Enterprise Bank Limited has introduced the Graduate Empowerment Savings Account (GESA) into the nation’s financial system.
The product, GESA provides the platform for university undergraduates and graduates to think of more creative ways of becoming self-employed rather than perpetually waiting and hoping to be employed.
The product which is a component of the Enterprise Graduate Empowerment Scheme (EGES) that was launched last year, enables entrepreneurial-minded graduates to redirect their destiny by opening an account with only N5, 000. Once that is done, the individual will immediately stand the chance of procuring a loan to establish a small scale business of his choice, which automatically takes him away from the labour market.
Aside from that, the product is designed to help Small and Medium Enterprises (SMEs) at that infantile stage to firmly position for future growth. This effectively removes the syndrome of SMEs being unable to access loans as start-ups. GESA changes the story for the young entrepreneurs by leveraging the technical knowledge and experience of the bank in SME lending to dislodge the encumbrances that hinder them from taking bank loans.
The scheme is planned in such a way that even after the loan disbursement, Enterprise Bank ensures a sustained growth of the business through advisory and capacity building programmes via its partnerships with business schools and entrepreneurial training centres around the country.
The bank said that subscribers of GESA can access a maximum loan of N3million. Other benefits that the the young graduate will enjoy include internet banking and ATM facilities, as well as free monthly e-statement of accounts as requested by the account owner.
According to a statement from the Corporate Communications Department of the bank, undergraduates, graduates and youth corps members can now walk into any of the over 150 branches of the bank across the country to take advantage of this product.
The statement added that this is one of the many ways Enterprise Bank Limited, which is currently undergoing a business integration with Heritage Bank Limited, will positively impact the lives of young people in the country.