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MTN Trains 10,000 Small Business Owners With Essential Skills

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Over 10,000 small business owners have been equipped with essential skills required to scale their business and position it for growth in a post-COVID environment at the just Revv Programme, an SME capacity development initiative by MTN Nigeria.

The training used a four-pronged approach, which includes masterclasses, access to new markets, productivity tools support and expert advisory. Through the programme, MTN Nigeria aims to help entrepreneurs rethink and retool their businesses in order to mitigate the effects of the COVID-19 pandemic.

The programme was attended by the Honorable Minister of Communications and Digital Economy, Dr. Isa Patanmi; the honorable Minister of Industry, Trade and Investment, Adeniyi Adebayo; the chief executive officer, MTN Nigeria, Ferdi Moolman; the chairman, MTN Board of Directors, Ernest Ndukwe; among other dignitaries.

Moolman while speaking at the launch event called on large corporates to join MTN and “position themselves to support SMEs who are essential to economic growth as we go into 2021 and beyond”, adding that, “the Revv Programme is our way of standing with SMEs in their journey to rise through these challenging times.”

Commending the initiative, a fashion entrepreneur Taiwo Amao joined one of the virtual masterclasses from Ibadan. In her comment, she said, “I am very grateful to MTN for this opportunity”. Taiwo’s business helps women build their self-confidence while promoting the African culture. She joined the masterclass to learn how to upscale her business to positively impact the wider society.

Another participant, Grace Akpala, a digital marketing entrepreneur based in Lagos thanked MTN for the opportunity to learn new skills that will increase her business output. In her words, “thanks to MTN for this wonderful opportunity to learn and put into practice for better output in my business.”

A total of nine masterclasses will be delivered by MTN executives and industry experts after which 200 will be selected to join MTN’s Y’ello 200 accelerator programme, giving them exclusive access to a broad range of technology-driven tools and services.

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SME

Visa Unveils Digital Services Suite for Businesses       

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Visa has unveiled a suite of new digital-first products and services that it claims will revolutionise the card and address the future needs of businesses, merchants and consumers and the financial institutions that serve them

Set for roll out over the coming, year, the new product roadmap was unveiled at the annual Visa Payments Forum in San Francisco.

“The industry is at a pivotal point – new technologies like Gen AI are rapidly shifting how we shop and manage our finances,” says Jack Forestell, chief product and strategy officer, Visa. “We’re announcing the next generation of truly digital-native payment card experiences. Today we unveiled new card features and digital innovations that will bring consumers into a more customized, convenient and secure future.”

The new products and services include Visa Flexible Credentials, which will allow a single card product to toggle between payment methods, enabling users to set parameters or choose whether they use debit, credit, ‘pay-in-four’ with buy now, pay late,r or pay using rewards points. Visa Flexible Credential is live in Asia and will be launching with Affirm later this summer in the US.

Visa is also introducing a slew of new ways to use the card when tapped on a mobile device, such as: Tap to Confirm: Easily authenticates identity when shopping online; Tap to Add Card: Enhances security when adding card into a wallet or app; Tap to P2P (person-to-person): Allows money to be sent between family and friends

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SME

N101 Women Entrepreneurs To Receive N202 million Y’ellopreneur Equipment Grant

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One hundred and one female entrepreneurs have made it to the final stage of the Y’ellopreneur initiative and will each receive equipment loans of up to N2 million at a fixed interest rate of 2.5% and 36-months repayment duration from the MTN Foundation. 

The loans, which will be disbursed by the Bank of Industry, are expected to help the women scale their businesses thus contributing to reduction in female unemployment.

SMEs in less wealthy economies are mostly faced with sociocultural barriers and infrastructural deficit. They also lack poor access to finances and continuous education, and government support. Nevertheless, a 2022 report by Mastercard, shows that women in less wealthy economies are making their mark as vital economic contributors with over 25% significant business ownership of all local businesses, despite prevailing socio-economic constraints. The Y’ellopreneur initiative was established to contribute to tackling these problems in Nigeria, through capacity building, advisory and business support services.

Speaking about the equipment loan, Executive Secretary, MTN Foundation, Odunayo Sanya stated that the equipment loan is to facilitate the expansion of more sustainable women-led businesses. “Women-led businesses are powerful sources of job creation and economic growth. According to a report by PwC Nigeria, women account for 41% of business ownership and 3.4% of female employment within micro-enterprises, but they continue to face challenges in accessing finance. Through the Y’ellopreneur initiative, MTN Foundation and Bank of Industry are helping female entrepreneurs in Nigeria. By working together, we can build a fairer, more prosperous future,” said Odunayo Sanya, Executive Secretary, MTN Foundation.

 “This time, the MTN Foundation is concentrating on female entrepreneurs. Five hundred out of the nearly 42,000 applicants for the Y’ellopreneur programme were trained, and following careful assessment of their respective pitches, 101 women have qualified to receive the equipment grant and loan,” she added. 

The Y’ellopreneur initiative in partnership with the Bank of Industry (BOI) and the Enterprise Development Centre (EDC) is part of the MTN Foundation’s strategic efforts to support the government in attaining Sustainable Development Goals (SDG’s) 1,2, 5, 8 and 17 which seeks to eliminate poverty and hunger, achieve gender equality by empowering all women, and promote inclusive economic growth.

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17 Tony Elumelu Creative Storytellers Receive USD30,000 Fund from Heirs Insurance and Heirs Life

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Leading insurance companies, Heirs Insurance Limited (HIL) and Heirs Life Assurance (HLA) in partnership with Africa No Filter (ANF), have announced seventeen (17) young creatives across Africa as the recipients of the USD30,000 Tony Elumelu Storytellers Fund, a CSR initiative of both insurance companies.

The 17 finalists, selected from 3,600 entries, will receive $30,000 in grants (between $500 to 2,000 each) to develop projects that shine a light on entrepreneurs and entrepreneurship in Africa and challenge the negative stereotype of Africa.

The finalists represent 12 African countries, with 60% female and 40% male representation. Working with ANF, they will begin work on their submitted projects ranging from film to visual arts, journalism, and digital content creation. Named after African business leader and philanthropist, Tony O. Elumelu, CFR, and sponsored by Heirs Insurance and Heirs Life, the $30,000 creative fund is an extension of Elumelu’s commitment to redefining an African success story that is powered by Africa’s youth and their creative ideas. The Fund is a standalone initiative, not affiliated with the Tony Elumelu Foundation.

Speaking on behalf of both companies, Chief Marketing Officer, Ifesinachi Okpagu, congratulated the finalists, reiterating the confidence in the project’s mission to place Africa firmly on the map.

She said, “We commend the finalists of the Tony Elumelu Storytellers Fund on their ideas and commitment to this joint mission. We are confident that this CSR initiative will progressively change the often-negative stereotype about Africa.

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