In a bold statement of its continuing relevance in Nigeria’s fast-changing financial services sector, Union Bank of Nigeria is doubling down on a strategic bet: that the future of the country’s economy lies in the hands of young entrepreneurs and Made-in-Nigeria innovation.
At the 6th Annual Youth Leadership Conference held at the University of Lagos (UNILAG), the century-old bank sponsored the 2025 edition of the RISE Business Challenge, a platform that has emerged as a springboard for youth-led businesses. This move underscores Union Bank’s growing investment in entrepreneurship as a pillar of national development—especially in an economy where formal job creation remains limited, and self-starters are filling the void.
The RISE of a New Generation
Themed “Turning Point 6.0,” the RISE Challenge—short for Resilience, Innovation, Social Responsibility, and Entrepreneurship—goes beyond mere pitch competitions. It is a talent discovery engine, designed in collaboration with conference convener Mr. Olusegun Odufuwa, to spotlight and support viable, scalable youth-led ventures through financial incentives and mentorship.
Out of hundreds of entries, a rigorous screening process produced a shortlist of four standout businesses. These finalists presented to a seasoned panel of judges, who evaluated ideas based on four criteria: innovation, sustainability, social impact, and financial viability.
Top winners walked away with N1 million, N750,000, and N250,000, but the real value may lie in the ecosystem of business support and bankable relationships they’ve now entered.
Made in Naija—A Philosophy, Not a Slogan
The event was delivered under Union Bank’s broader “Made in Naija” initiative, a strategic campaign aimed at championing Nigerian ingenuity, youth empowerment, and the creation of locally-made solutions with global relevance.
According to Mr. Ayokunumi Abraham, Union Bank’s Head of SME Banking, the bank is repositioning itself as a partner for progress to Nigeria’s enterprising youth.
“We believe this will not only nurture upcoming enterprises but also drive employment, innovation, and sustainable economic opportunity across the country,” Abraham said.
With an estimated 67 million youths under 35, and a national unemployment rate that has consistently challenged policymakers, platforms like RISE fill a critical void. By linking financial institutions with the creative energy of Nigerian youth, Union Bank is not just facilitating lending—it is curating opportunity.
Banking on the Entrepreneurial Class
Union Bank’s support for youth entrepreneurship is in line with a growing shift in Nigerian banking: from risk-averse, corporate-focused operations toward impact-driven SME and retail banking. In recent years, top banks have launched accelerators, digital loan products, and training bootcamps—signaling a fundamental shift in how financial institutions engage a new generation of digitally fluent, socially conscious founders.
What sets Union Bank apart is its commitment to early-stage engagement—investing in entrepreneurs before they scale. By entering that journey at the ideation stage, Union Bank positions itself not just as a financier, but as a development partner in the long-term transformation of Nigeria’s economic landscape.
BRANDECONOMY ANALYSIS: A Necessary Pivot for Legacy Banks
For a bank with over 100 years in operation, Union Bank’s evolution from a legacy institution into an innovation-forward SME bank is both timely and strategic. As fintechs nibble at their customer base and digital-only challengers reshape user expectations, legacy banks must show agility or risk fading into irrelevance.
RISE and similar youth-focused interventions help Union Bank build brand equity with Nigeria’s next generation of consumers and business leaders—many of whom will soon need business accounts, credit facilities, and international trade platforms.
By embedding itself in the entrepreneurial lifecycle early, Union Bank isn’t just banking youth—it’s banking the future.
