Nigerian Bank Kicks Off Verification for YEIDEP Grant Disbursement of N50,000 - N500,000

• The YEIDEP has entered a crucial phase, with Union Bank leading the process by finalising the collection of bank account details for beneficiaries
• The bank has now moved to the BVN verification stage to ensure only legitimate applicants are eligible for the N50,000 to N500,000 grant
• While Union Bank beneficiaries are expected to be among the first to receive funds, applicants from other banks are still in the document verification phase

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.

The Youth Economic Intervention and De-Radicalisation Empowerment Programme (YEIDEP) has advanced to a significant phase as of October 2025, particularly for beneficiaries associated with Union Bank.

In the latest update, Union Bank has become the first financial institution to finalise the collection of bank account details for YEIDEP participants, marking a major step forward in the process.

Recall that recently, the FG through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) launched a conditional grant of up to N50,000 for micro enterprises.

Union Bank to verify BVN for YEIDEP grant

Union Bank has now transitioned to the Bank Verification Number (BVN) verification phase, a critical move to confirm that all listed beneficiaries are legitimate applicants eligible for the N50,000 to N500,000 grant.

This verification process will help minimise errors, combat fraud, and ensure the overall transparency and accuracy of the grant distribution.

If you are a Union Bank beneficiary, it is essential to verify that your BVN aligns with the information you submitted, including your name, phone number, and bank details. Any discrepancies could cause delays or result in removal from the beneficiary list.

What is YEIDEP?

The YEIDEP is a youth-centric initiative designed to empower young people economically, encouraging their active involvement in nation-building and economic development.

The program seeks to engage youths in meaningful economic activities, contributing to national security and helping to reduce radicalisation.

YEIDEP was launched by the Youths Off The Street Initiative (YOTSI) with support from the Federal Ministry of Youth Development.

It is a collaborative effort with the Nigerian Senate’s 10th Assembly, specifically through the Committee on Sports Development.

The program 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.

By targeting youth unemployment and providing viable economic engagements, YEIDEP plays a critical role in both personal empowerment and broader socio-economic stability.

How to access YEIDEP grant

The YEIDEP grant is part of a larger national initiative aimed at addressing youth unemployment and supporting small-scale businesses across Nigeria.

Thousands of applicants are eagerly awaiting their payments, and with Union Bank’s progress, their group is expected to be among the first to receive their funds following successful BVN verification.

Applicants from other banks, such as Access Bank, Zenith, First Bank, and UBA, are still undergoing document verification and are expected to enter the BVN verification phase in the coming weeks.

To ensure you don’t miss out, applicants are advised to:

• Confirm that their BVN and bank details match
• Avoid multiple registrations
• Keep up with official YEIDEP updates on verified platforms
• Watch for SMS or email notifications with further instructions

The next update is anticipated to include specific payment dates, and Union Bank recipients may be the first to receive funds once the verification is completed.

This marks a significant milestone in the YEIDEP disbursement process, bringing young Nigerians closer to receiving their government-supported grants.

FG to roll out N150bn to traders, SMEs

Legit.ng earlier reported that the federal government had announced plans to commence the distribution of N50,000 grants to small businesses across Nigeria’s 774 local government areas.

Minister of Industry, Trade, and Investment, Doris Uzok-Anite, revealed that the programmes are designed to assist manufacturers, small and medium enterprises (SMEs), micro, small and medium enterprises (MSMEs), and other business operators.

Uzok-Anite emphasised that applicants must be able to present valid proof of their business or residential address within their respective local government areas, alongside other necessary documentation, to qualify for the support.

Source: Legit.ng