Access Bank initiates steps to boost entrepreneursâ€˜ profitability
Category: Investors NewsBeat
By Sunday Ojeme, Published: Monday, 3 May 2010
As part of initiatives to add value to its pool of clientele, Access Bank Plc has concluded plans to boost entrepreneurs‘ profitability through effective expense management and revenue enhancement.
To this end, it has unveiled two products that will enhance customers‘ finances and a tool kit to polish the knowledge of operators in small and medium-scale enterprises. The products are Mpower Biz and Access Advantage. Unveiling the products on Thursday, the Group Head, Product Reaserch and Development, Access bank, Mrs Chinwe Uzoho, described Mpower Biz as a high yield business current account with zero cost of trasanction, specially designed for SMEs, while the Access Advantage is a hybrid savings account with features of a current account.
According to her, ”These products have been part of the bank‘s innovative offerings tailored to suit the dynamic needs of customers, and is now inaugurated to offer value added services.“Mpower Biz is a business current account specially designed for SMEs, professional firms, schools, churches, among others and the account offeres zero COT on all transactions, as well as paid competitive interest on the credit balance.
”The product accommodates emerging and established businesses, to enable them maximise the cost of doing business. There are no restrictions to the number of withdrawals a customer can make on the account.”She said the products had been repackaged with new value added benefits to enable customers manage their business effectively with the benefits being ”Access SME Toolkit” and ”The Market intelligence Report.”
She said, ”The Access SME Toolkit is a free financial tool which helps the business owners start, grow and manage their business better. It enables them make short and long term plans, identify areas where profit can be made, grow sales as well as reduce cost. The Access SME Toolkit comes in the form of a CD, with a business start up plan, business spread sheet with the following: cash flow forecast, profit and loss analysis, and balance sheet.
”The Market Intelligence report is offered free to customers, it gives them insight to current global financial /economic report which is very important and helpful for business decisions.”Uzoho described the Access Advantage as a hybrid savings account with features and benefits of a current account, adding that the product was targeted at middle income individuals who want a savings account that offered them the flexibility and convenience of a current account.
”Access Advantage allows customers issue cheques and make third party withdrawals, lodge cheques and dividend warrants as well as enjoy zero COT and earn competitive interest rate on credit balances. There are also no restrictions on the number of times a customer can withdraw from the account.”The Budget Planner, a financial planning tool for the Access Advantage customer, is a new innovation on the product which enables customers track their income and expenditure. With the Budget Planner, the customer can set a budget, monitor it and plan towards the realisation of the budget. It is easy and simple to use.