Bank Rakyat’s initiatives continue to empower asnaf entrepreneurs

KUALA LUMPUR - Bank Rakyat continues to empower asnaf entrepreneurs through its RAKYATpreneur and UNIpreneur 2023 programmes.

A total fund allocation of RM3.5 million was allocated to be used by 800 potential asnaf entrepreneurs selected under the programme this year.

Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick said the initiatives from Bank Rakyat had successfully helped many asnaf entrepreneurs since it was introduced in 2020 and 2021.

“A total of 1,833 entrepreneurs and asnaf students have been successfully helped so that they can get out of the asnaf group through both these two initiatives,” he said at the opening ceremony of RakyatPreneur and Bank Rakyat Unipreneur 2023.

Ewon added the initiatives were in line with the main agenda of the global human rights programme, the Sustainable Development Goals (SDG) to eradicate poverty by 2030 through inclusive funds and guidance.

“No poverty is the first target of the 17 SDG targets, which is the main pillar for the implementation of this human rights programme which also aims to improve the quality of the life of the global community,” he said.

The two programmes that started in June were a continuation of the success of its pilot programme.

The three series RAKYATpreneur and Bank Rakyat UNIpreneur programmes launched prior to this aimed to develop the capacity and competitiveness of entrepreneurs and asnaf students through training and guidance entrepreneurship and inclusive monitoring to produce more social entrepreneurs to achieve the government’s desire to eradicate extreme poverty.

Commenting further, Bank Rakyat acting president Datuk Mohd Irwan Mohd Mubarak said RAKYATpreneur and Bank Rakyat Unipreneur programme is an initiative of social finance under the inclusion of the iTEKAD programme introduced by the bank.

He said Malaysia could have a broader impact, especially on asnaf and micro-entrepreneurs who faced constraints in obtaining assistance and financial resources to ensure the sustainability of their business.

“This social finance initiative programme is also held as a support for the iTEKAD programme established by Bank Negara Malaysia to help low-income micro-entrepreneurs strengthen management finance and business acumen towards generating income continuously.

“RAKYATpreneur programme participants for 2022 have been successful in recording an almost 60 per cent increase in sales rate, while 66 per cent of student entrepreneurs asnaf Bank Rakyat UNIpreneur recorded an increase in sales throughout the programme,” he said.

Meanwhile, Bank Rakyat’s chief executive officer (CEO) Dr Mohammad Hanis Osman said the process of choosing those eligible for this programme was by first identifying those in the asnaf group who had potential.