According to Access Bank of Nigeria Plc, it plans to teach roughly 500,000 players in the Micro Small and Medium Enterprises (MSMEs) sector as part of its strategy to expand the economy, in addition to providing them with loans as needed.
The disclosure was made by Mrs. Chizoma Okoli, the bank’s deputy managing director, in Abuja during the 5th National MSME Award ceremony held at the Presidential Villa.
She claims that in light of the MSMEs’ crucial role in the economy, the bank has since revealed the Access Bank SMEs zone, a comprehensive plan created especially for assisting them.
When the management realized that many of these tiny firms required training in financials, cash flow management, HR, technology, and other areas, she revealed that Access Bank had already provided it to around 100,000 of these companies.
She said: “Now, for us, we have invested a lot in infrastructure and technology to make sure that we support the SME sector. So, we have loans for SMEs both digitally otherwise; where they can sit down at the comfort of their homes and access up to N10 million without collateral.
“So, we believe, as you heard, in the statements of the VP that the SMEs contribute 90% of world businesses and 50% of employment. And what does that mean? That means that SMEs are an integral part of anyeconomy. So, any economy that has no support for the SMEs would definitely not grow.
“But beyond the funds, many SMEs do not know the difference between company funds and their personal funds. So, we have the Access Bank SMEs zone, where we have over 100 training for SMEs from training them on financials, on cash flow management, HR, technology, anything that they want, because it’s beyond giving them money. After the money, they are trained in all these areas so they know what they’re doing; creating a sense of discipline in their businesses. So, they understand the financials of their businesses.
“We’ve trained over 100,000 SMEs on that platform. This year, we’re targeting to train 500,000 customers.”
Okoli emphasised the bank’s determination to assist private sector players, adding that it has always partnered the MSMEs award due to its objective of growing SMEs, who in turn grow the economy.
Praising the steadfastness and contributions of young entrepreneurs that won prizes at the event, the Vice President, Prof Yemi Osinbajo noted that “these MSMEs tell the story of our country’s great economic future.”
According to him, “we are set to manufacture our own vehicles, clean energy trucks and cars, and we are on course to manufacturing our own weapons, armoured mobile platforms and aircraft. We have all it takes.
Making specific reference to prospects in the manufacturing and technology sectors, the Vice President noted: “I believe that MSMEs in technology and manufacturing especially in the clean energy or green economy deserve special mention. I am convinced that this sector will be crucial in global industrial development in the coming years and will leapfrog Nigeria to economic prosperity ”.
