By Henry Ojelu
The Central Bank of Nigeria, CBN, and NIRSAL Microfinance Bank have engaged Young Entrepreneurs of Nigeria, YEN, the umbrella body for Nigerian young entrepreneurs as their entrepreneurship development partner.
The engagement is specifically in the areas of entrepreneurship development and MSMEs entrepreneurial training in Nigeria for entrepreneurs and MSMEs seeking access to credit via the CBN popular Agric-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS).
According to the letter of engagement/partnership, signed by Abubakar Abdullahi Kure, Managing Director, and Darlington Lawson, Executive Director, Banking, NIRSAL Microfinance Bank, YEN is to train and certify various candidates, who intend to apply for the AGSMEIS loan as well as upload application forms of applicants into AGSMEIS portal among other operations.
According to Chris Kohol, National President, YEN, the CBN appointed Young Entrepreneurs of Nigeria (YEN) as an Entrepreneurship Development Institute in November 2020, to represent the interest of Nigerian entrepreneurs on the scheme and due to the organization’s track records in entrepreneurship development in Nigeria.
Kohol, while thanking CBN/NIRSAL for finding YEN worthy of the engagement and partnership pledged the organisation’s excellent service delivery for MSMEs and entrepreneurs seeking CBN EDI services across Nigeria.
The CBN collateral-free loan has seven years repayment plan, nine percent interest rate, one-year moratorium among other juicy offers.
Mr. Kohol further encouraged all entrepreneurs and MSMEs across the country to make good use of the opportunity by applying for the CBN/NIRSAL AGSMEIS intervention loan, through YEN.
He said they can access up to 10 million Naira to establish or scale their businesses, while generating employment for our teeming youths and contributing to the economic development of Nigeria.
The YEN President, Mr. Kohol, reiterated that the organisation is prepared and set to train and prepare over 100,000 entrepreneurs and MSMEs for CBN AGSMEIS loan in 2021 across Nigeria.
YEN is the umbrella body and voice for Nigeria young entrepreneurs, championing youth entrepreneurship development through access to mentorship, entrepreneurship training, technical support, networking, funding and access to market while driving trade, business innovation in the long run for national productivity and socio-economic development of Nigeria.