By Cynthia Alo Access Bank Plc has launched a new artificial intelligence (AI)-powered application, Access SME App, designed to help Small and Medium-sized Enterprises (SMEs) manage their daily business operations from a single application. The app was formally unveiled during the bank’s maiden SME conference held over the weekend in Lagos themed, “AI for SMEs: Scaling Through Digital Tools”. Experts including government officials, technology experts and business leaders who spoke at the event said AI is no longer optional for businesses seeking to improve efficiency, expand their customer base and scale operations.
Speaking, Senior Special Assistant to the President on Entrepreneurship Development in Communications, Innovation, and Digital Economy, Chalya Shagaya, urged entrepreneurs to take advantage of AI to grow their businesses. Shagaya said while entrepreneurship begins with an idea, businesses now require technology to execute those ideas effectively. She noted that many small business owners perform several roles at once, including marketing, customer service, inventory management and accounting, adding that AI can reduce such workload by automating routine tasks.
On his part, Executive Director, University of Lagos Business School, Prof. Sunday Adebisi, said SMEs remain the backbone of Nigeria’s economy and as such business owners must improve their digital skills, use AI to deepen customer relationships and strengthen their online presence. Adebisi said despite the sector’s importance, about 50 percent of small businesses fail within their first year of operation, adding that business owners can deploy AI to analyse information and help them make better decisions.
Speaking on the newly launched app, Head, SME Banking at Access Bank, Abiodun Olubitan, said the app was developed after the bank listened to feedback from SMEs who often considered digital tools too complex or designed mainly for large corporations. According to her, the bank created the platform with small business owners in mind and to give them complete visibility over their operations, enabling them to monitor sales, inventory and staff activities from anywhere. Also speaking during a panel session, Executive Director, Information Technology and Digitisation at Access Holdings Plc, Lanre Bamisebi, said many business owners wrongly believe digital transformation is all about technolo…
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