Banking
The Remarkable Journey of Access Holdings
This year marks 22 years since two young Nigerian bankers – Aigboje Aig-Imoukhuede and Herbert Wigwe – bought a small, nondescript bank and turned it into one of the biggest financial institutions on the continent with a footprint also established in Europe and Asia. It was on March 22, 2002, that the two walked into Plot 1669 Oyin Jolayemi Street, Victoria Island, Lagos, which was then the corporate headquarters of the bank to assume duty and full control as the Managing Director and Deputy Managing Director. The acquisition process took about two years and entailed rigorous negotiations and countless hours of working through documentation. It was one of the most audacious takeovers in the history of the nation’s financial industry. Indeed, the phenomenal growth of the Access Group has become an inspiring success story.
Shortly after the takeover, Access Bank embarked on a five-year transformation agenda, and two years into the plan, the CBN announced the N25 billion capitalisation deadline set for the end of December 2005. The institution’s management went to work, raising the required capital and developing the impetus to seek opportunities for possible mergers and acquisitions. Recognising the opportunity that existed to build scale, the institution mobilised its workforce and quickly raised N15 billion via a public offer, acquired two other small banks, Capital Bank Ltd. and Marina International Bank Ltd., and convinced FMO, the Netherland development finance company, to become an institutional investor through the conversion of a $15 million term loan it had earlier given to the bank. With the N25 billion capitalisation met and surpassed, the race to the top became a fixed goal for the new owners. They then embarked on an aggressive drive to raise money both from local and foreign capital markets.
Between 2006 and 2007, Access Bank raised a local bond issue of N11.9 billion and in 2007 it raised N136 billion in public offerings, including a highly successful and oversubscribed GDR (global depository receipt) and established Access Bank UK. In June 2008, the beginning of the second five-year transformation plan, every action was geared at taking the institution to the top. Between 2009 and 2011, the bank passed CBN’s special audit on governance, liquidity and capital adequacy conducted under the tough-talking Sanusi Lamido Sanusi. Three major achievements were also recorded. The bank was awarded IFC Sustainable Bank of the Year; it acquired Intercontinental Bank and was ranked the fourth largest bank in Nigeria as a result of the acquisition.
With these successes, a huge surge of confidence and can-do spirit have by now swept through the entire workforce. Staffers went through a rigorous process of reorientation and change of the bank’s vision and mission; and with business combination with Intercontinental completed in 2012, management staff assumed bigger roles and responsibilities. Access Bank became one of the favourite places to work for bankers from other institutions. The bank was enjoying the pulsating work pace and dynamic work environment, enthralled in seeing the dream of being in the top five becoming a reality year after year.
That same 2012 and spanning 2013, the bank raised $350 million Eurobond in the international market and divested from non-banking subsidiaries. It was also designated as a significant important financial institution by the CBN, one of the very few in the industry. This means a recognition of its huge footprint in the economy, the integrity and respect of its leaders and the fact that the bank could not be allowed to fail under any circumstance. It is for this reason that the CBN recently intervened in the board and management composition of one bank. Another huge milestone came in 2014 when Access Bank issued a $400 million subordinated note (tier 2 bond) and transformed into a large, diversified banking institution.
In January 2014, Herbert Wigwe assumed duty as the Group Managing Director & Chief Executive Officer, after the retirement of Aigboje Aig-Imoukhuede. With enormous goodwill and attractive brand equity, the bank continued to outpace its contemporaries. In 2017, it further shored up its capital by raising N42 billion through a rights issue and issued another $300 million subordinated note.
But it was its merger with Diamond Bank in 2018 that catapulted Access Bank to the number one slot in at least some parameters: assets and retail business with 646 branches. It also recorded the biggest channel touchpoints: 38 million cards; 3,000 ATMs and 34,000 POS terminals. In 2019, Access Bank issued the first green bond in Nigeria. In 2020, it expanded its African business into Kenya and Mozambique and became the first Nigerian bank to set up shop in South Africa. A few weeks ago, the South African ambassador to Nigeria was on TV commending the bank for establishing a branch in his country.
In 2022, Access Bank marked the final year of its previous five-year strategy, which focused on building Africa’s gateway to the world, through the deployment of robust risk management practices, and a flawless execution of its strategic priorities. By all key metrics, the strategy was successfully executed as the bank grew its scale to span over 6,000 dedicated professional staff serving over 52 million customers across 17 markets worldwide.
In the second half of 2022, Access Bank was restructured into a Holding Company – birthing Access Holdings – to realise the potential of the synergies from the various businesses, while expanding product offerings to customers in payments, insurance, consumer finance and pensions.
