Access Bank trains entrepreneurs, boosts tax awareness

By Chukwuma Umeorah

Business owners who attended Access Bank’s maiden SME Academy say the three-day programme has given them clarity on tax compliance, business structuring and financial management, among other areas they struggled with in running their operations.

Many participants described the sessions on taxation and business planning as the most important, noting that the training addressed real gaps affecting small enterprises. They said the training corrected misinformation circulating among SMEs following the recent tax policy changes that triggered fear among business owners, adding that the academy helped them understand their obligations and how compliance affects their growth prospects.

Gbenga Agoye of Grandmade Ltd., a logistics and export company, said the tax session resolved long-standing confusion in his operations. “I have been struggling with that, so I quite had an impressive knowledge about what it is and how to go about it,” he said. He added that the classes on leadership and customer service were valuable in strengthening his service delivery and operational discipline.

Another participant, Mosebolatan Ladi-Lawal of M2M Stores, said she had little understanding of both old and new tax requirements before the academy. “I didn’t know so much about the new tax, even the old tax, but we were really taught about it in this training and I believe it will help me scale better,” she said. She explained that learning about VAT, business plans and the Pro-Max tax system offered practical knowledge she previously lacked. According to her, the training also highlighted the importance of business structure. “Before I was doing this one-man business. I’ve learnt now that I need to structure so that when I’m structured, I can diversify while this business can be managed effectively even in my absence.”

The three-day training, which had over 100 attendees, centred on practical issues affecting early-stage enterprises, including valuation challenges, record keeping, customer retention and navigating recent government policies.

Access Bank said these concerns were anticipated during the development of the academy’s curriculum. Abiodun Olubitan, Group Head for SME Banking Products, explained that the programme was designed for SMEs that have been operating for four to five years and are now encountering growth pains. “Valuation is a problem, taxation is another key thing, finance management. Then we had to delve into customer service so they are able to build their customer base and retain them.”

She added that the confusion caused by the new tax policy was a major motivation for including detailed tax education in the training. “The most recent is the tax policy that just came out. It caused a lot of confusion. People are like, ‘Do I still need to run my business account?’” Olubitan said. She noted that Access Bank took time to break down the rules to help SMEs understand how the changes affect their businesses.

Olubitan said the bank does not consider government policies harsh, but believes compliance appears difficult because many small business owners lack adequate guidance. She noted that efforts by policymakers to engage stakeholders, including SMEs and financiers during policy formulation have improved in recent times. She also pointed out that government-backed financing options, such as those channelled through the Bank of Industry (BOI) are available even though access remains a challenge for many SMEs.

According to her, the bank is also extending support to unregistered businesses by recognising cash flow on their personal accounts as a basis for providing credit. “We know that they are running their businesses,” she said. “We can see you even at your state as an individual. We’ve also put together facilities to support them using that cash flow so that we can give them financial support, grow with them, even give them opportunities to now register their business and start identifying as an SME.”

She encouraged small business owners to stay informed and prepared for long-term commitment while taking advantage of available information channels, including social media and training sessions. “Entrepreneurship is not a sprint, it’s a marathon,” she said.