Access Bank Plc has introduced a new artificial intelligence (AI)-powered application at its maiden SME Conference in Lagos, designed to help small and medium-sized enterprises (SMEs) manage their businesses more efficiently from anywhere in the world. The Access SME App allows business owners to monitor sales, inventory, and staff activities from a single platform, providing real-time visibility into operations.
Conference Highlights the Urgency of AI Adoption
Unveiled during the bank's SME Conference themed "AI for SMEs: Scaling Through Digital Tools," the event brought together government officials, technology experts, business leaders, and entrepreneurs to discuss how AI is transforming business operations. Speakers agreed that artificial intelligence is no longer optional for business growth but a critical tool for efficiency and competitiveness.
Chalya Shagaya, Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, urged entrepreneurs to embrace AI as a catalyst for growth. "Every successful business begins with an idea, but technology has become the engine that turns those ideas into scalable enterprises," she said. Shagaya noted that many SME owners juggle marketing, customer service, accounting, and inventory management, and AI can reduce these burdens by automating routine tasks.
App Designed Specifically for SME Needs
Abiodun Olubitan, Head of SME Banking at Access Bank, explained that the app was developed after listening to the challenges faced by small business owners. Many found existing digital tools too complicated or tailored primarily for large corporations. "The Access SME App provides a single platform to monitor sales, inventory, staff activities, and other key operations in real time, regardless of location," Olubitan said. The platform gives entrepreneurs complete visibility, enabling faster and more informed decisions.
Experts at the event highlighted the critical role of digital skills. Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, described SMEs as the backbone of Nigeria's economy but warned that nearly half of new small businesses fail within their first year, according to a report by Vanguard. He encouraged entrepreneurs to strengthen digital skills, leverage AI to understand customer behavior, and use data-driven insights to improve decision-making.
Technology as an Enabler, Not a Solution
During a panel session, Lanre Bamisebi, Executive Director of Information Technology and Digitisation at Access Holdings Plc, emphasized that successful digital transformation starts with understanding customers' needs. "Technology is only an enabler. The first thing is to understand what your customers want and how to serve them better," he said. Country Manager for Financial Services Industry at Huawei Nigeria, Glarry Gao, added that AI gives SMEs tools to compete with larger companies by improving operational efficiency, enhancing customer experiences, and expanding reach through digital platforms.
Broader Government Support for Startups
In related news, the Federal Government, through the Investment in Digital and Creative Enterprises (iDICE) Programme implemented by the Bank of Industry (BoI), has opened applications for the iDICE Startup Bridge Growth Lab. The 12-week accelerator programme offers up to $350,000 (about N482.4 million) in funding for promising Nigerian technology startups. The initiative will select 12 startups from across Nigeria's six geopolitical zones, providing business development support, mentorship, investment-readiness training, and introductions to active investors.
