By Frank Ulom
Small and Medium Enterprises (SMEs) have been encouraged to embrace Artificial Intelligence (AI) to improve efficiency, profitability and customer engagement, following a First Bank SMEConnect webinar held in Lagos.
The virtual event, themed ‘Business Growth: From Adoption to Integration and Scalable Impact’, was convened by First Bank of Nigeria Ltd to equip business owners with practical strategies for integrating AI tools into their operations and driving scalable growth across sectors.
Speaking during the session, General Manager at Microsoft, Temitope Odude, said AI enhances SME performance through automation, trend analysis, improved communication and faster decision-making. He noted that the technology enables businesses to respond quickly to market changes while unlocking new opportunities.
“AI allows SMEs to work smarter, respond quickly to market changes and unlock new growth opportunities,” Odude stated, adding that most AI solutions are affordable, user-friendly and do not require advanced technical expertise or heavy infrastructure.
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He advised SMEs to adopt AI in phases, beginning with identifying operational challenges, deploying suitable tools, integrating them into workflows and measuring results within 7 to 14 days.
Also speaking, Olufemi Odunmboni, Head of Online Banking and Digital Channels, disclosed that FirstBank had developed about 19 AI-powered platforms to support SMEs. According to him, the platforms facilitate credit scoring, payments, payroll processing and access to instant loans without collateral.
“These platforms enable credit scoring, payments, payroll processing and access to instant loans without collateral,” Odunmboni said, noting that transaction data and behavioural analytics are used to assess creditworthiness and enhance security systems.
On her part, Ibidun Adedewe, Head of SME Acquisitions and Partnerships, revealed that the bank had disbursed over N1 trillion in digital loans to SMEs. She said N100 billion was allocated to traders, while N200 billion supported other sectors, largely driven by AI-enabled credit scoring systems.
“About N100 billion went to traders, while N200 billion supported other sectors, largely driven by AI-enabled credit scoring,” Adedewe said. She added that the SMEConnect platform connects businesses to funding, partnerships and capacity-building opportunities.
Adedewe further advised SMEs to separate personal and business finances to improve transparency, structure and long-term scalability.
Similarly, Abednego Ugwueke, Head of Digital Channels, said AI is being deployed for fraud detection, enhanced security and personalised customer services. He urged SMEs to begin with simple tools for messaging, contracts and customer communication before scaling adoption.
The webinar concluded with a call for sustained adoption of AI technologies to strengthen competitiveness, drive innovation and support long-term growth among Nigerian SMEs.
