How Unity Bank is trying to Unite Unemployment and Entrepreneurship in Nigeria
More Jobs have been created, and more young people that would have ended up in the unemployment market are now employers of labour. Even those that would have ventured into illegal businesses are now contributing legitimately to the economy.
Also, many businesses are now attracting investors from other countries across the globe to invest in their enterprise like many fintech brands are currently enjoying.
From manufacturing to service-based companies, the lists are endless, the success of entrepreneurship in Nigeria is a testament to the contributions of the government and some corporate entities that are not only after profit but are also making an impact through empowerment and entrepreneurial initiatives.
This is not to paint the picture that all is well, in fact more needs to be done by all stakeholders because the unemployment rate in the country is estimated to reach 33 percent in 2022, a 0.5 increase from the previous year at 32.5% according to Statista.
However, Braand Times can authoritatively report that Nigerian lender, Unity Bank Plc is one of the leading financial institutions supporting businesses and individuals to excel in their endeavours through entrepreneurship-led initiatives.
Under several initiatives, it has contributed to the economic growth and development of the country, while it has equally empowered both intending and existing business owners; young and old.
Corpreneurship Challenge Grant
its flagship Entrepreneurship Development Initiative, known as Corpreneurship Challenge is one of its laudable contributions to economic growth.
The Corpreneurship Challenge, which has earned the Bank national recognition for its impact on youth empowerment and job creation, has continued to elicit growing interest among the corps members, attracting over 2000 applicants and participation in every edition.
In partnership with the National Youth Service Corps (NYSC) Skill Acquisition and Entrepreneurship Development, SAED, the initiative prominently feature a business pitch presentation that provides the participants with the opportunity to present their business plans and stand a chance to win up to N500, 000 cash in the business grant.
So far, Unity Bank has invested over N100 million in the initiative which has now produced 88 winners since it was launched.
Recently, it doled out an N10 million business grant to 30 corps members who emerged as the winners of the eighth edition.
The winners emerged after a business pitch that took place across 10 states – Rivers, Delta, Sokoto, Edo, Abuja, Akwa-Ibom, Osun, Kano, Bayelsa, and Enugu recently.
Other winners from other states were also drawn from contestants whose business plans included fish production, poultry farming, fashion, soap and cake making, printing, piggery, and beverage making.
To emerge as the winners, their business plans were assessed on originality, marketability, future employability potential of the product, and knowledge of the business.
The Bank has disclosed that it will sustain the programme to achieve a record impact on entrepreneurship support and job creation.
Reaching Women Entrepreneurs
It deployed a new marketing campaign targeted at reaching millions of women entrepreneurs, especially the underbanked across Nigeria with its new retail product, the Yanga account.
The Yanga account, which was launched by the lender in November 2021 in line with Unity bank’s strategic vision of being “Nigeria’s retail bank of choice” debuted in four geographical locations: Mararaba/Nassarawa state, Ibadan/Oyo state, Uyo/Akwa Ibom state and Gombe/Gombe state.
Commenting on the new Yanga Market Penetration Campaign, the Divisional Head, Retail and SME, Mr. Olufunwa Akinmade stated that “having launched the Yanga Account, unveiled Veteran Actress, Sola Sobowale as “Mama Yanga”, the new campaign is intended to further provide the engagement platform to empower core target of the product existing in our communities and found amongst millions of underbanked women”.
The product targets women entrepreneurs in the Micro, small and medium enterprises, MSME space, especially the underbanked, offering savings and investment, capacity building, agency banking, dedicated agents, medical insurance, and microloans to the women, thereby deepening financial inclusion.
The marketing drive includes a well-targeted television commercial featuring the Bank’s brand ambassador, the award-winning Nollywood actress, Sola Sobowale who was crowned “Mama Yanga” at the launch of the product in November last year because of her strong appeal to the target market. Across the multiple channels deployed for the campaign, “Mama Yanga” will be sharing the stories of how Yanga is empowering women and changing lives across Nigeria.
Yanga is available to all women entrepreneurs nationwide and it seeks to promote financial inclusion and cater to the unbanked women entrepreneurs, the new retail product is designed to deepen its beneficial impact on Micro Small, and Medium Enterprises, MSMEs operated by women in the mass-market retail space.
The product comes on the heels of Nigeria’s growing imperative to boost access to financial services by women as a recent EFInA report, suggests, “There are 51 million Nigerian women above 18 years of age, with over 41% of them unbanked.”
Promoting Eco-Friendly Initiatives
Unity Bank Plc partnered with three non-governmental organisations – Recycling Scheme for Women and Youth Empowerment (RESWAYE), MEDIC, and KBG – to organise a beach clean-up to mark the 2022 World Earth Day.
The Bank stated that the clean-up was part of its commitment to promoting environmental sustainability.
It also noted that the exercise took place at the Lagos Kids Beach Garden within the Oba Elegushi Beach environs, Lagos where they picked and removed over 100,000 plastic bottles from the beach to make it safer and reduce ocean pollution. It added that it carried out tree planting across the country and many entrepreneurs benefited from the exercise.
The bank’s Group Head, Risk Management, Mr. Chris Nwambu, said that Unity Bank would continue to be very aggressive in terms of environmental protection and sustainability commitments.
Nwambu said that in line with the bank’s agribusiness strategic focus over the past couple of years, the bank had granted access to credit to businesses in greenhouse farming and metal recycling to the tune of N3.25 billion.
It would be recalled that years ago in line with its commitment to promoting eco-friendly initiatives, it partnered with Selah Gardens to hold an Open Day and Exhibition for Gardeners and stakeholders in the Botanical and Horticultural fields.
The event was conceived to promote entrepreneurship amongst Florists, Plant Farmers, Garden Furniture makers, Hand Crafters, Landscape Artists, and Dealers in Garden Equipment & Accessories, who participated in the Tradeshow to display their wares and designs at the two-day Exhibition and Fair.
In furtherance of its commitment to supporting Agriculture and SMEs in general, the event formed part of efforts by Unity Bank to promote sustainable agriculture and preserve, restore, beautify and enhance the environment.
Noteworthy, before that, the Bank has been promoting access to finance for players in agriculture and agri-business, leveraging on the bank’s rich history and experience in supporting agricultural businesses through robust financial inclusion strategy, the Bank’s extensive branch network in Nigeria’s agricultural belt and a supporting technology that enables it to reach millions of Small Holder Farmers in rural Nigeria.
Award And Recognition
The Bank was honoured last year by the NYSC with the “Icon of Youth Empowerment” award in recognition of its contribution to the growth of entrepreneurship among Nigerian youths.
The award was presented to the Bank during the Skills Acquisition & Entrepreneurship Department (SAED) Festival held in Abuja.
Speaking after receiving the award, the Group Head, Retail, SME, and E-Banking, Mr. Olufunwa Akinmade said: “We are encouraged by this award to continue to partner with SAED in driving the Corpreneurship initiative.
In another vein, the Bank received commendations for its commitment to women empowerment at the National Association of Small and Medium Enterprises, NASME’s International Women’s Day (IWD) celebrations held in Alausa, Lagos this year for pushing the frontiers of sustainable and inclusive development in Nigeria.