Union Bank Begins BVN Verification for YEIDEP Grants Ranging from N50,000 to N500,000
Union Bank has begun BVN verification for YEIDEP grant applicants, marking a key stage in disbursement.
Beneficiaries from other banks are still under review and will join the next verification round.
The Youth Economic Intervention and De-Radicalization Empowerment Program (YEIDEP) has reached a crucial implementation stage as Union Bank begins the Bank Verification Number (BVN) verification for selected grant beneficiaries. This follows the completion of earlier stages involving the collection of applicants’ account details.
Beneficiaries linked to Union Bank are now undergoing BVN validation, a critical step to confirm their eligibility for grants ranging between N50,000 and N500,000. This verification process is designed to minimize fraud, eliminate errors, and enhance the transparency of the disbursement exercise. Applicants are advised to ensure their BVN matches the submitted information, including name, phone number, and bank account details, as inconsistencies may result in delays or exclusion from the program.
While Union Bank appears to be ahead in the process, beneficiaries linked to other banks, including Access Bank, Zenith Bank, UBA, and First Bank, are still undergoing documentation review. These applicants are expected to enter the BVN phase in the coming weeks.
What is YEIDEP?
YEIDEP is a youth-focused initiative launched by the Youths Off The Street Initiative (YOTSI) in partnership with the Federal Ministry of Youth Development and the Nigerian Senate’s Committee on Sports Development. The program aims to economically empower young Nigerians, reduce radicalization, and promote national security through job creation and enterprise support.
It targets young people with viable economic ideas, particularly those affected by unemployment, by offering them access to funding that can support micro and small-scale enterprises. Through strategic grants and training opportunities, YEIDEP seeks to create a more engaged and self-reliant youth population.
Next steps for applicants
As Union Bank moves closer to disbursing funds, applicants are advised to stay informed through verified YEIDEP communication channels. Key steps include:
- Ensuring BVN and submitted details match exactly
- Avoiding duplicate registrations
- Monitoring SMS or email notifications for updates
- Having proof of residence or business address within their local government area
Successful completion of BVN verification by Union Bank beneficiaries positions them to be among the first recipients of the grant, with payment dates expected to be announced in the next update.
Related federal grant initiative
Separately, the federal government is preparing to disburse an additional N50,000 grant to traders, MSMEs, and SMEs across all 774 local government areas in Nigeria. According to the Minister of Industry, Trade, and Investment, Doris Uzok-Anite, a total of N150 billion will be rolled out to support businesses in a bid to tackle economic hardship and boost grassroots entrepreneurship.
Applicants for this parallel program must present proof of business or residential address within their LGAs and comply with all documentation requirements to be eligible for support.
Both the YEIDEP and federal grant initiatives underscore a growing commitment by the government and its partners to address youth unemployment and stimulate small business development across Nigeria.
