Business owners who attended the maiden SME Academy organized by Access Bank say the three-day program has given them clarity on tax compliance, business structuring and financial management, addressing areas that have long slowed the growth of small enterprises. Many participants described the sessions on taxation and business planning as the most impactful, explaining that the training corrected the widespread misinformation that spread among SMEs after recent tax policy changes sparked confusion and fear across the sector. They noted that the academy helped them understand what compliance truly requires and how meeting these obligations strengthens their long-term growth prospects.
Participants shared how the sessions resolved practical challenges within their operations. A logistics and export business owner explained that the tax class finally clarified issues he had struggled with for years, adding that the training on leadership and customer service would help him strengthen internal discipline and improve overall service delivery.
A retailer who runs M2M Stores said she had little understanding of both old and new tax requirements before the program, and that learning about VAT, business plans and the Pro-Max tax system provided actionable knowledge she had lacked. She added that the academy exposed the importance of proper business structure and the need to move beyond a one-person model so the business can expand sustainably and operate effectively even in her absence.
The program, which recorded more than one hundred participants, focused on everyday challenges faced by early-stage enterprises, including valuation difficulties, poor record keeping, customer retention struggles and the pressure of navigating recent government regulations.
Access Bank, in designing the curriculum, had anticipated these concerns. The Group Head for SME Banking Products explained that the academy was specifically created for SMEs that have operated for four to five years and are now experiencing growth pains, noting that issues such as valuation, taxation, financial management and customer service repeatedly surface among this category of businesses.
She said the recent tax policy changes created significant uncertainty among small business owners, prompting the bank to dedicate substantial time to breaking down the rules and explaining how they affect various categories of SMEs.
According to her, many entrepreneurs perceive government policies as harsh not because the rules are impossible to meet but because they lack proper guidance to understand and comply. She added that government engagement with stakeholders, including SMEs and financiers, has improved in recent times, even though many businesses still struggle to access government-backed financing, particularly those channelled through institutions such as the Bank of Industry.
She explained that Access Bank is extending additional support to unregistered businesses by using the cash flow in their personal accounts as a basis for credit assessment. This approach, she said, helps the bank support informal entrepreneurs, grow with them and create a pathway for them to eventually formalize their operations and identify fully as SMEs.
She encouraged business owners to remain informed, stay committed and take advantage of available information channels, including social media and structured training opportunities. She emphasized that building a sustainable enterprise requires long-term dedication and a willingness to continually learn, noting that entrepreneurship is a marathon rather than a sprint.
