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By Chukwuma Umeorah
Access Bank has said that it is taking deliberate steps to bridge the knowledge and capacity gap threatening the survival of small and medium enterprises in Nigeria by providing training for entrepreneurs through its SME Academy.
Speaking during the launch of the academy in Lagos on Wednesday, Head of Retail Banking at Access Bank, Olumide Olatunji, said the programme was introduced in Nigeria following the success of a similar scheme in Ghana, which recorded significant impact on SME performance and growth.
“Such training academy has been held in Ghana recording very positive results in terms of impact and growth opportunities for the SMEs. So we deemed it very necessary to bring such initiative down to Nigeria given the massive opportunities that lie within our population and the fact that the economy is sustained by these SMEs,” Olatunji said.
Group Head, SME Banking at Access Bank, Abiodun Olubitan, said that the initiative targets at least 100 entrepreneurs in its first cohort and is designed to enhance capacity development, promote financial readiness, and improve business survival rates across the SME sector.
Olubitan explained that the initiative reflects the bank’s long-term commitment to supporting SMEs as vital drivers of national economic growth. “It is a known fact globally that supporting SMEs in this age and time is just the way to go. Because they drive the economy, they are the ones actually contributing significantly, you know, over 80 per cent to the GDP. So, it is important that we give them the right support, the right tools for them to continue to scale and grow in their businesses,” she said.
She noted that research has shown that over 50 per cent of small businesses fail within their first five years due to limited access to capital and inadequate capacity development. According to her, the academy was established to bridge these gaps and help entrepreneurs build resilience. “We put this together to support our SMEs so that even at that time when they are not sure of what to do, they have a tool, a resource somewhere they can leverage on to see what it is they’ve learned, they can put into play in their business,” she added.
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Although the current edition does not include grant funding, Olubitan said the bank remains open to supporting qualified participants through access to credit once they demonstrate capacity and bankability. “Funding is fundamental for us. And part of why this academy is even coming up is because we just don’t want to fund somebody that does not have the capacity to manage it,” she said, adding that the training cohort will serve as a platform for continued engagement and mentorship.
She also revealed that Access Bank plans to make the SME Academy a recurring initiative, producing more entrepreneurs through periodic training sessions. “The dream for SME Academy is actually very big. Truly, it’s bigger than what you’re seeing here. We are looking to be churning out entrepreneurs from this academy maybe on a quarterly basis,” she said.
The three-day maiden edition of the training programme, which focuses on established businesses already operating for at least three to four years, features a curriculum tailored to help participants strengthen their business structures, improve visibility, and leverage networking opportunities.
Participants lauded the initiative for offering free, high-quality training and practical insights. Juliet Ike, CEO of TMA Global Consult, described the programme as timely. “I saw it as an opportunity for me to learn, and I’m going to be learning a lot of things regarding finance, how to grow my business, my team members, and the structures to put in place,” she said.
Another participant, Dr. Onipidan Adebayo, Managing Director of ShawBC Ventures, described the programme as invaluable. “For you to have this kind of knowledge, you probably need to pay a huge sum of money to some business schools. So having Access Bank bring us together on a free platform to have this kind of knowledge, scale up your capability, I think it’s very important,” he said.
