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Access Bank to scale digital loans with DBA Lite launch

Access Bank launches DBA Lite - a variant of DBA, specifically designed for young entrepreneurs.

Access Bank Plc has launched a new product called DBA Lite to help young entrepreneurs and plans to double the size of its digital loans to N200 billion by the end of the year.

Victor Etuokwu revealed the Information, the bank's Executive Director, Retail Banking, who also claims that Access Bank gives out an average of N12 to N13 billion digitally monthly and controls more than 60 per cent of digital loans in Nigeria's banking landscape.

"Access Bank has always pride itself on being a facilitator of economic growth in the nation. We like to be involved in anything that grows the economy, whether in what we do with women or any other segment of the economy. So, all we are doing as a bank is to see how we can support the youths." Victor Etuokwu, Access Bank Executive Director, Retail Banking.

What we are trying to do Ayodele Olojode, Group Head, Emerging Businesses, Access Bank, said "is to help the young entrepreneurs to leverage the digital skills that they have. So, most of the learning will be on how they can optimise presence online."

"What you will find following the Covid-19 pandemic is that there has been an increase in online presence, tech businesses and an increase in digital inventions. So, we are also aligning our propositions and trying to anchor them around digital," he added.

The new product (DBA Lite), a variant of DBA, focuses on young entrepreneurs in the age range of 18 and 35 to scale their businesses and provide them with links to investors.

Diamond Business Advantage (DBA) itself is a current account designed to add value to Micro, Small and medium businesses (MSMEs) and cause business growth via innovative banking (cost management).

Young entrepreneurs, who sign on to the business solution, would have access to digital loans, payment acceptance services of the bank like SwiftPay and also join the entrepreneurial and networking community of other subscribers.

More so, they stand a chance of enjoying access to Information and training and business registration for intending young business owners, among other value propositions.

Nigeria in focus

GDP: $448.12 billion compared to Togo's $5.49 billion in 2019

Population: 200,963,599 compared to Togo's 8,082,366 in 2019

GDP per capita: $2,229 compared to Togo's $679.29 in 2019