Access Bank Plc has launched a new digital application designed to help Micro, Small and Medium Enterprises (MSMEs) use artificial intelligence to boost productivity, streamline operations and scale their businesses.
The bank unveiled the app on Friday at its maiden MSME Conference in Lagos, themed “AI for SMEs: Scaling Through Digital Tools,” which brought together entrepreneurs, policymakers, business leaders and technology experts.
Speaking at the event, Senior Special Assistant to the President on Entrepreneurship Development Chalya Shagaya described AI as a tool capable of transforming small businesses, warning that companies slow to adopt digital technology risk losing relevance in a competitive market.
She said entrepreneurship remains central to the Federal Government’s target of building a $1 trillion economy, with MSMEs expected to lead innovation, job creation and inclusive growth.
According to her, AI can automate repetitive tasks such as invoice generation, inventory management, sales analysis and customer engagement, freeing entrepreneurs to focus on strategic decisions.
“The world is changing rapidly, and technology is changing with it. Entrepreneurs must continue learning and adapting because AI is already reshaping the way businesses operate,” Shagaya said.
Government, Bank Push Digital Tools for Small Businesses
Shagaya disclosed that President Bola Tinubu has approved a National Artificial Intelligence Policy and directed the Ministry of Communications to establish an AI Hub offering entrepreneurs capacity-building support and digital tools.
While calling AI a powerful enabler, she cautioned against relying blindly on AI-generated content, saying human judgment remains essential for validating information and making critical business decisions.
Access Bank’s Head of SME Banking, Abiodun Olubitan, described MSMEs as the backbone of Nigeria’s economy, contributing nearly half of the country’s GDP and about 84% of employment.
“Our commitment is not only to provide access to finance but also to equip entrepreneurs with the knowledge, tools and digital capabilities they need to grow sustainable businesses,” Olubitan said.
Delivering a keynote address, University of Lagos Business School Executive Director Professor Sunday Adebisi called on entrepreneurs to treat AI as a business partner rather than a replacement for human ingenuity.
He said Nigeria’s more than 39 million SMEs make up about 96% of businesses, contribute roughly 48% of GDP and provide about 84% of total employment.
However, he pointed out that nearly half of new SMEs fail within their first year, arguing that wider adoption of digital tools could improve business survival rates.
