Giving Access to SMEs in Nigeria
The story of Visa’s Partnership with Access Bank
Partnering to give Access
According to a 2020 PWC report on small businesses, SMEs contribute 48% of the national GDP, account for 96% of businesses, and 84% of employment in Nigeria. However, small businesses are mostly faced with cash flow management problems. A state of Cashflow report stated that 61% of Small business owners don’t know exactly how much money their business spends each month.
For Nigerian SMEs to thus thrive, it is critical that important elements of doing business, such as expense management are managed with efficiency and transparency to avoid mismanagement, fraud and other errors which are often costly. To help mitigate this, Visa has partnered with Access Bank Plc to introduce a Business Debit Card targeted at SMEs in the country. The new Visa business debit card encourages the transition of small businesses from cash to digital payments and gives SMEs better control of their expenditures.
This is a particularly important development when we consider that the business card is a first of its kind and designed to improve the functionality of SMEs in the country. The business card comes with a higher spending limit which is in line with the spending patterns of small businesses and also provides these SMEs with access to discounts on logistics services and digital payment acceptance services.
Benefits on Promotion
The card also offers support in promotional activities with discounts on Twitter Ads, Shopify, Microsoft Office 365, DocuSign, Regus office space, Udemy, and Dropbox which will further be made available to these SMEs as well as more offers, which can be accessed using the business debit card on https://smeoffers.poshvine.com.
The partnership with Access Bank also offers free Google Ad Credits for the first set of small business entrepreneurs to sign up for the business card.
Enabling Payments for SMEs
The partnership with Access Bank is yet another example of Visa’s commitment to championing, empowering, and equipping small businesses with the requisite tools necessary for growth. Over the past months, the company has also provided support to help SMEs transition online through the Where You Shop Matters initiative, going even further to provide them with digital payment solutions for easy and secure online transactions. Additionally, Visa has collaborated with Google to provide free access to digital selling and marketing trainings to all SMEs.
The novel partnership between Visa and Access Bank will give SMEs the power to plan, budget and track spending as well as access services to aid business growth in an increasingly digital marketplace. Any aspiring SME can walk into any Access Bank branch and walk out with the new Business Card in a couple of minutes to start enjoying the benefits instantly.