To adhere to the October 20-30 deadline, banks are rushing the verification process for the YEIDEP grant disbursement, which ranges from N50,000 to N500,000.
The Youth Economic Intervention and De-Radicalisation Empowerment Programme (YEIDEP) has reached a critical stage, with banks hastily finalizing the collection of bank account information for beneficiaries.
Many partner banks have quickly moved to the Bank Verification Number (BVN) verification stage to ensure that only legitimate applicants qualify for the grant, with Union Bank leading the way.
Since the official launch of the initiative by the Federal Ministry of Youth Development a few weeks ago, YEIDEP has made significant progress.
In a recent update, Union Bank has become the first financial institution to complete the collection of bank account details for YEIDEP participants, marking an important advancement in the process.
YEIDEP aims to reduce youth unemployment, stimulate Nigeria’s economy, and alleviate household poverty which is not unconnected to president Tinubu’s renewed hope agenda.
Banks are now in a verification stage for the YEIDEP grant, a crucial step to confirm that all listed beneficiaries are legitimate applicants eligible for the N50,000 to N500,000 grant.
This verification process will help minimize errors, combat fraud, and ensure transparency and accuracy in grant distribution.
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Any discrepancies could lead to delays or removal from the beneficiary list.
YEIDEP is a youth-focused initiative aimed at economically empowering young people and encouraging their active participation in nation-building and economic development.
The program was launched by the Youths Off The Street Initiative (YOTSI) with support from the Federal Ministry of Youth Development.
It focuses on providing socio-economic opportunities for young Nigerians, enabling them to become productive members of society and contribute positively to the country’s progress.
The YEIDEP grant is part of a broader national initiative aimed at tackling youth unemployment and supporting small businesses across Nigeria.
Thousands of applicants are eagerly anticipating their payments in October, as promised by the Federal government.
Other partner banks, including Fidelity, Zenith, First Bank, UBA, Lotus, and Wema, are still in the document verification stage and are expected to enter the BVN verification phase soon.
This represents a significant milestone in the YEIDEP disbursement process, bringing young Nigerians closer to receiving their government-supported grants.
