Access Bank Plc has launched a new financial product called Diamond Business Advantage (DBA) Lite to deepen its support for youth-led businesses and expand access to digital loans for micro, small, and medium enterprises (MSMEs) in Nigeria.
The product, tailored specifically for young entrepreneurs—whether just starting out, already established, or in the growth phase was officially introduced during a recent event in Lagos. The bank’s Executive Director explained that the new initiative stems from the legacy Diamond Business Account (DBA), which was originally developed under the now-merged Diamond Bank. With DBA Lite, Access Bank is seeking to retain the strengths of the original offering while tailoring it more closely to the needs of Nigeria’s youth demographic.
According to the Executive Director, Access Bank is using *DBA Lite* to address one of the biggest challenges faced by MSMEs: access to finance. The digital loans available under the scheme will range from N50,000 to N5 million, provided the applicant meets the bank’s requirements. He emphasized that entrepreneurship plays a vital role in national development and Access Bank wants to play a central role in that journey.
He noted that Access Bank currently leads the digital loan space in Nigeria, accounting for more than half of all such loans in the market. On a daily basis, the bank disburses between N18,000 to N20,000 in digital loans. In 2020 alone, about four million people accessed loans worth N100 billion from the bank. The bank is aiming to surpass that figure in 2021, with monthly disbursements now ranging between N12 billion to N13 billion and projections pointing towards an annual total of over N120 billion.
DBA Lite, he added, was created to make access to finance faster and easier. Its core features include minimal documentation, affordability, convenience, and access to markets, finance, business loans, and payment services. The product is part of the bank’s broader strategy to drive financial inclusion and support the long-term sustainability of small businesses, especially those led by young people.
The launch reinforces Access Bank’s position as a key player in Nigeria’s digital finance landscape. By supporting youth entrepreneurship and easing the process of accessing business loans, the bank hopes to fuel job creation and economic growth across the country.
