Follow Us on Google
The federal government has backed Access Bank Plc’s newly launched artificial intelligence (AI)-powered mobile application for small and medium-sized enterprises (SMEs), describing digital technology as critical to improving business productivity, expanding market access, and supporting enterprise growth.
The endorsement came at the bank’s SME Conference in Lagos, where the application was unveiled alongside discussions on the role of artificial intelligence and other digital tools in addressing challenges facing micro, small, and medium-sized enterprises (MSMEs).
Speaking at the event, the Senior Special Assistant to the President on Entrepreneurship Development in the Office of the Vice President, Chalya Maryam Shagaya, said businesses must increasingly embrace technology to remain competitive, noting that the federal government was strengthening policies and infrastructure to support digital entrepreneurship.
“Every business represented here today began with an idea. However, you have to make sure that you are able to execute. And execution these days, for most businesses, comes through being technologically inclined.”
Shagaya said President Bola Tinubu had approved a national AI policy designed to strengthen the country’s artificial intelligence ecosystem and support young entrepreneurs and start-ups through dedicated capacity-building initiatives.
“It will interest you to know also that Mr President has recently signed a policy on AI in which he has instructed, or rather mandated, the Ministry of Communications under the minister, Bosun Tijani, that they should establish a hub in which they strengthen, provide scale-up for youth and young business owners on AI,” she said.
She urged entrepreneurs to continually improve their digital skills, saying the rapid pace of technological development requires continuous learning.
Shagaya also said AI could improve inclusion for neurodivergent entrepreneurs by enabling individuals with communication and learning challenges to operate businesses more independently.
“So, AI can solve that for them. Artificial intelligence and technology is the way forward for neurodivergent individuals to be included,” she said.
“We cannot let them be dependent on the rest of us for the rest of their lives… AI is enabling them to do this, to run their own business.”
She, however, cautioned entrepreneurs against relying solely on AI-generated information, noting that digital platforms could sometimes produce inaccurate outputs and should be used alongside human judgement. She also encouraged business owners experiencing regulatory challenges to report such cases through her office for possible intervention.
Access Bank launched the AI-powered SME application as part of efforts to expand digital support for businesses and improve access to tools that simplify business operations, financial management, and enterprise growth.
The bank’s Head of SME Banking, Abiodun Olubitan, said MSMEs contribute about 50 per cent of Nigeria’s Gross Domestic Product (GDP) and account for roughly 84 per cent of employment, underscoring their importance to the country’s economy. She said the new application forms part of the bank’s strategy to provide digital solutions that help entrepreneurs manage their businesses more efficiently and grow sustainably.
Olubitan urged entrepreneurs to recognise the value of their businesses regardless of size, stressing that success should not be measured solely by building large conglomerates.
“You need to recognise and celebrate your work. Success is not solely defined by becoming a large enterprise like Dangote Group. We must support MSMEs at all stages, from the smallest start-ups to larger businesses,” she said.
Also speaking, the Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, said MSMEs remain the backbone of Nigeria’s economy, with more than 39 million businesses operating across the country.
“You are responsible for 84 per cent of national employment,” he said. “Access Bank, Dangote, Shell, Chevron, all those big corporate entities—they are just 16 per cent.”
Adebisi said nearly half of small businesses fail within their first year of operation, highlighting the need for stronger business practices and wider adoption of technology. He described artificial intelligence as a tool capable of supporting customer engagement, inventory management, data analysis, and business decision-making, adding that entrepreneurs who fail to embrace emerging technologies risk losing competitiveness in an increasingly digital economy.
