Access Bank has introduced its SME Academy in Nigeria to equip entrepreneurs with the skills and tools needed to sustain and scale their businesses, addressing the country’s high small business failure rate. The initiative, launched in Lagos, follows the success of a similar programme in Ghana, which recorded notable improvements in SME performance and growth.
Speaking at the launch, Olumide Olatunji, Head of Retail Banking at Access Bank, noted that the academy was established to harness Nigeria’s vast entrepreneurial potential and support SMEs, which play a critical role in sustaining the economy.
Abiodun Olubitan, Group Head of SME Banking, explained that the first cohort targets 80 existing business owners and focuses on capacity development, financial readiness, and improving business survival rates. She highlighted that over 50 percent of small businesses fail within their first five years due to limited access to capital and inadequate capacity building, underscoring the importance of the initiative.
While the maiden edition does not include grant funding, participants demonstrating capacity and bankability will have access to financing opportunities. Access Bank plans to make the SME Academy a recurring programme, offering periodic training to develop more entrepreneurs.
The three-day inaugural session targets established businesses and features a curriculum designed to strengthen business structures, enhance visibility, and foster networking opportunities. Entrepreneurs attending the programme praised it for providing free, high-quality training and practical insights. Juliet Ike, CEO of TMA Global Consult, described the initiative as timely, while Dr. Onipidan Adebayo, Managing Director of ShawBC Ventures, called the programme invaluable, noting the rare opportunity to access such knowledge without incurring significant costs.
Through the SME Academy, Access Bank aims to empower Nigerian entrepreneurs, build resilience in the SME sector, and contribute to national economic growth.
