By Chukwuma Umeorah
Access Bank has partnered with global consultancy firm, Deloitte, to empower Small and Medium Enterprises (SMEs) in Nigeria with the knowledge and skills necessary to strengthen their operations and boost economic contribution.
The Group Head of SME Banking at Access Bank, Abiodun Olubitan, speaking at the Business Clinic held in Lagos said that the initiative focused on enhancing SME access to finance, market opportunities, and business information.
With the theme ‘Building a Resilient, Profitable and Future-Ready Business in Nigeria’, Olubitan highlighted the significance of the Business Clinic, emphasizing that one of the three essential needs for SMEs is access to finance, information, and market opportunities.
She spoke further: “Access Bank aims to support SMEs not only with financial resources but also by providing valuable information. This includes expert guidance to navigate challenges, particularly during times of policy or economic shifts.”
Recognizing that each business faces unique challenges, she added that Access Bank has partnered with Deloitte, renowned for their expertise, to offer personalized one-on-one consultations for SMEs.
Olubitan elaborated on Access Bank’s commitment to supporting SMEs through various banking solutions, saying that the bank has created a dedicated group that focuses on entrepreneurs at different stages, from nano and micro to medium-sized businesses, as well as larger corporations.
“Understanding that emerging businesses may not always have the capacity for substantial loans, Access Bank offers diverse financing structures. This includes collateral-free loans based on cash flow analysis, allowing businesses to access funds that align with their financial trends.”
Olubitan said that the initiative has been in place for several years, noting that the event was the second edition focused on providing physical consultation and a reflection of Access Bank’s the ongoing commitment to SMEs, to foster business growth and sustainability.
Senior Banking Advisor for Retail Banking at Access Bank, Rob Giles, stated Access Bank aims to make SMEs ‘finance-ready’, saying, “this means ensuring that businesses understand their operations, market dynamics, and the purposes for which they seek financing to foster growth.
“We prioritise lending that supports tangible growth rather than lending merely for the sake of it. Our financing strategies are designed to assist businesses in acquiring physical assets, such as retail spaces and machinery as well as offering short-term working capital to navigate trading cycles. We recognise the current high-interest rate environment and strive to ensure our lending enables sustainable income generation.”
Toluwalogo Odutayo, Partner in Tax and Regulatory Services at Deloitte, shared the firm’s dedication to making a positive impact on the community, saying “as SMEs are fundamental to Nigeria’s economy, contributing about 51 per cent of GDP, we believe it is essential to equip them for success. From our extensive experience, we have witnessed businesses flourish and others falter due to a lack of information and actionable insights.”