Access Bank and Deloitte Launch Nationwide SME Business Clinic to Empower Nigerian Businesses
Access Bank Plc, a leading financial institution in Nigeria, has joined forces with Deloitte, a global consulting giant, to establish a nationwide SME Business Clinic. This initiative aims to bolster the growth and resilience of small and medium-sized enterprises (SMEs) across Nigeria, recognizing their vital role in the nation’s economy. The clinic, themed "Building a Resilient, Profitable and Future-Ready Business in Nigeria," seeks to equip entrepreneurs with expert guidance, financial access, and market insights crucial for navigating the complexities of the Nigerian business landscape. Launched in Lagos and Abuja, the program will extend its reach to other major cities throughout the year, offering tailored advisory services to a diverse range of SMEs, from nascent startups to expanding businesses.
The SME Business Clinic distinguishes itself from conventional business seminars by providing personalized, problem-solving sessions. Over 50 professionals from Deloitte, encompassing auditors, tax consultants, legal experts, and financial advisors, are dedicated to offering one-on-one consultations. This personalized approach allows experts to delve into the specific challenges faced by individual businesses, offering targeted advice and solutions. The support covers crucial areas such as regulatory compliance, a complex and often confusing area for SMEs, enabling them to operate within legal boundaries. It also addresses tax structuring, helping businesses optimize their tax liabilities and improve financial efficiency. Furthermore, the clinic tackles cash flow management, a critical aspect of business survival and growth, equipping entrepreneurs with the skills to manage their finances effectively. Finally, it provides guidance on expansion strategies, empowering businesses to scale their operations and reach new markets.
Recognizing the importance of information, access to markets, and finance for SME growth, Access Bank’s Senior Banking Advisor, Rob Giles, emphasized the bank’s commitment to empowering business owners, particularly in a volatile economic climate. With over 7.5 million SME customers nationwide, Access Bank views its role as a shared journey with its clients, recognizing that the bank’s success is intertwined with the success of its SME customers. This philosophy underscores the bank’s dedication to providing the necessary resources and support for SMEs to thrive. The SME Business Clinic serves as a testament to this commitment, offering a platform for direct engagement and knowledge sharing between experts and entrepreneurs.
Deloitte’s Partner for Tax and Regulatory Services, Toluwalogo Odutayo, highlighted the significance of the collaboration with Access Bank, aligning with Deloitte’s mission to unlock the economic potential of Nigerian SMEs. Recognizing the substantial contribution of SMEs to Nigeria’s GDP, exceeding 51%, Odutayo emphasized the sector’s untapped potential. She commended Access Bank’s practical approach, viewing the clinic as a tangible manifestation of the bank’s commitment to supporting SMEs, moving beyond mere rhetoric to provide concrete, on-the-ground assistance. This practical approach is crucial in addressing the deep-rooted inefficiencies that hinder profitability and growth within the SME sector.
The clinic addresses the crucial need for timely and reliable information for business success, particularly in areas such as tax compliance, employment law, and financial management. These areas often pose significant challenges for SMEs, and access to expert guidance can be instrumental in navigating these complexities. Odutayo stressed the importance of sound financial management, highlighting cases where businesses have faltered due to structural unpreparedness. The clinic’s focus on these critical areas aims to empower SMEs with the knowledge and tools to build strong foundations and achieve sustainable growth. By addressing these foundational elements, the clinic helps businesses avoid common pitfalls and build a solid platform for long-term success.
Access Bank’s Group Head of SME Banking, Abiodun Olubitan, reiterated the bank’s flexible approach to financing SMEs, particularly those that may not meet traditional lending criteria. Recognizing that access to finance is a major hurdle for many SMEs, the bank is committed to providing tailored financial solutions that align with the growth trajectory of small businesses. This flexible approach allows the bank to support businesses at different stages of development, including those that may not qualify for conventional loans. The bank’s commitment extends to supporting the transition of SMEs into scalable enterprises, providing the necessary resources and guidance for businesses to achieve sustainable growth and expansion. This long-term perspective underscores the bank’s dedication to fostering a thriving SME sector in Nigeria. The $280 million deal between Access Bank and the United States International Development Finance Corporation further reinforces this commitment, providing a significant boost to SME financing in the country. This injection of capital will further empower SMEs to access the funds they need to grow and contribute to the Nigerian economy.
