Small business owners living in Abuja and Lagos recently had the opportunity to receive expert guidance and practical market insights on how to build a resilient, profitable and future-ready business in Nigeria from over 50 auditors, tax consultants, legal experts, and financial advisers.
This was made possible by Access Bank Plc in collaboration with global consultancy firm Deloitte via an SME Business Clinic.
The financial institution explained that it came up with this initiative in a strategic effort to unlock the potential of Nigeria’s small and medium-sized enterprises (SMEs).
Participants learned how to address real-world issues like regulatory compliance, tax structuring, cash flow management, and expansion strategy with a focus on making SMEs resilient in a volatile economic climate.
“Access Bank has been guiding and supporting my business for over five years, and this clinic is just another example of that commitment.
“The initiative is a wonderful one, very impactful, and after today my business will go higher and better than what it is doing today,” one of the entrepreneurs at the programme, Ms Ogechi Eze of Oge’s Closet and Hair Hub, commented.
Also, the founder of Momoh International Services, Imomoh Kenedy, said, “Access Bank has opened my eyes to a lot of things. They have made me understand that there are an array of accounts to tap into as a business to be more strategic and ultimately more profitable. Access to finance is not just about loans; it’s about using the right tools to grow your business.”
The Group Head of SME Banking at Access Bank, Abiodun Olubitan, sid, “We understand that at different stages of growth, SMEs might not be ready for big borrowings; that’s why we offer collateral-free loans based on the cash flow we see in your business. We analyse your sales trend and profile you for funding accordingly.”
A Senior Banking Advisor at Access Bank, Mr Rob Giles, while speaking, said, “At Access Bank, we only win if you win. Our business grows when your business grows.”
“What you’ve told us is that you need three things: access to information and advice, access to markets, and access to finance. That’s what we’re here to provide,” he added.
On her part, the Partner for Tax and Regulatory Services at Deloitte, Ms Toluwalogo Odutayo, said, “Partnering with Access Bank on this initiative is significant because SMEs are a critical focus for us. You’ve likely heard it said many times that SMEs are the backbone of the economy.
“Last year alone, they contributed over 51 per cent to Nigeria’s GDP, a remarkable figure. But we know the potential is even greater. The challenge now is how to structure and strengthen SMEs to do better and that’s why we’re here today.”