By Visa has partnered with Access Bank Plc to introduce a Business Debit Card targeted at SMEs in Nigeria.
This will create efficiency and transparency in SMEs’ expense management by preventing mismanagement, associated with handling cash, Visa said.
Designed to improve SMEs, the business card comes with a higher spending limit which is in line with the spending patterns of small businesses. It will also provide these SMEs with access to discounts on logistic services and digital payment acceptance services.
Discounts on Twitter Ads, Shopify, Microsoft Office 365, DocuSign, Regus office space, Udemy, and Dropbox, will further be made available to these SMEs as well as more offers, Access Bank is also offering free Google Ad Credits for the first set of small business entrepreneurs to sign up for the business card.
Speaking about the initiative Vice President, Visa West Africa, Kemi Okusanya, affirmed Visa’s role as a payment enabler and its continued efforts towards SMEs.
She said, “At Visa, we remain committed to championing, empowering, and equipping small businesses with the requisite tools necessary for growth. Over the past months, we have provided support to help SMEs transition online through our Where You Shop Matters initiative and we are happy to further provide them with digital payment solutions for easy and secure online transactions.
Additionally, we have collaborated with Google to provide free access to digital selling and marketing trainings to all SMEs”
According to the 2020 PWC report on small businesses, SMEs contribute 48 per cent of the national GDP, account for 96 per cent of businesses, and 84 per cent of employment in Nigeria. However, small businesses are mostly faced with cash flow management problems. A state of Cashflow report stated that 61 per cent of Small business owners don’t know exactly how much money their business spends each month.
The new Visa business debit card will encourage the transition of small businesses from cash to digital payments and give SMEs better control of their expenditures.
Group Head, Product Insights and Capabilities, Access bank, Robert Giles, said: “We recognise the huge role SME’s play in driving economic growth and, as the largest source of employment, contributing to social progress and stronger communities.
We are pleased to have partnered with Visa to create this leading solution to help SMEs plan, budget and track spending as well as access services to aid business growth in an increasingly digital marketplace. We encourage SME’s to walk into any of our branches and walk out with the new Business Card in a couple of minutes to start enjoying the benefits instantly.”
