The SME sector is the backbone of major developed economies, as well as important contributors to employment, economic and export growth.
According to the Nigeria Bureau of Statistics, small and medium scale enterprises (SMEs) in Nigeria have contributed about 48% of the national GDP in the last five years. With a total number of about 17.4 million, they account for about 50% of industrial jobs and nearly 90% of the manufacturing sector, in terms of a number of enterprises.
To further enable the SME sector, Access Bank Plc recently launched TraderLite, an account created to provide financial inclusion for micro-businesses in Nigeria, as well as equip them with the required skills to grow their businesses.
The new product is a variant of the Diamond Business Advantage account. It enables micro-businesses with turnover between ₦50,000 – ₦1Million to operate their businesses with their individual name or registered business name.
The product has two variants – DBA TraderLite Individual, for individuals with unregistered businesses and DBA TraderLite Business, for registered businesses. This would help ensure wide coverage for the products to reach as much of its targeted customers.
According to the 2010 Survey report on SMEs in Nigeria conducted by the National Bureau of Statistics (NBS) in collaboration with SMEDAN, the SME sector in Nigeria is strategically positioned to absorb up to 80 percent of jobs, improve per capita income, increase value addition to raw materials supply, improve export earnings, enhance capacity utilization in key industries and unlock economic expansion and GDP growth.
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The future of Nigeria’s economy is Small and Medium-Scale Enterprises because they can provide more than enough jobs to the unemployed if empowered.
Access bank’s passion is to offer more than financial services to its customers and also work with them in growing and expanding their businesses. Whichever category you fall into; Access Bank is here to partner with you to grow and expand your business.
Additionally, the product also provides SMEs market linkages, increased referral base, and networks that enable them to scale the hurdles of accessing new markets for their products.
Networking sessions such as Business Clubs, Business clinics, and Business seminars enable MSME customers to expand their referral base through interacting with other MSMEs,
Please visit www.accessbankplc.com for more details.