Banking
Access Bank Gets CBN Nod to Become Holding Company
By Adedapo Adesanya
Access Bank has received approval from the Central Bank of Nigeria (CBN) to operate as a holding company (holdco).
This was made known in a press statement from the Company Secretary, Mr Sunday Ekwochi, noting that it was strategical expanding its foothold in other African markets in Southern Africa.
This development once utilised, would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention, and robust governance.
“Access Bank Plc announces today that it has received the Central Bank of Nigeria’s approval-in-principle for the bank’s restructuring to a holding company.
“The proposed HoldCo structure would enable the bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance,” the notice said.
It then noted that further details regarding the HoldCo structure will be communicated to the market in due course.
The company also revealed that it is deepening its expansion within the African market by bolstering its position in Mozambique and South Africa.
This followed the bank’s recent transaction with Cavmont Bank in Zambia and further stamp the bank’s presence in the SADC region, one of Africa’s most important trading blocs.
On its strategic and acquisition in Mozambique, Access Bank revealed that it has received regulatory permission to operate in the country under the name ‘Access Bank Mozambique’.
The subsidiary also entered into an agreement with ABC Holdings Limited, to acquire African Banking Corporation (BancABC Mozambique) for cash, in a combination of definitive and contingent consideration.
This transaction will be funded from the capital invested by the bank in Access Bank Mozambique and will result in the Access Bank Mozambique becoming the 7th largest bank in the country, up from 20th.
On its foray into the South African market, the lender disclosed that it has entered into a definitive agreement with GroCapital Holdings, to invest into Grobank Limited over two tranches, with an initial cash consideration for a 49 per cent shareholding, and an additional increase to a majority stake in the second tranche.
Both tranches are, however, subject to various regulatory approvals and the overall transaction subject to Grobank’s shareholder approvals.
GroCapital, whose shareholders include the Public Investment Corporation – Africa’s largest investment manager, and Fairfax Africa Holdings – a leading global investor, will retain an existing but diluted shareholding in Grobank.
Commenting on the deals, the GMD/CEO of Access Bank, Mr Herbert Wigwe, stated that, “We have consistently said we are focused on building the scale needed to become a leading African bank; one that leverages our experienced and growing talent base and key stakeholder partnerships, towards driving sustainable impact and profitability.
“Today’s announcement demonstrates further commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the world, in line with our vision to be the world’s most respected African bank.”
He further remarked that “these transactions will significantly strengthen our presence in Southern Africa, and further our footprint for growth in the SADC region. With a broader presence across the continent, Access Bank will be better placed to support our customers, who are increasingly looking towards intra-African growth.
“The proposed transactions will accelerate the Bank’s momentum towards delivering world-class banking services to an expanded customer base across Africa. Our goal remains to reach and impact 100 million unique customers across the continent.’’
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
By Modupe Gbadeyanka
The Banker Magazine of the Financial Times Group in the United Kingdom has announced Zenith Bank Plc as Bank of the Year, Nigeria.
At the Banker’s Bank of the Year Awards 2024 held on in London on Wednesday, December 4, 2024, it was stated that Nigerian lender clinched the award for its strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The chief executive of Zenith Bank, Ms Adaora Umeoji, described the recognition as a “testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the board and management as well as the hard work and dedication of our staff.”
She said, “It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy.”
“We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank,” Ms Umeoji assured.
The Banker’s Bank of the Year accolade is among the most coveted and widely regarded award in the banking industry.
Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Recall that last month, Zenith Bank commissioned its branch in Paris, France following the granting of the final approval by the country’s banking regulator, the Autorité de ContrôlePrudentiel et de Résolution (ACPR).
This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions, including being the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has published some phone numbers citizens can call to report any bank that fails to give them cash over-the-counter or at Automated Teller Machines (ATMs).
In a circular, the banking sector regulator said cash has been made available to lenders to disburse to their customers, saying they have no reason to do so.
DMBs are directed to ensure efficient cash disbursement to customers OTC and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance,” a part of a circular signed by acting Director of Currency Operations, Solaja Mohammed Olayemi; and the acting Director for Branch Operations, Isa-Olatinwo Aisha, stated.
It encouraged members of the public who are unable to obtain cash at their banks to “report these instances using the designated reporting channels and format provided,” saying it will “assist the CBN in addressing issues hindering the availability of cash and further improve currency circulation.”
They are to reach the central bank through designated phone numbers of the CBN branch in the state where the incident occurred or via email.
According to the circular, the complaints should be sent with “the relevant details which shall include account name/name of the DMB/amount/time and date of incidents, amongst others.”
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