True to plan, Access Holdings, in 2023, launched its operations in Paris, setting the tone for a robust long-term goal across the Northern Hemisphere. The Group has also strategically ventured into new territories, bringing its expertise, resources, and innovative solutions to areas with immense growth potential. These strategic moves exemplify the company’s vision to be a pan-African force, contributing to economic development across borders. Through its subsidiaries, the institution has played a pivotal role in sectors ranging from finance and banking to agriculture, technology, and healthcare, bringing diverse opportunities to the communities it serves.
In countries where Access Holdings has established a presence, the institution has become a driving force for job creation and entrepreneurship. Access Holdings has sown the seeds of sustainable economic development by supporting Small and Medium Scale Enterprises (SMEs), investing in local businesses, and providing financial solutions tailored to the needs of each market.
The company’s ability to adapt its business model to the unique dynamics of each African market sets it apart, as it recognises that Africa is not a monolithic entity, but a collection of diverse economies with distinct challenges and opportunities. Through its expansion strategy, the institution tailors its approach to address the specific needs of each region, contributing to a more inclusive and holistic development across the continent.
Commencing in the second half of 2024, the Group’s Africa and international expansion strategy will enter the consolidation and efficiency phase, aligning with the institution’s five-year plan to accelerate the attainment of its 2027 strategic objectives.
By Modupe Gbadeyanka
The need for stronger collaboration to address climate change, advance conservation and equip young people to lead a more sustainable future has been emphasised by Union Bank.
At a symposium organised to commemorate 2026 World Environment Day in partnership with the Nigerian Conservation Foundation (NCF) at the Lekki Conservation Centre in Lagos, the financial institution urged businesses to match their commitments with action and pointed to the decisive role of finance in shaping a greener economy.
“As a bank that has been part of Nigeria’s story for over a century, Union Bank recognises that sustainable development and environmental responsibility must go hand in hand,” the company’s Chief Brand and Marketing Officer, Mrs Olufunmilola Aluko, stated.
“We believe businesses have a role to play not only in what they say, but also in what they do. Banks play an important role because they help determine where capital flows. The choices financial institutions make about what to fund and what to encourage help shape the kind of economy we build. This is a responsibility we take seriously at Union Bank, and it is one of the reasons gatherings like these matter to us,” she added.
In his keynote address, the Director General of NCF, Mr Joseph Daniel Onoja, framed conservation as a matter of human survival, noting that “nature has placed all the models that we need to be able to live well in it.”
“When we talk about nature conservation or environmental conservation, we’re saying human conservation because nature, Mother Earth, will always take care of herself.
“If we don’t take care of it, it will take care of itself by getting rid of us. Now, it is in our best interest to take care of the earth and learn from her, because she has provided everything we need to do so,” he further submitted.
A panel session featuring secondary school students from within and beyond Lagos brought an intergenerational dimension to the day. The students urged businesses and individuals to prioritise climate-conscious investments and cleaner energy sources, and exhibited innovations that turned waste into interior décor and clean energy.
Their work offered a vivid illustration of Sustainable Development Goal 12 on responsible consumption and production, and of the creativity a younger generation brings to the climate conversation.
This year’s World Environment Day theme, Inspired by Nature. For Climate. For Our Future, and the event, reflected a growing global consensus, captured in Sustainable Development Goal 13 on climate action and Sustainable Development Goal 17 on partnerships, that no single institution can meet the climate challenge alone.
By Adedapo Adesanya
The Bank of Agriculture (BOA) has unveiled a strategic roadmap aimed at modernising its operations, expanding grassroots financial inclusion and accelerating agricultural transformation in line with the Federal Government’s food security agenda.
The chief executive of the bank, Mr Ayodeji Sotinrin, disclosed this in a statement issued on Friday that the institution is implementing operational upgrades and forging strategic partnerships to improve the delivery of agricultural intervention programmes and empower smallholder farmers across the country.
According to the statement, the BOA is strengthening its agricultural delivery architecture by expanding collaborations with state-level delivery platforms, licensed input suppliers and international development partners.
A key component of the strategy is a recently signed Memorandum of Understanding with the United Nations Development Programme (UNDP), aligning the bank’s revitalisation agenda with the UN agency’s Integrated Smart States Programme.
The bank said the partnership would help transform Nigeria’s agricultural sector into an investment-ready system capable of attracting blended and climate finance while supporting the One Million Hectare Tree Crop Initiative, described as a presidential priority expected to boost commercial agriculture, job creation and export diversification.
