Over 100 SMEs gain clarity on tax and business growth after Access Bank’s 3-day SME Academy

More than 100 small business owners who participated in Access Bank’s maiden SME Academy have praised the initiative for simplifying tax compliance, improving their understanding of business structuring and strengthening their financial management capabilities.

Participants described the three-day training as timely and transformative, particularly the sessions on taxation and business planning, which addressed long-standing gaps that have slowed the growth of many small enterprises. They noted that the academy effectively dispelled widespread misinformation and anxiety triggered by recent tax policy changes.

Gbenga Agoye of Grandmade Ltd., a logistics and export company, said the tax module clarified issues that had previously hindered parts of his operations. “I’ve been struggling with that, so I gained impressive knowledge about what it is and how to go about it,” he said. He added that sessions on leadership and customer service were equally valuable, strengthening his service delivery and operational discipline.

Another participant, Mosebolatan Ladi-Lawal of M2M Stores, admitted she came into the academy with limited knowledge of both old and new tax requirements. “I didn’t know so much about the new tax, even the old tax, but we were really taught about it in this training and I believe it will help me scale better,” she said. She cited modules on VAT, business planning and the Pro-Max tax system as particularly impactful. According to her, learning the importance of business structuring was a major revelation:
“Before, I was doing this one-man business. I’ve learnt that I need to structure so I can diversify and the business can run effectively even in my absence.”

The Academy focused on some of the most pressing challenges faced by early-stage enterprises, including valuation, proper record keeping, customer retention and navigating evolving government policies.

According to Abiodun Olubitan, Group Head for SME Banking Products at Access Bank, these concerns were deliberately prioritised when designing the curriculum. She explained that the academy targeted SMEs that have operated for at least two to five years and are now grappling with the complexities of scaling.
“Valuation is a problem, taxation is another key thing, finance management. Then we had to delve into customer service so they are able to build their customer base and retain them,” she said.

Olubitan added that confusion sparked by recent tax policy updates made it necessary to include extensive tax education. “The most recent is the tax policy that just came out. It caused a lot of confusion. People were asking, ‘Do I still need to run my business account?’” she noted. She said the academy created space to simplify the rules and demonstrate how the new requirements directly affect SMEs.

She emphasised that government policies are not inherently harsh; rather, the burden comes from a lack of adequate guidance. She noted that policymakers’ engagement with stakeholders, including SMEs and financial institutions, has improved in recent years. She also highlighted the availability of government-backed financing opportunities, such as those provided through the Bank of Industry (BOI), even though many SMEs still struggle to access them.

Olubitan further explained that Access Bank is increasing support for unregistered businesses by recognising consistent cash flow in personal accounts as a qualification for credit.
“We know they are running their businesses. We can see you even at your state as an individual. We’ve also put together facilities to support them using that cash flow so that we can give them financial support, grow with them, even give them opportunities to register their business and start identifying as an SME,” she said.

She encouraged entrepreneurs to stay informed, make use of available support programmes, including those on social media, and remain committed to the long process of building a resilient enterprise.
“Entrepreneurship is not a sprint, it’s a marathon,” she said.