Banking
How Brand Strategy Is Working For Access Bank
By Dipo Olowookere
Despite the economic headwinds that have been slowing down most financial institutions in the country, the Access Bank Plc has had a very successful outing in the outgone year.
The Bank which entered the nation’s banking landscape about 26 years ago with the ambition of becoming a solid brand that would command respect in many sectors, has since grown from that humble beginning into banking giant with reputation admirable reputation that transcends the local market.
Thus today, the bank offer a full service commercial banking, operating through a network of about 305 branches and service outlets located in major centres across Nigeria, Sub Saharan Africa and the United Kingdom. The great work that has gone into building the bank into a formidable banking brand, beyond just a cool logo or well-placed advertisement, but in terms of the cutting edge strategy and precision-driven is not lost on industry watchers and has been fetching recognitions in various forms.
For those who have watched the progress recorded by the Bank thus far, strategic branding has made the difference. Little wonder that few weeks ago, the innovation and creative ingenuity of its handlers paid off as it was named ‘Bank of the Year’ at the 17th annual Bank of the Year Awards black-tie dinner in London. To analysts, the feat was not by accident, considering various positioning tools deplored by the bank’s promoters in the last 10 years.
The award, which validates other nine international honours earned by the Bank over the past ten months for operational excellence, responsible business practices and technology-backed innovation, is unarguably one of the most coveted awards in the banking sector globally.
Over the years, Access Bank has established a reputation as one of the most formidable financial institutions in Nigeria. This is unconnected with its impressive growth trajectory and contributions to the development of the Nigerian economy through empowerment initiatives and practical SME schemes. As an acclaimed innovative industry pioneer, the Bank has remained the choice of international financial organisations and multilateral agencies seeking partnership in Nigeria.
The Banker Awards is an annual event of The Banker Magazine, a publication of the highly influential Financial Times of London; arguably the world’s leading monthly journal of records for the global banking industry, with expertise in monitoring and publishing developments in the African banking industry and beyond for more than 90 years. It is a mark of the award’s reputation that it was held in London, arguably the financial capital of the world.
For some of its pioneering initiatives and outstanding performances, the bank has earned a number of recognitions in the past months. The recognitions include the ‘Karlsrushe Outstanding Business Sustainability Award’, ‘BusinessDay Banking Award – CEO of the Year’, ‘BusinessDay Banking Award – Best Bank of the Year’, ‘EMEA Finance Best Bank in Nigeria Award’, ‘EMEA Finance Corporate Responsibility Award (Pan-African)’, ‘EMEA Finance CEO of the Year (Pan-African’ and World Finance Most Sustainable Bank of the Year Award.’
Presenting the award, Michael Buerk, BBC News journalist, commented: “In spite of the challenging operating environment and rapid changes in the industry, Access Bank has remained a formidable institution. Specifically, the Bank has been a purveyor of innovation in the Nigerian banking space and consistently outperformed industry forecast. It is firmly believed that its operational model, risk management and governance framework, which enable sustained superlative financial performance need commendation.”
Although this view is consistent with Analysts’ opinion on the Bank in the past one year, but its Group Managing Director, Herbert Wigwe who received the award for the Bank said, “While innovation, excellent risk and corporate governance framework might be the advantage we have over our competitors, the Bank is propelled by a vision of becoming the world’s most respected African Bank, and this requires us to do things differently to standout. He thanked the bank’s stakeholders for their support and assured them of improved performance in the years ahead.”
Few months ago, Access Bank broke a new ground in innovation by introducing PayWithCapture, a mobile payment solution that permits customers to make payments by scanning a merchant’s pre-generated QR-Code using the camera of their mobile device or via a one-step Beacon-NFC System. This is happening at a time a consortium of six banks and Unified Payments inaugurated PayAttitude, an electronic payment scheme that allows transactions in both online and offline platforms. The two products, though share some features, they are different in many areas. The bottom-line however is that both are introduced to create a hitch free transaction for consumers.
Two weeks ago, the bank launched the country’s first corporate-focused internet banking solution – “Primus” – to ease the complexities of daily supply chain and financial management of blue chip companies.
The multi-transaction management software dubbed “a 21st century-game changer,” is one of the 200 initiatives announced by the Bank in July after the presentation of its 5-year strategy for 2013 to 2017.
According to Group Managing Director/Chief Executive Officer, Access Bank, Aigboje Aig-Imoukhuede, the product “does not exist in the Nigerian banking industry” and “will make every bank in Nigeria to rise to the occasion.”
The role of Corporate Social Responsibility (CSR) to the overall success of any business has been well documented just as the importance of good corporate citizenship to bottomline has been well articulated in different business models. Little wonder that many businesses across different sectors now take CSR very serious.
According to the bank’s Corporate Social Responsibility Report, its CSR philosophy was developed in accordance to relevant international standards and guidelines such as the AA1000 Assurance standards and the Global Reporting Initiative (GRI) G3 sustainability reporting guidelines.
The Access Bank Innovation Challenge is a competition that invites teams of contestants to develop innovative solutions challenges noticeable challenges in the country, and provides them with educational guidance along the path to prototyping and possibly implementing their projects.
The 2016 Access Bank Innovation Challenge focused on the Internet of Things (IoT), which connects billions of smart devices to the Internet.
