Access Bank Plc has launched the Access SME App as part of efforts to deepen financial inclusion and equip Micro, Small and Medium Enterprises (MSMEs) with digital tools to improve productivity, enhance customer experience and drive sustainable business growth.
The launch, which took place at the Access Bank MSME Conference in Lagos, also featured calls by technology and business leaders for entrepreneurs to embrace artificial intelligence (AI) and digital transformation to remain competitive in an increasingly digital economy.
Speaking at the event, Group Head, SME Banking at Access Bank, Abiodun Olubitan, described MSMEs as the backbone of Nigeria’s economy, saying they contribute about 48 per cent of the country’s Gross Domestic Product, GDP, account for about 84 per cent of employment and make up roughly 96 per cent of businesses nationwide.
According to her, the bank remains committed to supporting businesses from the micro level through every stage of growth.
“You are one of the most important customer segments we have. We are not just saying we support SMEs; we demonstrate it every day through the solutions and initiatives we develop for your success. We want you to leave this conference better equipped to grow your businesses,” she said.
Delivering a goodwill message, Executive Director, University of Lagos Business School, Prof Sunday Adebisi, said Nigeria has about 39 million MSMEs but nearly half fail within their first year of operation.
He said AI offers businesses an opportunity to improve efficiency, strengthen customer engagement, automate routine tasks and make faster, data-driven decisions.
“Artificial intelligence should not be seen as a threat but as a business partner. The future belongs to businesses that combine human creativity with AI capabilities,” Adebisi said.
He urged entrepreneurs to build a strong digital presence, digitise business records and leverage AI-powered platforms to serve customers around the clock.
“If your business still depends entirely on physical interactions, you risk losing the next generation of customers who prefer digital channels. AI should become your co-pilot, helping you improve efficiency, reduce costs and scale your business,” he added.
Speaking during a panel session, Executive Director, Information Technology and Digitalisation, Access Bank, Mr. Lanre Bamisebi, said many businesses wrongly equate digital transformation with acquiring sophisticated technologies.
According to him, digital transformation begins with understanding customer needs and improving business processes, while technology merely serves as an enabler.
“Technology is only an enabler. Businesses must first understand what customers need before deploying digital tools to meet those needs faster and more efficiently,” he said.
Akinyemi explained that transformation does not necessarily require huge investments, noting that cloud-based subscription services have significantly reduced the cost of adopting digital solutions.
He also stressed the importance of data, describing it as the most valuable asset for businesses seeking to deploy AI effectively.
“AI is only as good as the data behind it. Every customer interaction generates valuable information that businesses can use to improve products, services and customer experience,” he said.
Highlighting Access Bank’s experience, Akinyemi disclosed that the bank deploys AI extensively for fraud detection and cybersecurity, enabling it to identify suspicious transactions and strengthen customer protection.
Also speaking, Head of Financial Services Industry, Huawei Nigeria, Glarie Gao, said technology alone does not transform businesses but enables transformation when combined with a clear understanding of customer needs.
Drawing from China’s digital transformation journey, Gao said SMEs that embrace digital platforms are better positioned to attract customers, improve operational efficiency and compete with larger organisations.
She urged entrepreneurs to leverage AI to gain deeper customer insights, improve decision-making and drive business growth.
The conference culminated in the unveiling of the Access SME App, a digital platform designed to provide MSMEs with easier access to banking services, business management tools and financial solutions to simplify operations and accelerate growth.
Participants agreed that while AI is reshaping business operations globally, Nigerian MSMEs that embrace digital transformation, strengthen their data capabilities and continuously build digital skills will be better positioned to thrive in the country’s evolving digital economy.