Speaking at a ceremony to commence disbursement of the fund, Emefiele said lenders contributed five per cent of their Profit After Tax (PAT) annually to the AGSMEIS fund which is expected to exceed N60 billion by June this year.
He said: “I am therefore very delighted that we have come to this stage where we are ready to begin the disbursement of these funds to deserving beneficiaries. These beneficiaries are youths who have been trained on various entrepreneurship, vocational and management skills across the country by Entrepreneurship Development Institutions and Centres such as Fate Foundation, Lagos Business School, House of Tara and Thrive Agric,” he said.
Emefiele said that upon completion of their vocational training, the specific implements needed to practice their vocations are procured under the scheme.
The beneficiaries’ details including their Biometric Verification Numbers (BVN) are forwarded to the deposit money banks to confirm that they are their customers before accessing the fund.
He said the commencement of funds disbursement under the AGSMEIS continues a tradition of voluntary initiatives by the Bankers’ Committee to promote developmental programmes for sustainable economic growth.
