In its plans bid to boost the transition and growth of its business customers in the digital space, Access Bank Plc recently unveiled SWIFTPAY, the first payment acceptable service in the banking industry for Micro, Small and Medium Enterprises (MSMEs).
This is even as the bank disclosed that it granted loans worth N30 billion to 8,000 customers in 2020, in spite of challenges caused by COVID-19.
Speaking to newsmen during the launch of the product in Lagos, Group Head, Emerging Businesses, Access Bank, Ayodele Olojede, noted that the lockdown experienced in 2020 as a result of the COVID-19 pandemic worsened the market situation resulting from less in person interactions, less in person payment options and less need for brick and mortar store businesses.
She revealed that statistics from a survey carried out after the lockdown showed that MSMEs were impacted by cash flow, revenue and sales while adding that the impact of the pandemic made more apparent the lack of infrastructure and access to digital resources for small businesses.
“This is why Access Bank introduced SWIFTPAY to support the transition and growth of customers’ businesses. This product is part of the bank’s commitment to support SMEs digitally to meet business needs. The new offering is a payment link that can be hosted on merchants’ social media page and can be sent to anyone to pay after business transactions.
It is easy and takes less than 5 minutes to sign up as it is convenient and time saving for everyone. At Access Bank, we are committed to providing very practical solutions that support the growth of our customers. We know that stronger participation in markets helps strengthen contribution to economic development”, Olojede said.
While noting that e-commerce had been challenged with the increase in fraud due to the popularity of social media, she said every merchant registered on SWIFTPAY will carry a ‘verified by access ‘stamp to authenticate the page.
“SWIFTPAY is free and the processing charge is discounted up to 15 per cent to ensure you keep most of your earnings unlike other services if you sign up to our visa business debit cards. We are a bank and since your account is already domiciled with us, there won’t be any need to go through any additional Know-Your-Customer (KYC) checks and with your business verified, we will use your financial records to lend you money,” she said.
Olojede said that the bank would continue to nurture SMEs to be successful to boost economic growth and development while adding that it is planning to satisfy its customers by expanding its footprints and driving a lot of digital loans in 2021.