Applicants under the Youth Entrepreneurship Investment Development Empowerment Programme (YEIDEP) are now required to open accounts with specific banks, but many are confused about which bank to choose. We reviewed Fidelity, Keystone, Union, Jaiz, and Lotus Bank options and found both opportunities and challenges.
“The answer is not far-fetched,” says one Lagos applicant. “Each bank has its own rules for YEIDEP accounts.”
For those considering Fidelity Bank, the phone number linked to your BVN must be active, or you will not be able to complete the online account opening process. Also, even though you can start the process online, you’ll be required to upgrade your account to handle up to ₦500,000.
On the other hand, Keystone Bank requires your YEIDEP application code before you can begin. A major benefit of Keystone is that you don’t need to upgrade your account to receive ₦500,000 at once if you register online. However, just like Fidelity, you must visit the bank for biometric fingerprinting before the account becomes fully operational. Without that, you may see “RESTRICTED” on your account or get locked out of the Fidelity app.
Banks like Jaiz, Union, and Lotus are harder to access. They currently do not offer online account opening for the YEIDEP Programme. Although Union Bank once had an online option, the link has now been disabled.
“It’s easier to open a YEIDEP account in urban areas,” said another applicant. “But rural applicants can’t even access Jaiz or Lotus branches.”
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Notably, Fidelity Bank issues YEIDEP account numbers instantly when applying online, unlike other banks which delay that process.