Access Bank Introduces SME Academy to Fuel Startup Growth and Reduce Failure Rates

In a bold move to strengthen Nigeria’s entrepreneurial landscape, Access Bank Plc has launched the SME Academy, an initiative designed to support small and medium-sized enterprises (SMEs) in navigating the high failure rates that persist in the sector.

The Academy—unveiled recently in Lagos—marks a strategic shift from simply providing finance toward equipping business owners with critical skills. In remarks at the event, Olumide Olatunji, Head of Retail Banking at Access Bank, explained that the model draws from the bank’s successful experience in Ghana and is being adapted to Nigeria’s unique dynamics and opportunities.

Abiodun Olubitan, Group Head of SME Banking at Access Bank, detailed that the first cohort will engage 80 selected businesses in a three-day intensive training designed for enterprises that have been operating for three to four years and are now poised for scaling. She described it as a platform to bolster business structures, foster financial readiness and improve long-term survival rates—especially crucial given that many small businesses collapse within five years of inception.

The course covers an array of vital themes: strategic business planning, digital marketing, financial management, operational efficiency and access to financing—a reflection of the bank’s research which pinpointed lack of capacity development and weak access to capital as leading causes of SME failure. While the current edition does not offer grants, Access Bank says it will make financing available to participants who demonstrate strong business performance and bankability following the training.

Participants welcomed the initiative with enthusiasm. One entrepreneur described the programme as offering high-quality business knowledge that would otherwise require expensive tuition. Another remarked on the democratization of access to professional business training, thanks to the bank’s initiative.

With Nigeria’s micro-, small and medium enterprises accounting for over 80 per cent of employment and nearly half of GDP, Access Bank’s Academy arrives at a critical juncture for the economy. Analysts suggest the programme could serve as a replicable model for inclusive business empowerment—prioritizing capacity-building before capital deployment—and encourage a new generation of financially literate, scalable enterprises.

By aligning training with future access to funding and mentoring, Access Bank is repositioning itself not just as a financier, but as a strategic growth partner in Nigeria’s SME ecosystem and, by extension, a catalyst for broader economic development.