Access Bank Plc has introduced a new artificial intelligence-powered digital platform aimed at helping small businesses streamline their daily operations, as experts urged entrepreneurs to embrace AI to remain competitive in an increasingly digital economy.
The new Access SME App, unveiled at the bank's maiden SME Conference in Lagos, is designed to provide business owners with a single platform to manage sales, inventory, staff and other key business activities, reducing the complexity of running an enterprise.
The conference, themed "AI for SMEs: Scaling Through Digital Tools," brought together government officials, technology experts and business leaders who agreed that artificial intelligence is becoming an essential tool for business growth rather than a luxury.
AI Becoming Essential for Business Growth
Speakers at the conference emphasized that small and medium-sized enterprises (SMEs) can leverage artificial intelligence to improve productivity, automate repetitive tasks and make better business decisions.
Delivering her remarks, the Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation and Digital Economy, Chalya Shagaya, encouraged entrepreneurs to adopt emerging technologies to strengthen their businesses.
According to Shagaya, while every successful business starts with an innovative idea, technology has become critical to transforming those ideas into sustainable enterprises.
She noted that many SME owners often juggle multiple responsibilities—from marketing and customer service to inventory management and accounting—and said AI can significantly reduce that burden by automating routine processes, allowing entrepreneurs to focus on growing their businesses.
SMEs Must Build Digital Capacity
Also speaking at the event, Executive Director of the University of Lagos Business School, Prof. Sunday Adebisi, described SMEs as the backbone of Nigeria's economy and stressed the need for business owners to improve their digital capabilities.
He urged entrepreneurs to strengthen their online presence, deepen customer engagement and use AI-driven insights to make informed business decisions.
Adebisi observed that despite the vital role SMEs play in employment generation and economic growth, nearly half of small businesses fail within their first year of operation.
According to him, artificial intelligence can help reduce that failure rate by enabling business owners to analyze data more effectively, understand market trends and respond more quickly to changing customer needs.
Access Bank Designs App Around SME Needs
Explaining the motivation behind the new platform, Head of SME Banking at Access Bank, Abiodun Olubitan, said the application was developed after the bank engaged extensively with small business owners.
She explained that many entrepreneurs considered existing digital solutions too complicated or designed primarily for large organizations.
Olubitan said the bank therefore built the Access SME App specifically to meet the needs of small businesses by offering a simple interface that provides complete visibility into daily operations.
The platform allows business owners to monitor sales performance, manage inventory, oversee staff activities and keep track of business operations remotely, helping them make faster and better-informed decisions.
Technology Should Solve Customer Problems
During a panel discussion, Executive Director, Information Technology and Digitisation at Access Holdings Plc, Lanre Bamisebi, said businesses often misunderstand what digital transformation truly means.
He argued that successful digital transformation is not driven by technology alone but by understanding customer needs before selecting the appropriate digital tools.
"Technology is only an enabler. The first thing is to understand what your customers want and how to serve them better," he said.
Bamisebi noted that businesses that prioritize customer experience are more likely to derive meaningful value from artificial intelligence and other digital innovations.
AI Can Help SMEs Compete With Bigger Companies
Adding an international perspective, Country Manager, Financial Services Industry at Huawei Nigeria, Glarry Gao, said artificial intelligence is helping to level the playing field for small businesses.
According to him, AI enables SMEs to compete more effectively with larger corporations by improving operational efficiency, delivering better customer experiences and expanding their reach through digital platforms.
He encouraged entrepreneurs to embrace AI-powered solutions as a strategic tool for growth, innovation and long-term competitiveness.
The launch of the Access SME App reflects the growing adoption of artificial intelligence within Nigeria's financial sector and highlights increasing efforts by financial institutions to equip SMEs with digital tools capable of improving productivity, enhancing efficiency and supporting sustainable business growth.