“Our vision for the Bank of Agriculture is to deploy capital in an intelligent, smart, and highly efficient way to reposition the institution as a catalyst for food security and rural prosperity. We are bringing everyone into the financial net, especially the youthful population of farmers in our hinterlands, to create a new, resilient food system for Nigeria,” Mr Sotinrin said.
The bank also disclosed that it had overhauled its verification framework to eliminate fraudulent beneficiaries and ensure interventions reached genuine farmers.
According to the statement, the new credit profiling process incorporates Bank Verification Number checks, Know Your Customer protocols and GPS farm mapping to strengthen transparency and accountability in loan disbursement.
Commenting on the initiative, the National President of the All Farmers Association of Nigeria, Muhammad Magaji, endorsed the verification measures while urging quicker loan disbursement.
“The All Farmers Association of Nigeria recognises the critical role the Bank of Agriculture plays in shielding our farmers from exorbitant commercial interest rates. While we continuously advocate for faster disbursement cycles to match planting seasons, we stand with the BOA on the need for strict verification.
“It is the only way to ensure that these interventions reach the genuine smallholder farmers who actually till the soil, rather than ‘political farmers.’ We remain committed to working closely with the BOA management to fine-tune this delivery framework,” he added.
The BOA further said it is modernising its nationwide operations by deploying digital farmer systems, agency banking models and solar-powered infrastructure across its 110 branches to improve service delivery in rural communities.
It added that recent ICT infrastructure support from the UNDP would strengthen its digital transformation efforts and enable the bank to provide financial and extension services directly to farmers.
The bank said it would continue engaging commodity associations, verified grassroots cooperatives and other agricultural stakeholders through town hall meetings and working groups to identify genuine beneficiaries and support the implementation of the National Agri-food System Investment Plan.
By Adedapo Adesanya
Stakeholders, including industry leaders, regulators, and payment experts, have called for stronger infrastructure, responsible artificial intelligence (AI) adoption, and deeper cross-sector collaboration to unlock the next phase of growth in Nigeria’s digital payments ecosystem.
They made the call during the 2026 Digital Pay Expo held in Lagos on June 17 and 18, 2026. This year’s event focused heavily on the transformative role of AI, cybersecurity, cross-border transactions, and deepening financial inclusion across Africa.
Speaking at the event, Dr Rekiya Yusuf, Director of the Payment System Supervision Department at the Central Bank of Nigeria (CBN), represented by Mr Chika Ugwueze, Deputy Director, stated that Nigeria’s payment ecosystem is rapidly evolving beyond digital adoption into deeper digital transformation.
According to Dr Yusuf, artificial intelligence is emerging as a critical driver of this shift, particularly in real-time fraud detection and expanding access to underserved populations.
“The goal is to make financial transactions seamless. AI is now driving innovation, helping in real-time fraud detection and helping to expand access,” she said.
She noted, however, that important gaps remain, particularly around infrastructure and inclusion. Building a resilient digital market system in the AI era requires reliable connectivity, robust infrastructure, intentional talent development, and sustained capacity building.
Echoing the regulator’s call for robust ecosystem support, Mr Chika Nwosu, Managing Director of PalmPay Nigeria, said trust, access, and practical financial support remain critical to helping small businesses participate more meaningfully in the formal economy.
He noted that while micro, small, and medium enterprises (SMEs) contribute an impressive 40 per cent to Nigeria’s Gross Domestic Product (GDP), limited access to credit and reliable payment infrastructure continues to slow their ability to grow and scale.
To drive true innovation, Nwosu argued that financial inclusion must move beyond simply opening accounts and enabling basic transactions; it requires building a foundation of trust and tangible economic empowerment.
“SMEs contribute 40 per cent of the country’s GDP. For us at PalmPay, we don’t just provide payment solutions to them, we also support them with financial tools they need to expand and create jobs,” he said.
Mr Nwosu further emphasised the importance of digital literacy, noting that a stronger understanding of digital tools and AI-enabled systems will be essential to building long-term trust and participation across the ecosystem.
The discussions at Digital Pay Expo 2026 reflected a growing consensus across the industry: the future of African digital payments will depend on getting the fundamentals right. That means stronger infrastructure, responsible use of AI, better cybersecurity, and closer collaboration between regulators, fintechs, and other ecosystem players.
For PalmPay, the event reinforced the importance of building a payments ecosystem that is more resilient, more secure, and better equipped to support inclusion and growth at scale.
Founded in 2019, PalmPay has expanded its operations across emerging markets, providing digital financial services ranging from payments and savings to credit and merchant solutions, while supporting financial inclusion through smartphone financing and access to digital banking services.
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