A total of 15 teams formed by the 76 attendees worked on solutions to problems in Agriculture, Transportation, Security, and Power. The N1 prize money was shared amongst the top 3 winners. The 1st, 2nd and 3rd prize winners received the sum of N500,000, N300,000 and N200,000 respectively.
Victor Etuokwu, executive director, Personal Banking, Access Bank Plc, who addressed participants during the training workshops said one of the Bank’s core values is ‘Innovation’ and this is visibly rooted in the culture and attitude of the employees of the Bank.
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has denied reports that customers performing financial transactions would pay a Value Added Tax (VAT) of 7.5 per cent from January 19, 2026.
Information about this emanated from messages sent out to customers of a financial institution, informing them of the new development in compliance of Nigeria’s new tax laws, especially the Nigeria Tax Act 2025.
It was claimed that Nigerians, as part of efforts of the government to generate more funds from taxes, would begin to pay VAT for the use of banking services like USSD and others.
But reacting in a statement signed by its management on Thursday, January 15, 2026, the tax collecting agency emphasised that the VAT collection for such services was not new.
It stressed that customers have always paid taxes for electronic money transfers and others, as this is charged on the fee, not from the main amount of the transaction.
“The Nigeria Revenue Service wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges, nor (sic) did it impose new tax obligation on customers in this regard.
“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information,” the statement read.
Business Post reports that what this basically means is that if a customer sends N10,000 and the bank charges N50 for the service, a 7.5 per cent VAT on the N50, which is N3.75, would be paid by the sender, not N750, which is 7.5 per cent of N10,000.
By Adedapo Adesanya
Nigerian-born payments company, Paystack, has announced its entry into the banking sector with the launch of Paystack Microfinance Bank (Paystack MFB) after the acquisition of Ladder Microfinance Bank.
The bank continues Paystack’s push into consumer products and adds a banking layer to its business-focused payment product, coming ten years after the company was founded with the goal of simplifying payments for businesses using modern technology.
In Nigeria alone, the company says its systems process trillions of Naira every month, supporting more than 300,000 businesses and millions of customers. According to Paystack, this growth highlighted a broader need beyond payments, prompting the decision to build a more comprehensive financial offering.
Paystack MFB will begin lending to businesses before expanding to consumers. It will also offer banking-as-a-service (BaaS) products to companies building financial products and treasury management products.
The company explained that while payments are a critical part of the financial journey, businesses and individuals increasingly require a full financial operating system. This includes the ability to store money securely, move funds easily, gain clarity from financial data, and access tools that support long-term growth. Developers, Paystack added, also need reliable, secure, and compliant infrastructure to build new financial solutions efficiently.
To address these needs, Paystack said it has established Paystack Microfinance Bank as a separate and independent entity from Paystack Payments Limited.
The new microfinance bank operates with its own license, governance structure, and product roadmap, although it will work closely with its sister company.
“By adding Paystack MFB to our family of brands, we’re finding the right balance through combining the rapid innovation of a tech-first platform with the stability of traditional banking,” said Ms Amandine Lobelle, Paystack’s chief operating officer.
Last year, it launched its controversial consumer payments app Zap, and now it is taking a step further with the company securing regulatory backing to become a deposit-taking institution. According to a statement, the bank will be guided by the same principles that shaped Paystack’s early success, including reliability, simplicity, transparency, and trust.
Paystack MFB has begun operations with a small group of early members and plans a gradual rollout to more businesses and individuals. The company also announced the opening of a waitlist for interested users and confirmed it is recruiting a dedicated team to help build its long-term banking infrastructure.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has helped First Bank of Nigeria to recover the sum of N802.4 million from a suspect, Mr Kingsley Eghosa Ojo, who unlawfully took possession of over N1.3 billion belonging to the bank.
The funds were handed over the financial institution by the Benin Zonal Directorate of the anti-money laundering agency on Monday, January 12, 2026, a statement on Tuesday confirmed.
First Bank approached the EFCC for the recovery of the money through a petition, claiming that the suspect received the money into his account after system glitches.
The commission in its investigation; discovered that the suspect, upon the receipt of the money, transferred a good measure of it to the bank accounts of his mother, Mrs Itohan Ojo and that of his sister, Ms Edith Okoro Osaretin, and committed part of the money to completion of his building project and the funding of a new flamboyant lifestyle.
With the recovery of the money from the identified bank accounts, the EFCC handed it over in drafts to First Bank.
While handing over the lender, the acting Director for the Directorate, Mr Sa’ad Hanafi Sa’ad, stressed his organisation would continue to discharge its mandate effectively in the overall interests of society.
“The EFCC Establishment Act empowers us to trace and recover proceeds of crime and restitute the victim. In this case, First Bank was the victim and that is exactly what we have done.
“We will continue to discharge our duties to ensure that fraudsters do not benefit from fraud and that economic and financial crimes are nipped in the bud,” he said.
In his response, the Business Manager for First Bank in Benin City, Mr Olalere Sunday Ajayi, who received the drafts on behalf of the bank, commended the EFCC for the swiftness and the professionalism it brought to bear in the handling of the matter and expressed the bank’s gratitude to the commission.
He described the EFCC as one of Nigeria’s most effective and reliable institutions.
Meanwhile, Mr Kingsley and all other suspects in the matter have been charged to court for stealing by the EFCC.
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