Access Bank Plc on Friday unveiled an app for Small and Medium Enterprises (SMEs) to help small businesses adopt artificial intelligence (AI), improve productivity and expand operations.

The bank unveiled the app at its maiden Micro, Small and Medium Enterprises (MSME) Conference in Lagos.

The conference has the theme: “AI for SMEs: Scaling Through Digital Tools”, brought together entrepreneurs, business leaders, policymakers and technology experts.

It featured keynote presentations, panel discussions and interactive sessions exposing participants to practical applications of AI in business operations.

Speaking at the conference, the Senior Special Assistant to the President on Entrepreneurship Development, Ms Chalya Shagaya, urged MSMEs to embrace AI and digital tools to improve productivity and expand markets.

Shagaya said technology had become essential for business growth, warning that entrepreneurs who failed to adopt AI risked being left behind.

She described entrepreneurs as critical partners in the Federal Government’s drive to build a one trillion dollar economy and commended their resilience despite the country’s challenging business environment.

According to her, entrepreneurship requires perseverance, innovation and continuous learning because technology continues to evolve rapidly.

Shagaya said AI could help businesses automate routine tasks, generate invoices, analyse sales data, manage inventory, understand customer preferences and improve operational efficiency.

She encouraged entrepreneurs to leverage digital marketing and social media platforms to reach customers beyond their immediate locations and transform local businesses into global brands.

The presidential aide said the Federal Government was providing infrastructure and policies to support digital innovation and AI adoption among businesses.

She said President Bola Tinubu had approved a national AI policy and directed the Ministry of Communications to establish an AI hub for entrepreneurs and businesses.

According to her, the hub will provide capacity building and opportunities for businesses to scale their operations.

Shagaya urged business owners to continue learning and adapting to emerging technologies, saying AI was already reshaping commerce.

She also highlighted AI’s potential to support neurodivergent entrepreneurs by enabling them to operate businesses more independently and participate fully in the economy.

Shagaya, however, noted that AI remained a tool guided by human judgment and advised users to verify information generated by AI platforms.

She assured entrepreneurs that the Federal Government remained open to feedback and encouraged them to report policies or bureaucratic bottlenecks affecting their businesses.

She reaffirmed the Tinubu administration’s commitment to creating an enabling environment for businesses to thrive.

Speaking with newsmen, Shagaya commended Access Bank Plc for the initiative which aligned with efforts of President Tinubu to groom small businesses for accelerated growth.

Earlier, the Head of SME Banking, Access Bank, Mrs Taiwo Adeola, described MSMEs as the backbone of Nigeria’s economy.

Adeola said MSMEs contributed about half of Nigeria’s Gross Domestic Product and accounted for about 84 per cent of employment.

She described MSMEs as the bank’s most important customer segment and assured participants of sustained support beyond access to finance.

According to her, the bank remains committed to helping businesses grow through capacity building, innovation and practical solutions tailored to their needs.

Adeola said Access Bank had consistently demonstrated its commitment through initiatives designed to strengthen businesses and improve their competitiveness.

Also speaking, Prof. Sunday Adebisi, Executive Director, University of Lagos Business School, urged SMEs to embrace AI to improve efficiency, customer service and business growth.

Adebisi said Nigeria had more than 39 million SMEs, representing about 96 per cent of businesses, contributing about 48 per cent of GDP and providing about 84 per cent of jobs.

He, however, noted that about half of SMEs failed within their first year of operation, stressing that wider adoption of digital technologies could improve business survival.

According to him, AI should be viewed as a co pilot rather than a replacement for entrepreneurs.

He said AI could support businesses in marketing, customer engagement, data analysis, payment processing, product recommendations and round the clock customer service.

“Human beings will continue to provide empathy, creativity, ethics, trust and local market knowledge, while AI delivers speed, scale and data driven insights,” he said.

Adebisi warned SMEs against relying solely on traditional business models, noting that younger consumers increasingly preferred digital platforms and seamless online services.

He advised business owners to improve their digital literacy, adopt AI powered tools and use technology to strengthen customer relationships, enhance product quality and build a stronger digital presence.

The don added that entrepreneurs who effectively combined human creativity with AI capabilities would be better positioned to compete and grow in the evolving digital economy.