Access Bank launches AI-powered app for SMEs at Lagos conference
By Aboki Forex —
Access Bank Plc has launched a new artificial intelligence-powered application designed to help small and medium-sized enterprises manage their businesses from anywhere. The Access SME App was unveiled at the bank's maiden SME Conference held in Lagos over the weekend.
The conference, themed 'AI for SMEs: Scaling Through Digital Tools', brought together government officials, technology experts, business leaders and entrepreneurs to discuss how AI is transforming business operations.
What the app does for small business owners
Abiodun Olubitan, Head of SME Banking at Access Bank, said the application was developed after listening to the challenges faced by small business owners. She explained that many entrepreneurs found existing digital business tools too complicated or tailored primarily for large corporations.
The Access SME App was built specifically for SMEs, providing business owners with a single platform to monitor sales, inventory, staff activities and other key operations in real time, regardless of their location. According to Olubitan, the platform gives entrepreneurs complete visibility into their businesses, helping them make faster and more informed decisions.
Experts warn about SME survival rates
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. He encouraged entrepreneurs to strengthen their digital skills, leverage AI to understand customer behaviour and use data-driven insights to improve decision-making.
Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, Chalya Shagaya, urged entrepreneurs to embrace AI as a catalyst for business growth. According to her, while every successful business begins with an idea, technology has become the engine that turns those ideas into scalable enterprises. She noted that many SME owners juggle multiple responsibilities and that AI can significantly reduce these burdens by automating routine tasks.
Technology is only an enabler, say panelists
During a panel session, Executive Director of Information Technology and Digitisation at Access Holdings Plc, Lanre Bamisebi, said successful digital transformation starts with understanding customers' needs, not simply adopting new technology. '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 the Financial Services Industry at Huawei Nigeria, Glarry Gao, added that AI gives SMEs the tools to compete with larger companies by improving operational efficiency, enhancing customer experiences and expanding their reach through digital platforms.
What this means for Nigerian businesses
With about 50% of small businesses failing within their first year in Nigeria, tools like the Access SME App could help owners reduce administrative burdens and make data-driven decisions faster. For the naira and the broader economy, stronger SME survival rates could translate into more jobs and increased economic activity, though the real impact will depend on adoption and digital literacy among small business owners.