Access Bank Plc has announced it will host its maiden Micro, Small and Medium Enterprises (MSME) conference in Lagos on August 15, 2024, as part of efforts to bolster the small business sector. The bank also unveiled a new SME mobile application designed to provide entrepreneurs with seamless access to financial services and business support tools.
Conference Details and Objectives
Themed "Empowering the Nigerian MSME: Navigating the Digital Economy," the conference aims to address key challenges facing small businesses, including access to finance, digital transformation, and regulatory compliance. According to a statement from the bank, the event will bring together industry experts, policymakers, and business owners to share insights and strategies for growth.
Speaking on the initiative, Access Bank's Executive Director of Retail Banking, Mr. Victor Etuokwu, said: "MSMEs are the backbone of the Nigerian economy, contributing significantly to employment and GDP. This conference is our way of creating a platform for dialogue and collaboration to drive sustainable growth in the sector."
Launch of SME App
In conjunction with the conference, Access Bank has launched a new mobile application specifically tailored for SMEs. The app offers features such as business account management, loan applications, invoice generation, and access to market intelligence. It also integrates with the bank's existing digital platforms to provide a unified experience for users.
The bank stated that the app was developed in response to feedback from customers who needed more convenient and efficient ways to manage their business finances. Over 10,000 businesses are expected to benefit from the app in its first year of operation.
Impact on MSMEs
Access Bank's initiatives come at a time when Nigerian MSMEs face numerous hurdles, including limited access to credit and high operational costs. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), MSMEs account for over 96% of businesses in the country and contribute about 48% to the national GDP. However, many struggle with digital adoption and financial inclusion.
The conference and app launch are part of Access Bank's broader strategy to deepen its support for the MSME segment. The bank has previously introduced various products and services aimed at small businesses, including the Access Bank SME Market Hub and tailored loan schemes.
Registration and Participation
Interested participants can register for the conference through Access Bank's website or the new SME app. The event is free of charge but limited to 500 attendees on a first-come, first-served basis. Virtual participation will also be available via live streaming.
Access Bank reiterated its commitment to fostering entrepreneurship and economic development in Nigeria. The bank's MSME conference is expected to become an annual event, providing a consistent platform for learning and networking.
