Bank Rakyat allocates RM3.82 million to support 800 potential asnaf entrepreneurs

KUALA LUMPUR: Bank Rakyat, through its RAKYATpreneur 5.0 and Bank Rakyat UNIpreneur 4.0 programs, has allocated RM3.82 million to assist 800 potential asnaf entrepreneurs this year.

According to Berita Harian, Deputy Minister of Entrepreneur Development and Cooperatives, Datuk Ramanan Ramakrishnan, said that the two programs have previously helped 1,833 asnaf entrepreneurs and students, with a total contribution amounting to RM6.63 million over the past three years.

He also mentioned that the two programs were selected as case studies in the ‘Tracking Progress: Impact Monitoring of Social Finance’ report by the World Bank Group in 2023.

“This initiative strengthens social welfare by fulfilling economic needs with the aim of developing the capabilities of marginalized groups to rise out of relative poverty, aligning with the Sustainable Development Goals (SDGs) to achieve ‘No Poverty’.

“I commend the implementation of the RAKYATpreneur and Bank Rakyat UNIpreneur programs, which support the development of potential asnaf entrepreneurs and students by creating resilient enterprises through financial injection, training modules, and holistic guidance.

“This will create opportunities for entrepreneurs to grow and advance their businesses,” he said.

He made these remarks at the Launch Ceremony for the RAKYATpreneur and Bank Rakyat UNIpreneur 2024 programs at the Bank Rakyat Twin Towers today.

He noted that RAKYATpreneur 4.0 previously involved 300 entrepreneurs, showing positive results as 63 percent, or 189 participants, recorded an increase in sales over the six-month program period.

He added that 69 percent, or 208 participants, already have savings from their sales, while 62 percent, or 187 participants, have provided job opportunities to the local community.

“Bank Rakyat UNIpreneur 3.0 has raised awareness among 500 entrepreneurs regarding financial empowerment, with 90 percent, or 451 participants, having monthly savings.

“Moreover, they have leveraged digital platforms for income generation, with 53.8 percent, or 269 participants, running online businesses, and 67 percent, or 335 participants, using digital transactions,” he said.

Following the success of these programs, Ramanan stated that the ministry will request agencies under the Ministry of Entrepreneur Development and Cooperatives (KUSKOP) to organize special programs for youths to introduce them to entrepreneurship.

By understanding the field from a young age, he said, they would already have a platform to run their own businesses upon graduation.

“There will be no issue of lacking job opportunities because they will have a foundation in entrepreneurship,” he said.

Chairman of Bank Rakyat, Datuk Mohd Irwan Mohd Mubarak, stated that the RAKYATpreneur and Bank Rakyat UNIpreneur programs also support the iTEKAD program by Bank Negara Malaysia, which provides micro-entrepreneurs with access to financing to start and advance their businesses.

Through this initiative, he said, Bank Rakyat has successfully assisted entrepreneurs and asnaf students in improving their efficiency in identifying and seizing opportunities to remain relevant in the market.

“This support has created a significant paradigm shift, making business outcomes more sustainable and enhancing income sources,” he said.

He added that the continuity of these two entrepreneur development programs demonstrates Bank Rakyat’s commitment to driving the country’s socioeconomic growth.