In a bid to tackle Nigeria’s deepening financial access gap, Accion Microfinance Bank has unveiled AccionMonie, a digital platform designed to provide affordable credit and savings tools to over 37 million small-scale entrepreneurs and workers excluded from formal banking systems

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The financial institution said the move reflects a push to address critical issues affecting millions of Nigerians locked out of the formal financial system.

Estimated at about 37 million, Micro, Small, and Medium Enterprises (MSMEs) currently account for 86 per cent of employment and 48 per cent of Gross Domestic Product (GDP).

However, despite their strong potential, MSMEs continue to face existential challenges, notably access to capital and finance, infrastructure, and an enabling business environment.

The Chief Executive Officer (CEO) of the bank, Taiwo Joda, described the launch of the platform as a significant milestone and a testament to the bank’s culture of innovation.

He said the institution ensures its products and offerings continue to reflect the evolving needs of its customers.

“We believe in the potential of every MSME to drive inclusive economic growth. That is why we are committed to empowering them with the financial support they need to grow, innovate, and make a lasting impact in their communities and beyond.”

Chief Commercial Officer (CCO) of the bank, Stephen Olalere, stated that the combination of the bank’s extensive network of over 74 branches in 12 states would address the persistent challenge of limited access to financial services faced by many small businesses in Nigeria.

He added that the platform’s user-friendly features will simplify payments and offer much-needed support for both businesses and individuals.

Chief Digital Officer of the bank, Paul Ehiagbonare, said the platform was a move towards digital leadership, maturity and excellence.

He said the development reflected a much-needed empowerment of customers through digital tools and technologies.

“We are not only providing access to finance but standing beside our customers as partners, supporting their ambitions when others may not and doing so in a timely and more efficient manner. Our goal is to be a reliable ally on their journey toward growth, stability, and long-term success”, he said.