Heritage Bank begins implementation of CBN’s N3bn youth fund

Heritage Bank Limited will this week commence the implementation of the N3 billion Youth Innovative Entrepreneurship Development Programme (YIEDP) of the Central Bank of Nigeria (CBN). The CBN selected Heritage Bank Limited as its pilot partner bank to unveil, administer and manage YIEDP. The programme, according to CBN, was designed to provide timely and affordable credit to assist youths in implementing their business ideas, thereby providing the mechanism of stimulating growth, reducing unemployment as well as addressing youth restiveness.

The programme focuses  dependable job creating sectors such as Agricultural Value Chain (fish farming, poultry, snail farming), Cottage Industry, Mining and Solid Minerals, Creative Industry (Tourism, Arts and Crafts), and Information and Communications Technology (ICT).

To be eligible for the YIEDP funding, youths must be within the age bracket of 18 and 35 years old, serving National Youth Corps members or Non-NYSC members (not more than five years post National Youth Service.

In a statement announcing the implementation of the YIELDP, Heritage Bank said, “Following the inauguration of the initiative by CBN, the business application portal was launched on the 15th March 2016, and over 4,000 business applications were received within the first two months as the first phase. Out of the 4,000 applications, the bank has successfully shortlisted 1,547 business applications to proceed to the phase 2; being the first batch of the initiative.

“At phase 2, CBN Enterprise Development Centres (CBN-EDCs) across the six (6) geo-political zones will conduct a 3-Day business development training workshop for the shortlisted youths. Shortlisted youths will be contacted via SMS and Email on the details and modalities of the CBN-EDC training. After the training workshop, the youths will be required to write a comprehensive and viable business plan in order to access the YIEDP funding.

“At phase 3, all business plans will be submitted on the application portal for the Business Review Committee to screen, review and select the eligible and viable business for YIEDP funding.”

Meanwhile, Heritage Bank has been adjudged as the fastest growing bank in the country. Speaking after receiving the Pilot Newspaper Leadership Award, naming Heritage Bank as the Fastest Growing Bank in 2016, Managing Director/Chief Executive of the Bank, Mr. Ifie Sekibo said that Heritage Bank will leverage on its retail banking network to drive profitability this year.

Represented by bank’s Executive Director, Service Bank, Niyi Adeseun, Sekibo said, “We feel very delighted and happy that some people are watching what we are doing. We thank you for recognizing us as the fastest growing bank in 2016. We started with the first office before we had the opportunity to buy the Asset Management Corporation of Nigeria (AMCON) bank, Enterprise Bank Limited. Before the buying of Enterprise Bank, we had 15 to 16 branches. But it was after the business combination with Enterprise Bank that we started building more new branches”.