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CBN Gives 310 Youths N930m to Start Business

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  • CBN Gives 310 Youths N930m to Start Business

A total of 310 youths, including members of the National Youth Service Corps, on Thursday received N930m from the Central Bank of Nigeria to establish profitable ventures in different sectors of the economy.

Each of the youth, who emerged through a rigorous competitive process, received N3m under the Youth Entrepreneurial Development Programme. The first set of the loans was disbursed through Heritage Bank.

Speaking at the disbursement ceremony, the Governor, CBN, Mr. Godwin Emefiele, said the YEDP was introduced in March 2016 by the apex bank as part of efforts to reduce the nation’s un-employment rate, which had increased to 13.3 per cent in the second quarter.

Emefiele, who was represented by the Deputy Governor, Corporate Services, Alhaji Suleiman Barau, said the programme was to ensure that the creative energies of the over 64 million Nigerian youths were harnessed to stimulate growth, address restiveness and promote economic development.

He said, “To realise this objective, the bank, in partnership with the National Youth Service Corps and Heritage Bank, began the pilot seven months ago to inspire and harvest the entrepreneurial abilities of Nigerian youths towards creating over one million direct jobs by 2020.

“The programme is open to youths of between 18 and 35 years who are serving corps members, graduates or artisans. All youths in this category are eligible to apply and will be pre-qualified for training on entrepreneurship before they can access credit lines of up to N3m at a single digit interest rate.

“The programme is premised on the provision of timely and affordable credit to identified youth entrepreneurs with expected multiplier effects on job creation and economic growth.”

He added, “To overcome the bottleneck of collateral requirements for loans and ease access to finance, their academic and the NYSC certificates, third-party guarantees and movable assets are allowed as acceptable collateral under the programme.

“The programme is a revolving fund with a target to create more than one million direct jobs. We encourage all Nigerian youths that are interested in being their own bosses to apply online through the participating banks.”

Emefiele said the central bank had commenced the YEDP with other Deposit Money Banks such as Sterling Bank Plc and Fidelity Bank Plc, adding that discussions were ongoing with other banks to open their portals for the programme in order to have a wider outreach and fund more small businesses.

The Managing Director, Heritage Bank, Mr. IfieSekibo, said the bank had received more than 7,000 applications for the second batch of the programme, adding that the lender would soon be meeting with the CBN to expand the reach of the programme.

Sekibo, who was represented by the Executive Director, Lagos & Southwest, Corporate Banking, Heritage Bank, Mrs. Mary Akpobome, gave an assurance that some issues raised by some of the beneficiaries would be addressed.

The Director-General, NYSC, Brig.-Gen. SuleKazaure, encouraged the beneficiaries to remain focused and ensure that the loans were repaid to make for the extension of similar facilities to other corps members.

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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