Access Bank Plc has launched TraderLite, an account specially designed to provide financial inclusion for micro-businesses in Nigeria, as well as equip them with the required skills to grow their businesses.
Launched this week, the new product is a variant of the Diamond Business Advantage account within the lender’s emerging business portfolio. 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 product to reach as much of its targeted customers, who the bank regards as “partners” according to Victor Etuokwu, executive director for retail banking.
Considering the contribution of small businesses to emerging economies – Nigeria’s SMEs sector accounts for more than 84 percent of jobs in the country, the ultimate goal for TraderLite is to stimulate the growth of the economy by providing micro-businesses with opportunities for expansion.
“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,” Etuokwu said at the launch of the new product. “And that is why the 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; we are here to work with you to take your business to a whole new level.”
Nigeria’s leading retail bank, Access Bank has over 600 branches and more than 40 million customers. It offers products and services tailored to suit the lifestyle of every Nigerian irrespective of age and demographic, and in recent times the lender has demonstrated a relentless commitment to the development of SMEs in Nigeria.
Particularly, the Diamond Business Advantage proposition from Access bank is designed to add value to Micro, Small and Medium-scale business owners so that they can grow their businesses with smart banking. It provides SME operators with 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 by interacting with other MSMEs.
To know more about TraderLite and other exciting products and services from Access bank targeted at MSMEs, please click here and register to take your business to the next level.