Banking
Access Bank Targets 100 Million Customers by 2022
By Adedapo Adesanya
Top financial institution, Access Bank Plc, is seeking to increase its customer base to 100 million by 2022 from its present level, 41 million.
The Executive Director in charge of Retail Banking at Access Bank, Mr Victor Etuokwu, made this disclosure during the Diamond Xtra Season 12 Launch Event held in Lagos on Friday, March 13, 2020.
He said Access Bank has remained dedicated to expanding its services to Nigerians financially included by coming up with reward schemes like the Diamond Xtra initiative.
With over two million registered accounts on the Diamond Xtra savings plan, the bank is looking to expand more on the platform with good rewards this season.
According to Mr Etuokwu, for the past 11 years, over N5.7 billion has been awarded to over 22,000 customers, adding that in the 12th season, over N1 billion would be given out to loyal customers of the financial institution.
“This season, we are going to have 63 winners for rent for a year, from 21 last year and we have three people who are going to win N100,000 in Salary4Life.
“We have also introduced the health insurance scheme that will cover the customer, spouse and three children. We are also going to have the normal N1 million like we have done at this event.
“We also have a lot of loyalty schemes where loyal customers can win N20,000 and N50,000 cash prizes,” the bank executive said.
He also noted that as part of the bank’s commitment to gender equality, nine women will be awarded cash prizes of N300,000 each, while one of the selected winners will get a complementary N100,000 gift shopping voucher.
He added that as part of the senior citizens initiative, nine winners on the Diamond Xtra savings plan will be selected to win, noting that the goal of the bank to bring at least a member of every family on the Diamond Xtra Account.
Also speaking at the event, Mr Robert Giles, Head, Product Insights and Capabilities, noted that the bank will be crossing the N6 billion mark with this year’s promo.
“We’ve been doing this for 12 years and we have given out over N5.7 billion in prizes. We will be crossing the N6 billion this year as we will be giving out N1 billion. We have tripled money that people will get and use for their investments and businesses that will employ tens and hundreds of thousand of people,” he stated.
At the event, the Deputy Director/Coordinator for the Lagos Zonal Office of the National Lottery Regulatory Commission, Mrs Nkiru Onuzulu, who certified the draws, said her agency was pleased with the way the promo has been conducted without compromising standards.
Also, Mr Lawrence Amadi from KPMG, a consultancy firm, said the bank was transparent in getting winners from the exercise.
“We are required to ensure that all qualified members are account holders of the bank and they were chosen independently without the interference from Access Bank,” he said.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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