Most people think of philanthropy as a one-way traffic: giving money to benefit the unfortunate. However, 17 year old Unity Bank has found a way to put philanthropy at the heart of its success.
Unity bank under the leadership of Oluwatomi Somefun shows that philanthropy, when integrated into all parts of an organization, can also benefit its owners, employees and customers.
Unity Bank, is a new generation financial institution that has been known over the years for its philanthropic gestures, especially to the youths. Today, Unity Bank is one of Nigeria’s leading retail banks with 213 business offices spread across the 36 States and Federal Capital Territory.
Last year in July, Unity Bank Plc announced that it granted N10 million business grant to 30 corps members who emerged the winners of the eighth edition of its flagship Entrepreneurship Development Initiative, known as Copreneurship Challenge.
The bank maintained that the grants are not loans but the money must be directed towards the profitable ventures which have been selected.
Under Somefun’s leadership, the Bank has visited and facilitated many financial literacy trainings in different schools across the country, empowering and imparting knowledge to thousands.
The Bank has continued to encourage youths to continue to learn the rudimentary lessons necessary to build a successful business. Unlike many of its contemporaries, the bank emphasizes that the budding entrepreneurs who take part in its initiative constantly must think about the challenges they will face and put the same energy they have displayed in preparing for the contest in their businesses as they face their post-service year ahead.
Unity Bank remains at the forefront of giving back. Since its foundation in January 2006 following the merger of nine Banks with competences in investment, corporate and retail banking the bank has been leading its ambition of being both a good banker and good citizen. Its commitment to charitable giving has been recognized with several Awards where it won in the recent past.
One of the bank’s remarkable philanthropic commitments is its partnership with the NYSC Skill Acquisition and Entrepreneurship Development, SAED. The initiative prominently features 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.
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.
Again this year, about 5 days ago, in a resounding affirmation of commitment to youth empowerment and entrepreneurship development, Unity Bank Plc disbursed a total of N10 million as business grants to 30 members of the National Youth Service Corps (NYSC).
The grants were awarded as part of the 10th edition of the bank’s initiative, the Corpreneurship Challenge, aimed at fostering innovative business solutions and job creation.
This year’s winners emerged from a pool of talented and driven young entrepreneurs who showcased their business acumen across various sectors during a rigorous business pitch conducted across 10 NYSC Orientation Camps nationwide.
Notably, Azegba Chimuanya Perpetual, focusing on honey production, clinched the overall prize of N500,000 at the camp in Akwa Ibom State, while others like Iyorwa Kater Israel and Egelonu Emmanuel Friday secured grants of N300,000 and N200,000 respectively for their commendable ventures in rice farming and snail farming.
Beyond these top achievers, 27 other promising entrepreneurs across different economic segments, including fish production, poultry farming, fashion, soap and cake making, printing, piggery, and beverage making, also secured grants through their innovative business proposals.
Dr. Opeyemi Ojesina, the Head of Retail and SME Banking Group at Unity Bank, lauded the initiative’s impact on Nigeria’s entrepreneurial landscape and job creation, acknowledging its role as a formidable business incubation platform. He emphasized the initiative’s success in seamlessly integrating financial support, mentorship, and skill development to nurture aspiring entrepreneurs.
Highlighting the core ethos of the initiative, Ojesina stressed Unity Bank’s commitment to addressing the unique challenges faced by small and medium-sized enterprises (SMEs) while underscoring the bank’s dedication to providing tailored financial solutions that empower corp members to realize their business dreams.
The program’s success lies not only in its financial assistance but also in its robust mentorship component, connecting corp members with seasoned professionals to provide guidance and insights, reinforcing Unity Bank’s belief that true empowerment extends beyond financial aid to honing entrepreneurial skills.
Unity Bank’s Copreneurship Challenge has garnered national recognition for its profound impact on youth empowerment and job creation, consistently attracting significant interest from corp members with over 2000 applicants participating in each edition. In collaboration with the NYSC Skill Acquisition and Entrepreneurship Development (SAED), the initiative offers corp members a platform to present their business plans, competing for cash grants of up to N500,000.
With a cumulative investment exceeding N100 million and 148 winners produced since its inception, Unity Bank remains committed to fostering entrepreneurship among Nigerian youth, propelling them towards sustainable business growth and economic development.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
