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Access Bank Targets Top Spot in Africa Next 5 Years

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**To Grow Customer, SME Client Base

By Modupe Gbadeyanka

One of the tier one lenders in Nigeria, Access Bank Plc, has set a target of becoming Africa’s gateway to the world in the next five year.

Group Managing Director of the financial institution, Mr Herbert Wigwe, made this known on Monday while presenting the bank’s new five-year strategy.

Access Bank offers full commercial banking services across Sub-Saharan Africa, the UK, Asia and the Middle East.

The new 5-year strategy hopes to accelerate this growth to position Access Bank as the number one Nigerian bank by 2022 and create a Universal Payments Gateway to dominate international trade and inter-African payments.

“Five years ago, we set the ambitious goal to attain top three positions in our chosen markets. Today, we are a strong, diversified institution with a consolidated top tier position in our sector.

“We are setting out a new and ambitious five-year strategy which will put Access Bank at the forefront of Africa’s changing financial landscape by creating a Universal Payments Gateway to dominate international trade and inter-African payments.

“Our strategy will mean that by 2022, millions of people will have access to banking services for the first time. Customers will make payments and transfers when and how they need to. Businesses will be able to trade in new markets and invest in new technology.

“We recognise that we have a vital role to play in growing Nigeria, our largest market. Our global footprint is also changing and growing. As a result of our strategy, we will be in the Africa corridor trade hubs and the global gateway markets within five years.

“This next phase of our transformation journey will deliver our most ambitious goal yet, a bank that is digital, innovative and nimble. A bank underpinned by the highest standards of risk and compliance. A bank that serves Africa and the world. Our ambition is to become Africa’s gateway to the world,” Mr Wigwe revealed.

The new strategy has six strategic levers: digitally led, retail banking growth and consolidation in wholesale markets, customer focused, analytics driven with robust risk management, strong global collaboration in key gateway markets, and the creation of a universal payments gateway.

Access Bank chief explained that to deliver the transformation, the lender will adopt a new organisational structure. The retail bank will have a customer segment focus, driven by digital and payments.

The corporate bank will build deep sector expertise and deploy global relationship managers. Access Bank’s subsidiaries will be organised around strategic clusters, with strong collaboration between them to secure trade finance and correspondent banking.

The bank’s transformation programme will be underpinned by robust risk management together with high levels of automation to enhance the compliance and risk functions and drive customer insights.

In next phase of its transformation programme, Access Bank will embark on a series of bold initiatives.

At home, the goal is to be the number one bank in Nigeria by growing the retail customer base, SME client base, and by dominating the top 100 Nigerian corporates.

Internationally, it will develop an integrated global franchise by strategically developing its presence in key African markets, enhancing collaboration in global financial gateways including London and New York, Asia and the Middle East, and strengthening its trade hubs in India, Dubai and China.

A strengthened presence in key African markets, and the creation of Universal Payments Gateway combined with an integrated global franchise, ideally positions Access Bank to be Africa’s Gateway to the World.

From 2013 to November 2017, Access Bank has increased its total assets at a CAGR of 18 percent and delivered shareholder returns of 90 percent.

The bank has also grown its customer base from 90,000 in 2002 to over 8 million in 2017 and in the same period opened 351 new branches.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Access Bank Opens Branch in Malta to Strengthen Europe-Africa Trade Ties

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Musicians Access Bank Opebi

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.”

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Goldman Sachs, IFC Partner Zenith Bank, Stanbic IBTC, Others to Empower Women Entrepreneurs

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Zenith Bank $500m Eurobond

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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Development Bank of Nigeria Wins Financial Inclusion Leadership Award

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Development Bank of Nigeria

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.

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