Accion MfB partners DBN to empower SMEs

Accion Microfinance Bank is collaborating with the Development Bank of Nigeria (DBN) to empower small and medium-scale enterprises (SMEs) with tools for financial sustainability amid economic challenges.

This was disclosed during the bank’s Customer Forum themed ‘Unlocking Opportunities for Growth’, which gathered industry experts, entrepreneurs, and key stakeholders to discuss opportunities for business growth, financial sustainability, and access to funding in an evolving economic landscape.

Acting Head of Marketing Communications, Accion MfB Anita Oguni, reiterated the bank’s commitment to empowering businesses, entrepreneurs, and individuals with the necessary financial solutions for sustainable growth.

Other key personalities at the event included Managing Director/CEO, Accion MfB, Taiwo Joda, Chief Operating Officer, DBN, Mr. Bonaventure Okhaimo, Chief Commercial Officer, Accion MfB, Stephen Olalere and Chief Digital Officer, Accion MfB, Paul Ehiagbonare.

Mr. Okhaimo while speaking at the forum, highlighted SME development, access to finance, and maximising financial technology to drive business scalability. He emphasised the need to navigate challenges posed by escalating commodity prices and interest rates.

“We need to find a way to continue to use these platforms to develop MSMEs and enable them to grow themselves up and, at the same time, grow the economy,” he said.

Ehiagbonare unveiled the upgraded features of the AccionMonie app, saying, “This is a completely re-engineered and redesigned app with enhanced functionality and features that were not possible before, making onboarding seamless and secure.”

We have introduced the NIN and facial verification features to provide customers with added security. Based on feedback from our previous Customer Forum event, customers can now conveniently transfer up to N10 million in a single transaction, streamlining their banking experience.”

He further elaborated on the app’s new capabilities, “The app now offers quick loans within 10 minutes, a refer and earn option, as well as target and locked savings features, catering to the diverse financial needs of our customers. With these enhancements, we aim to provide a more streamlined and efficient digital banking experience that empowers our customers to manage their finances with ease and convenience.”

The forum also served as a platform for customers to voice their issues and concerns, facilitating constructive dialogue and collaboration. Attendees were also encouraged to share their innovative ideas.

Reaffirming the bank’s dedication to driving economic growth and financial inclusion, Joda said: “DBN is collaborating with Accion Microfinance Bank to develop a gender-focused loan exclusively for women, marking a significant enhancement in our loan features. This initiative aims to equip women with the necessary financial resources to thrive and expand.”