Nigeria is home to over 37 million micro small and medium enterprises (MSMEs) all of which account for 84% of the workforce population in Nigeria. MSMEs account for 48.5% of the GDP of the country and also represent 7.27% of goods and services exported out of the country.
Despite its impact on the economy, the MSME sector has barely scratched the surface of its potential. The reason is not far-fetched; credit facility. This has been a pain-point for entrepreneurs in Nigeria, as access to funds has been an uphill task, but that can be fixed with the Diamond Business Advantage proposition powered by Access Bank.
The Diamond Business Advantage is a Business current account created by Africa’s largest bank, by customer-size, to assist emerging businesses scale for growth without worrying about capital to meet operating expenses and other business-related costs.
With banks constantly criticized for their lack of support for SMEs, Access Bank is reiterating its commitment to the MSME business community with the Diamond Business Advantage account, giving various start-ups, regardless of their sector, leverage to compete better for growth in markets determined by financial capability.
Why this matters
The financial product has been tailored to meet different funding needs; basic, growing and established businesses. The Diamond Business Advantage also offers non-financial services such as helping start-ups make better business decisions, manage cost, and assist in structuring their services to meet local and international markets’ demand.
Here are the Benefits
- Access to the full bouquet of borrowing solutions for business growth
- Access to online and offline business management training & networking opportunities
- Access to your dedicated business partners for business advisory
- Enjoy access to over 50 courses on the SMEZone
- Invitation to monthly Business Webinar and Newsletter
Other non-financial benefits include;
- Sector-specific loan solutions to help meet your business needs
- Capacity building forums to equip you with the knowledge to manage and grow your business
- Networking and access to market opportunities;
- Business management solutions and learning platforms
What you need to know
These benefits are not limited to one sector as seen by Nairametrics, they cut across Agriculture, Trade (Wholesale and Retail), Education, Real Sector/Manufacturing, Hospitality, and Health. SMEs in these sectors are entitled to these benefits through the
Diamond Business Advantage Account
In an era where access to credit facility is getting tighter while small businesses continue to add up by the number, Access Bank has chosen to be the one-stop shop for credit needs, as well as an intermediary for other financial sources under the Central Bank of Nigeria (CBN) with collateral-free lending and low interest rate.
Diamond Business Advantage Account-type
The Diamond Business Advantage proposition is segmented into three account-types to carter for all funding needs; Basic, Growing and Established.
This credit package is created for micro and small businesses;
- Account opening balance of N10,000
- Minimum operating balance of N5,000
- Maximum turnover of N4 million allowed*
- A monthly subscription fee of N2,000+
Small and Medium businesses can tap into this credit package;
- For new and growing businesses with a monthly turnover of N4 million to N12 million
- Account opening balance of N15,000 with a minimum operating balance of N10,000
- A monthly subscription fee of N4,000+
Established business owners have been offered this premium offering to enable them expand further.
- For established businesses with a monthly turnover of N12 million to N50 million*
- Account opening balance of N35,000 with a minimum operating balance of N25,000
- A monthly subscription fee of N7,500+
These packages enable account holders to access funds needed for their business growth, eliminating various pitch stages that usually characterizes credit opportunities. By just opening a DBA account with the required turnover and minimum operating balance, account holders have access to credit. With this financial product, MSMEs can easily attain their full potential.
If growing and scaling up your business is important to you, then get on board right now, subscribe to DBA and begin your business expansion journey. We are sure you don’t want to miss out of the below Diamond Business Advantage calendar for June-July 2019.
Click HERE right now to begin.
The Diamond Business Advantage is powered by Access Bank, your SME friendly bank.
Editor’s Note: This is a sponsored content.