Access Bank plc has trained Small and Medium Scale Enterprises (SMEs) operators on the basic methods of business and financial management to position them for access to finance as well as continuity.
The capacity development initiative is aimed at providing strategic solutions to enhance operational efficiency. The training featured over 150 SME operators in Lagos.
In her opening remarks, the bank’s executive director, Business Banking Division, Titi Osuntoki, at a power breakfast meeting for SME operators and general contractors, said apart from access to finance, the major reason most banks refuse to lend to SMEs was their informal management structure.
This, according to her, informed the bank’s decision to engage organisations like the International Finance Corporation (IFC) and individual consultants to educate operators on key managerial skills that would not only help small businesses access funds, but also ensure their continuity.
“We have engaged organisations to train SMEs on such areas as inventory management, supply chain management, book keeping and leadership, just to get them properly positioned for easy access to finance. The bank aims to be a Tier 1 SME bank and seeks to achieve this through integrated partnership and provision of proactive business banking solutions which makes our contractors winners on all fronts,” Osuntoki stated.
These banking solutions, she said, had been designed to redefine contractors-banking relationship experiences, which are aimed at growing their businesses and increase their capacity to handle big projects without financial difficulties.
These solutions include: MPower Salary Account, Working Capital Finance, Payroll Management, loans and advances and financial support through asset acquisition, among others.
The bank is equally offering other strategic business support initiatives which range from capacity development to networking hub through a specialised SME desk saddled with the responsibility of providing on-field business support and financial advice.
Delivering a lecture on the theme, “Access Bank, Your Preferred Partner,” a consultant from the IFC, Kingsley Uchenna, explained that six ways financial management which helps businesses to succeed are using cash flow to track the money going in and out of the business; knowing and understanding the customers through consolidated records; applying and obtaining credit from vendors.
Others are that financial management helps a business owner to manage incomes, expenses and payroll accurately; make informed decisions and secure funding.
The financial expert observed that professional help can make the process of setting up and maintaining books of accounts much easier for SME operators.
Access Bank has consistently positioned itself as SME Bank of choice through its commitment to economic empowerment of individuals and growing entrepreneurs through partnership with identified 13 critical segments of the economy, already benefiting from its empowerment program. It has created a full division (Business Banking) to support the needs of the SME sector in Nigeria.
