap for success.

He emphasised Unity Bank’s belief that true empowerment extends beyond financial aid to the cultivation of entrepreneurial acumen.