Access Bank unveils DBALife
Access Bank has launched what it termed the “Diamond Business Advantage (DBA) life” in a bid to increase its digital loans and boost access to finance for young entrepreneurs.
The bank said the product which targeted at the youths was designed to add value to Micro, Small and Medium Scale Enterprises (MSMEs). Speaking during the launch of the product in Lagos recently, the bank Executive Director Victor Etuowu said entrepreurship is essential for the growth of any nation.
Etuowu said DBA lite is a product of the erstwhile Diamond Bank Via the Diamond Business Account DBA and that was one of the best products in the market but after the merger, we renamed it as DBA but this innovation DBA lite is targeted for the youths who are start-ups established or growing. This innovation will bring access to digital loans for the youths because that is what we want to do with this innovation,”
He disclosed that the digital loan would be in the form of N50, 000 to N5 million, adding that entrepreneurs can only access the loan once they meet the requirement.
The Access Bank ‘s top official disclosed that his bank accounts for over 50 percent of digital loans in the industry because it is gives such loans at an average of N18,000 – N20,000 daily. “Last year’s four million people accessed N100 billion and we are targeting more in 2021, we will keep growing because our digital loans are not for the youths only, but for small business owners, employees and the rest of them and i am assuring you that we will do double digital this year as that is the plan.
“As we speak we are averaging N12billion to N13billion every month and so we should be somewhere around N60billion to N70billion and clearly we do more that we did last year, “Etuowu s said.
Giving more insights into the product, Etuowu stated that the features of the product include less documentation, affordability, convenience, access to market, access to finance, and business loans as well as payment acceptance services.
