In recent years, we have witnessed a significant shift in the philosophy of business.

From the more modern concept of impact investing to socially responsible investing, there is a growing consensus that for a business to be resilient within the current business landscape, it must set up for more than shareholder value.

Beyond the profit dimension, the business of the future must have at least three qualities.

First is the ability to solve unique problems; the second quality is the potential to advance social and common good, and finally, the business must have some level of connection with its customers as a trusted partner. In essence, for a business to be sustainable, it must set itself up for something more than itself, which is that, in addition to profit, it must make a meaningful and positive contribution to society.

This shift is even more relevant within the Nigerian context, where there is an urgent need for the private sector to complement government efforts to create wealth and deliver shared prosperity to the greatest number of people.

Accion Microfinance Bank is an example of a Nigerian financial institution that has always been guided by this philosophy of profit, business solutions, and social consciousness. Since it was established in 2006, the bank has been committed to the overlooked segments of society, especially the micro- and small-scale enterprises, making them the centrepiece of its business objective.

There is no doubt that MSMEs represent a critical component of the economy, especially as Nigeria continues to diversify its economy and maximise the potential of the non-oil sector. From logistics, interior design, fashion, retail services, cosmetics, event planning, or even tech, there is a Nigerian trying to either start a new business or expand an existing business.

Estimated at about 37 million, MSMEs in Nigeria currently account for 86 per cent of employment and 48 per cent of Gross Domestic Product (GDP). They are creating jobs and wealth and expanding access to economic opportunities.

However, critical challenges, primarily the lack of access to capital and finance, fit for digital tools and services, continue to hobble the MSMEs in Nigeria, despite their demonstrated potential. Other critical challenges include the skills gap, infrastructure gap, stifling regulations, and the general absence of an enabling business environment.

In recent years, the government has been working to implement ease-of-doing-business reforms; however, the lack of access to finance and capital remains a present challenge that can only be addressed through a public-private collaboration.

Accion Microfinance Bank has established a steady reputation as the choice financial institution for micro, small, and medium enterprises by not just providing them with access to finance but also walking the entrepreneurial journey with them. In other words, they not only provide finance; they invest in the aspirations of their customers.

Accion MFB has always expressed the conviction that if MSMEs are incentivised and provided the right form of support, they can transform from small businesses to become big players in the economy, pay higher taxes, create employment, close the inequality gap, contribute to government revenue, and grow the economy.

Despite the best efforts of financial institutions, access to finance has remained a challenge; traditional banking has not effectively addressed this challenge. It is for this reason that they are leading a technological revolution through the launch of AccionMonie, a transformative digital financial services platform that empowers micro and small medium enterprises (MSMEs) and low-income households to meet a wide range of objectives, including capital, loans, savings, and other forms of payment.

Technology is changing human interaction and enabling different segments of our lives, including finance. Digital finance is proving to be the game-changer, with the ubiquity to reach a wider audience and leave no one behind. Through AccionMonie, they are enhancing access to finance for individuals and businesses that are currently either overlooked, underserved, or unbanked.

One of the things that has made AccionMonie stand out is that it provides instant access to finance, minimising or outrightly eliminating barriers that usually come with traditional financial institutions. It also offers several incentives, including Save2Loan, which allows customers to save N50,000–N250,000 for 90 days and qualify for a loan that is two times the savings amount. Other features include the ability to fund an AccionMonie account using a debit card and the targeted savings and locked savings (fixed deposit) feature, which helps customers to save for long-term goals, allowing customers to earn while they save.

The unique story of Mrs Busoye Funke Felicia, whose two sons, Busoye Opeyemi Mathias and Busoye Tolulope Mathew, both graduated from the Department of Electrical and Electronic Engineering, University of Ibadan, with sterling academic success, represents an example of how the different products of AccionMFB continue to transform lives and deliver lasting impact. Accion Microfinance Bank believes that the overlooked segment of society can reach its full potential when provided with the support it needs to thrive.

AccionMonie represents a new page for Accion Microfinance Bank and demonstrates its renewed commitment to continue to develop digital products that enhance financial inclusion among the overlooked, underserved, or unbanked. As they continue to look into the future with optimism, it is my hope that they will continue to work to empower entrepreneurs, small business owners, low-income households, and the most vulnerable segments of society to achieve their goals and reach their full potential.

You may also like