Access Bank to drive African expansion with $300m investment
As part of its 5-year strategic development plan, Access Bank, the commercial banking unit of Access Holdings Plc, received $300 million as capital investment from the parent company to further its expansion within Africa, Nigeria, it announced on Tuesday.
According to Access Holdings in a statement, “The investment takes the form of a Tier 1 capital qualifying mandatory convertible instrument and is expected to improve the bank’s shareholders’ funds and total ratios,”.
The Central Bank of Nigeria has endorsed the investment, it added.
Access Holdings is expanding into new markets on the continent and branching out into new businesses permitted by its holding company licence in pursuit of its strategy to be “Africa’s gateway to the world.”
In January, Access Bank announced that its bid to take over Kenya’s Sidian Bank had fallen through after at least half a year in the work
The group is nursing the hope that its newly launched payments subsidiary Hydrogen will be able to settle one out of every three transactions that come into the continent in the nearest future.
“As a leading financial institution in the continent, we remain foresighted in our approach to our growth and capitalisation needs,” CEO Herbert Wigwe said
“This investment is a capstone initiative following the US$500 million Additional Tier 1 capital raised by the Bank in 2021 and advances its vision to be the World’s Most Respect Bank.
The group’s total assets, as of the end of September 2022, stood at N13.5 trillion, 14.6 per cent higher than one year prior.
Access Corporation, on Wednesday, January 18, 2023, launched its fifth 5-year corporate strategic plan covering 2023-2027.
Access Bank said it was set to move into the new strategic cycle with the following records: over 52 million customers which is more than the population of 85 percent (50) of African countries.
It also showcased its superior service through four SBUs, across 17 countries including, the UAE, UK, and 3 rep offices in China, India and Lebanon.
There is 18.5 million unique mobile app and internet banking users, in addition to over 54,440 Point of Sale (PoS) terminals.
