Africa's best bank for SMEs 2020: Access Bank
Awards for Excellence 2020
Micro, small and medium-sized enterprises (MSMEs) are the backbone of the Nigerian economy. A survey carried out in 2018 by the Nigerian Bureau of Statistics estimated there are over 41 million firms with 199 employees or fewer in Nigeria, accounting for almost 50% of GDP. MSMEs provide almost 60 million jobs, equal to 86% of the national workforce.
But MSMEs in Nigeria often struggle to access finance; a survey by the International Finance Corporation found that only 31% have ever obtained a loan from a financial institution.
Access Bank, under chief executive Herbert Wigwe, acquired Nigerian SME champion Diamond Bank in March 2019, creating the largest retail bank in Africa and Nigeria’s largest bank by assets. It provides comprehensive services for Nigeria’s SMEs and is Euromoney’s best bank for SMEs in Africa this year.