Managing Director of the bank Mr. Tony Agholor said the arrangement which is tilted towards providing soft loans and micro credits to youths who have successfully concluded the skill acquisition training organized by the NDE will "reduce over- reliance on government and make the Nigerian youth self sufficient".
He said that the national employment agency will guarantee beneficiaries of the loan scheme and ensure strict adherence to the terms and conditions of the loan.
Agholor said that the youths who constitute more than 60% of the nation’s work force have been denied access to financial services "because of the perceived notion that they are high risk group".
He said that the bank which had extended credit facilities of about N10 million to more than 2000 beneficiaries since its establishment in 2008 is willing to economically empower the youths "as most of them have acquired the requisite skills". The Managing Director said that bank also ensures the monitoring of loan usage among beneficiaries of its loan by providing ancillary capacity building in areas such as record keeping and small business management.
Source: Allafrica.com