One of Nigeria’s biggest players in the SME space, Access Bank plc has unveiled an online account opening platform for unregistered businesses.
The disclosure was made at the product launch by Mrs. Ayodele Olojede, Group Head, Emerging Businesses, Access Bank PLC in Lagos.
She made it clear that the move was in line with the bank’s goal to maintain its stand as Nigeria’s largest lender in the Small and Medium Enterprises (SMEs) space. Meanwhile, the account opening platform is a paperless and seamless digital process that allows customers to register their business within five minutes without visiting a branch.
Olojede said that the product was available for anyone above 18 years across Nigeria and the Diaspora.
Commenting on the launching of the online platform, Olojede said “It is about the millions of local businesses struggling to lay their foundation and growth.
“As part of our commitment to support entrepreneurs and small business owners, we have created a simple seamless digital platform for individuals to obtain an affordable and flexible account for their unregistered businesses which will give them access to digital loans from N250,000 to N10 million, access to capacity building programs and training.
“It also provides business registration at a discounted rate for those unregistered businesses, Invitation to link up with investors and build a website with as little as N20,000.
“We believe and support SMEs for the major role they play in most economies, particularly in developing countries,” Olojede said.
She noted that SMEs account for the majority of businesses worldwide as well as important contributors to job creation and global economic development.
“They represent about 90 percent of businesses and more than 50 percent of employment worldwide,” Olojede added.
Olojede also advised them against mixing business funds with personal expenses, as it leads to poor corporate governance and the risk of misappropriation of cash belonging to the business. Ayodele also called on SMEs owners to ensure proper records keeping for their businesses and advised them against mixing business funds with personal expenses as it leads to poor corporate governance and the risk of misappropriation of cash belonging to the business.
