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 Adedapo Adesanya
First Holdco Plc has commenced a public offer to raise about N1.4 trillion (approximately $1 billion) after securing approval from the Central Bank of Nigeria (CBN).
The offer, which opened on Monday, involves the sale of 10.4 billion ordinary shares, according to the chief executive of its banking subsidiary, First Bank of Nigeria Limited, Mr Olusegun Alebiosu.
The capital raise follows the company’s earlier plan to transfer about a quarter of its shares to RC Investment Management Ltd., which served as a bridge holder after Barbican Capital Limited exited its investment in the lender amid a prolonged ownership and leadership dispute.
First Holdco had previously indicated that the shares would eventually be offered to the investing public once the necessary regulatory approvals were obtained.
Speaking in an interview with Bloomberg, Mr Alebiosu said proceeds from the offer would strengthen the capital base of First Bank and support the holding company’s expansion strategy.
According to him, the group intends to diversify beyond banking by establishing an insurance underwriting business and a fintech services company.
“The sale is starting today — the reality here is that I am not sure it will stay more than one week based on the pressure we are getting,” Mr Alebiosu said, expressing confidence in strong investor demand.
Investors appeared to respond positively to the announcement, with First HoldCo’s shares climbing as much as 5.9 per cent to a record high during trading on Monday before easing to a 3.1 per cent gain at N133.60 by early afternoon in Lagos.
The lender has been one of the best-performing banking stocks on the Nigerian Exchange (NGX) Limited over the past year, with its share price rising more than fourfold since July 2025, when Barbican Capital’s stake was transferred to RC Investment Management.
The fresh capital injection comes as its largest shareholder, Mr Femi Otedola, continues to strengthen his stake in Nigeria’s oldest bank. With the billionaire holding around a 26 per cent stake in the company, analysts say he has his eyes set on full control once his equity crosses the 30 per cent mark.
By Adedapo Adesanya
One of Nigeria’s top digital banks, PalmPay, has appointed a former executive of the Nigeria Inter-Bank Settlement System (NIBSS), Mr Samuel Oluyemi, as its chief operating officer.
In his new role, Mr Oluyemi will oversee the financial technology company’s operations in Nigeria, where it offers a broad range of digital financial services to individuals and businesses.
Mr Oluyemi will also engage with regulators to ensure the company’s expansion aligns with Nigeria’s financial, digital and social inclusion objectives.
Prior to joining the company, Mr Oluyemi spent more than two decades at NIBSS, where he served as business development lead.
During his tenure, he drove the development of several critical payment infrastructure projects, including the digital validation of Nigerian international passports, e-Dividend Mandate Management System (e-DMMS), and the Electronic Pensions Contribution Collection System (EPCCOS).
Also, he played a key role in the introduction and early adoption of the NIBSS Instant Payment (NIP) platform, Nigeria’s first real-time interbank transfer system launched in 2011, and later supported its extension to other financial institutions.
Mr Oluyemi obtained a master’s degree in Monetary Economics from the University of Ibadan and has participated in several local and international professional training programmes.
Commenting on the appointment, Managing Director of PalmPay Nigeria, Mr Chika Nwosu, said that the company was strengthening its leadership team to support its longterm vision.
By Adedapo Adesanya
Africa’s most valuable fintech, Flutterwave, has signalled that its long-anticipated initial public offering (IPO) remains firmly on the back burner as the company intensifies efforts to transform itself into a licensed financial institution across the continent.
The firm’s chief executive, Mr Olugbenga Agboola, said the firm is focused on building sustainable profitability, diversifying its revenue streams and expanding its banking footprint before considering a stock market listing.
Speaking to The Africa Report, Mr Agboola described an IPO as a future financing milestone rather than an immediate strategic objective.
“An IPO is a financing event, not a strategy,” he said. “We are not holding any pressure to go public. This gives us the flexibility to be patient and ensure when we do list, we’re doing so from a position of strength.”
The comments come as Flutterwave embarks on an acquisition-led expansion strategy aimed at securing banking licences and deeper regulatory access across Africa.
Mr Agboola revealed that the company is currently in the process of acquiring a bank in East Africa, though he declined to disclose the institution or country involved.
The planned acquisition is expected to provide Flutterwave with an established customer base, existing banking infrastructure and regulatory approvals, significantly shortening the time required to enter new financial services markets.
According to Mr Agboola, the company’s expansion priorities include Kenya, Ghana, Rwanda, Tanzania, South Africa and Egypt, while the Democratic Republic of Congo and Ethiopia remain under consideration for future growth.
Rather than building banks from scratch in every market, Flutterwave intends to adopt a mix of acquisitions, licences and strategic partnerships depending on local regulatory conditions.
“The vision is not to form a bank in every country but to ensure that every African business has access to more than financial services,” Mr Agboola said in the interview.
The banking push follows recent regulatory and corporate developments, including the Central Bank of Nigeria’s approval of Flutterwave’s banking licence and the acquisition of open banking startup Mono.
Together, the moves underscore a broader strategy to expand beyond payments and establish new revenue streams in lending, liquidity management and business banking services.
Flutterwave plans to focus on institutional deposits from businesses already using its platform rather than competing aggressively for retail deposits.
The company intends to leverage transaction data from its payments network to provide short-term working capital, merchant financing, invoice discounting and trade finance products for small and medium-sized enterprises.
Mr Agboola disclosed that the bulk of the capital earmarked for banking operations will be directed toward credit support and liquidity buffers, with additional allocations for lending and banking infrastructure.
The strategy reflects a growing trend among African fintech firms seeking banking licences to reduce dependence on traditional financial institutions and gain greater control over settlement, liquidity management and product development.
Despite speculation about a near-term public listing, Mr Agboola maintained that Flutterwave’s immediate focus remains execution and growth.
He noted that the company will only consider an IPO after achieving stronger profitability and establishing scale across its payments, banking and remittance businesses.
In February 2025, he told Bloomberg that Flutterwave would only pursue a public offering after becoming profitable. He also stated in late 2024 that the company was “not in the IPO race.”
Founded in 2016, Flutterwave has processed more than one billion transactions valued at over $40 billion across 35 African countries. The company recently secured fresh funding that lifted its valuation to $3.3 billion, with American blockchain firm Ripple leading the investment round.
For now, however, Flutterwave appears more interested in building the foundations of a pan-African financial institution than rushing to the public markets, positioning banking expansion as the next phase of its growth story while keeping an eventual IPO firmly on the long-term horizon.
