We hereby announce the restructuring of our workforce as part of efforts geared towards greater efficiency and resource optimization, in line with our growth agenda. This agenda is designed to strengthen the bankâ€™s business across all markets where we operate.
The restructuring processes areÂ meant to up-scale this institutionâ€™s activities in the strategic sectors of the economy as well as concentrating on and deploying our expertise and competences to specific business areas where we enjoy comparative business advantage.
The recent restructuring came after a review of senior staff bench strength and industry standards and realigned certain roles bank-wide, and those who were affected by the exercise were adequately compensated.
Also in line with our on-going determination to reposition, some members of our workforce have also been elevated with higher responsibilities.
There is no doubt that the banking industry, like every other sector in the country, is going through a challenging path occasioned by the slowdown in the countryâ€™s economic activities, hence the move, being part of the bankâ€™s strategic plan to keep a vibrant workforce that will enable it achieve its vision of being the most innovative bank of choice in service delivery, superior returns to its various stakeholders, and to also contribute to the growth of the Nationâ€™s economy.
This position is buttressed by the fact that we are well known for supporting small businesses, bringing as many of them together as possible in a bid to add value to the MSME sector of the economy.
Heritage Bank has deliberately focused on the SME segment in order to create aÂ fresh set of vibrant entrepreneurs that will create jobs and distribute wealth in the Nigerian economy, because of recent statistics which indicate high unemployment among the youths that make up a large percentage of the population.
One of its initiatives in the MSME sector is its partnership with the Central Bank of Nigeria (CBN) and the National Youth Service Corps (NYSC) under the N3billion CBN Youth Innovative Entrepreneurship Development Programme (YIEDP) which is targeted at youth, particularly current serving National Youth Corps members and those within five years post-service exit.
We launched a N500 million Young Entrepreneurs and Students (YES) Grant in Lagos. The initiative, which is in partnership with the Nigerian Youth Professional Forum (NYPF), will, support students and young entrepreneurs toward socio-economic freedom.
In furtherance of this commitment to creating jobs and wealth, Heritage Bank in partnership with the Center for Value Leadership (CVL) has developed various impact-driven programmes to empower the youths and women particularly in the under-developed communities in Lagos State and one of these is the Young Entrepreneurship Business Training Programme (YEBTP).
The YEBTP is a programme aimed at grooming, mentoring, and financing 100 aspiring and existing young micro entrepreneurs in Ajegunle, Lagos State. This will be achieved in the form of a grant scheme of about N8.5million, in which the funds will be used to purchase the equipment needed by the entrepreneurs to start their businesses.