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.