On this episode of your favorite business show on radio, the SME Digest Show, the Product Manager, Access Bank in person of Omotolani Ketiku shared quality information on the topic Digital Transformation and Banking for SMEs and also shared tips on how Access Bank is supporting MSMEs in these trying times caused by the pandemic.
Let’s listen to Omotolani.
How Has Access Bank Shown Support To SMEs in This Challenging Times?
It is clear that the epidemic has caused a lot of challenges globally in the business environment. SMEs are not left out. They are also facing these challenges. At Access Bank, we have been able to position ourselves as partners to our SMEs. We understand that for us to remain in business as a commercial bank, Our SMEs have to be resilient. So for challenges like affordable access to easy quick affordable finance, Access to market, Access to capacity building, we are at the forefront on this. We have positioned ourselves to help our customers get through the challenges.
In regards to Access to Finance, we have what we call the cashflow lending methodology and instant business loan.
What Do You Mean By Cashflow Lending Methodology?
This is a system whereby we assess the customer’s credit based on the customers cashflow. With that, you don’t have to bring an arm and a leg to access funding to help your business stay afloat. So, if you keep proper sales record (which you should always do as an SME), we make a decision based on that and decide what you can eligibly pay. So, with the Cashflow Lending Methodology, aside the fact that it is easily accessible, it is also fully digital based, and the turnaround time is a maximum of 48hours from end to end.
Is This Option Only for Access Bank Customers?
Let me say this, to Access this facility, our new bank customers are highly welcome. You do not necessarily have to be an Access Bank customer to Access this facility, if you’ve had a relationship with other banks, you can avail us your financial statement that we can work with to make an informed decision on the loan facility and then avail it to you.
In order to help customers make sales to generate revenue, we’ve partnered with Ebony Live TV to enable us give our customers access to market. We’ve also partnered with website developers to help our customers develop basic 5-page website that talks about customers businesses.
What Else Have You Put in Place for SMEs?
With the change that the Corona-virus has presented, we are now focusing on capacity building for our SMEs. We do this through our Webinar Series. During our webinars, we invite industry experts to come speak on topical issues as it affects them. During the webinar sections, our customers have the opportunity to tune in and ask their questions. Recently we had the CEO of Zapphaire Event, Funke Bucknor where she came to talk to us on how to adapt to the new normal. Her industry is one of the industries that received the major hit from Covid19 pandemic. This was an opportunity for SMEs in that sector to share their pains and also ask questions on how to survive in challenging times such as this. Our Webinar Series is also a platform where we help our customers build capacity.
What About Taking A Business Digital?
When some SME operators hear the word digital, most of them think you want them to bring the whole Silicon Valley down to their business but of course that is not the case. Technology is here to serve you. Technology is supposed to be a tool that you are to use in driving your business process and operations generally.
As SMEs, it is imperative that you take baby steps in digitizing your business. For instance, if you still practice the traditional brick and mortar way of dedicating a space in your office for storing hard copy files, what about you switching to storing your files on OneDrive? It is absolutely free. With OneDrive, you can have your documents saved on cloud where you can access it at anytime and anywhere in the world. The idea of keeping hard copy documents is becoming unnecessary.
If you want to learn how to improve yourself, or you want to learn how to leverage digital marketing skills to get the online presence that you require for your business, we have a learning platform called; The Access SME Zone.
On the Access SME Zone, you can access a couple of courses and content that will help you develop the required digital marketing skills you need to push up your business.