Banking
Access Bank to Issue American Express Cards in Nigeria
By Adedapo Adesanya
Access Bank has unveiled two new consumer credit cards: the Access Bank American Express Gold Card and the Metal Platinum Card, making these the first American Express cards to be issued in Nigeria and West Africa.
By launching these cards, Access Bank says it will be able to increase its offering to its retail and private bank customers, with benefits including the Membership Rewards loyalty programme and a wide range of travel and lifestyle benefits.
Recall that in 2019, Access Bank signed an agreement with American Express to start acquiring merchants, enabling businesses across the country to accept payments from international American Express Cards.
Now, in a statement seen by Business Post, the bank is ready to issue the first American Express credit cards in West Africa. The Gold and Platinum Cards showcase the international American Express card design, featuring the ‘Centurion’ icon.
Similar products are also issued outside of Nigeria by American Express or third parties licensed by American Express and provide cardmembers with extensive rewards and benefits.
Speaking on this, Mr Herbert Wigwe, Group Managing Director, Access Holdings, said the cards will be available by request and invitation, and customers who have signified interest will begin to enjoy the usage from Tuesday, June 13, 2023.
He said, “We are a bank of many firsts. We do have a wide network, and with this partnership, AMEX will have 60 million customers supporting this partnership. It is a massive endorsement for us to work with AMEX in this partnership.
On his part, Mr Roosevelt Ogbonna, Managing Director and CEO of Access Bank, said: “The launch of American Express Cards in Nigeria is another milestone in the continued development of a vibrant and fast-growing payments industry. Customers want more than transactions – they want real value.
“With American Express, we can provide valuable card benefits, strong loyalty rewards, and a real reason to use electronic payments instead of cash. By diversifying our services to facilitate payments, we can connect more consumers to the SMEs and retail businesses across the country who we know are the engine of economic growth.”
Mrs Chizoma Okoli, Deputy Managing Director, Retail South, Access Bank, said the unveiling of the credit cards is a testament to the bank’s leadership role in the country.
“We are always at the forefront in the banking sector here in Nigeria, and this is our newest innovation as we lead others. You can see these AMEX cards anywhere in Nigeria except here at Access. I know our customers who are going to reap the benefits will be proud of us”.
Adding to this, Mr Victor Etiokwu, Deputy Managing Director, Retail North, said the partnership with American Express is not the first and won’t be the last.
“In the payment world, it is important to have varieties, and as a financial sector supermarket, we have varieties of lovely items for the benefit of our customers. AMEX is a unique brand, and we have always wanted to have them on our portfolio and we are glad this has become a reality. We will continue to collaborate with AMEX.
Mr Mohammed Badi, the President of Global Network Services at American Express, explained, “By granting Access Bank a license to launch the first-ever American Express Cards in Nigeria, American Express’s presence in Africa is becoming even more vibrant. The Access Bank American Express Gold Card and the metal Platinum Card enhance the credit card experience in Nigeria with special benefits, access, and service – for Cardmembers both in Nigeria and when travelling overseas.”
Alongside dual-currency functionality (NGN/USD) and international acceptance, the American Express cards include airport lounge access, car rental perks, membership rewards, loyalty points, as well as insurance and protections.
On top of these features, the Platinum Card also offers expanded airport lounge benefits, with complimentary access to more than 1,400 lounges through the American Express Global Lounge Collection.
There are also hotel perks and upgrades through The Hotel Collection and Fine Hotels + Resorts, special status access in the Hilton Honours, Radisson Rewards, and Marriott Bonvoy rewards programmes.
Other benefits include complimentary access to hotel membership programmes, with Tablet Plus membership and Mr & Mrs Smith Gold status, 24/7 travel and lifestyle concierge services.
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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