Access Bank Unveils AI-Powered SME App to Help Nigerian Businesses Track Sales, Staff From Anywhere
- Access Bank unveiled the Access SME App at its maiden SME conference in Lagos over the weekend
- The app allows small business owners to monitor sales, inventory and staff activities from a single platform
- Experts at the event warned that about 50% of small businesses fail within their first year of operation in Nigeria
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Access Bank Plc has introduced a new artificial intelligence (AI)-powered application designed to help small and medium-sized enterprises (SMEs) manage their businesses more efficiently from anywhere.
The new Access SME App was unveiled at the bank's maiden SME Conference held in Lagos over the weekend.
Source: Facebook
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.
AI no longer optional for business growth
Speakers at the conference agreed that artificial intelligence has become an essential tool for businesses seeking to improve efficiency, attract more customers and remain competitive.
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.
Shagaya noted that many SME owners juggle multiple responsibilities, including marketing, customer service, accounting and inventory management. She explained that AI can significantly reduce these burdens by automating routine tasks, allowing entrepreneurs to focus on growing their businesses.
Access Bank's AI App simplifies business management
Speaking on the newly launched platform, 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 therefore 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 highlight digital skills as key to success
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, according to a report by Vanguard.
He encouraged entrepreneurs to strengthen their digital skills, leverage AI to understand customer behaviour and use data-driven insights to improve decision-making.
Source: Facebook
Also speaking during a panel session, Executive Director, 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.
FG opens applications for 12 startups to get N428m
Legit.ng earlier reported that the Federal Government, through the Investment in Digital and Creative Enterprises (iDICE) Programme implemented by the Bank of Industry (BoI), has launched applications for the iDICE Startup Bridge Growth Lab, a 12-week accelerator programme offering up to $350,000(about N482.4 million) in funding for promising Nigerian technology startups.
According to a statement issued by the programme organisers, the initiative will select 12 startups from across Nigeria's six geopolitical zones.
Participants will receive business development support, mentorship from seasoned founders and industry experts, investment-readiness training, and introductions to active investors.
Source: Legit.ng
