Banking
Fitch Upgrades Access Bank National Rating to ‘A+(nga)’
By Modupe Gbadeyanka
Fitch Ratings has affirmed Access Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’. The Outlook is Stable and at the same time upgraded the lender’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’. All other ratings have been affirmed.
The upgrade of Access’ National Long-Term Rating reflects Fitch’s view of an improvement in its creditworthiness relative to other rated Nigerian institutions. This considers continued expansion of the bank’s franchise and stable asset quality.
Access Bank’s IDRs are driven by the bank’s intrinsic creditworthiness as defined by its Viability Rating (VR). Access’ VR reflects solid financial metrics, which are stronger than most Nigerian banks.
Asset quality metrics compare especially well with its immediate peers. The bank’s stock of non-performing loans has remained under control, comprising 2.6% of gross loans at end-September 2017, the lowest of all large Nigerian banks. In our view, resilient asset quality reflects Access’ good corporate banking franchise and good management stability, including a robust risk management framework. A high Fitch Core Capital ratio (19.6% at end-September 2017) also provides a buffer against potential asset quality deterioration.
Asset quality has remained favourable despite challenging operating conditions in Nigeria, including tight liquidity in both local and foreign currency. Tight liquidity dates back to the sharp fall in oil prices, which has also adversely impacted asset quality sector wide.
Access’ VR also considers adequate profitability, albeit lower than the highest rated Nigerian banks. This reflects a larger cost base and Access’ modest retail franchise, resulting in a higher cost of funding than peers, although low loan impairment charges partially offset this. Access’ smaller retail franchise increases reliance on wholesale funding sources (as evidenced by its higher cost of funding). However, large cash holdings (22% of assets at end-September 2017) provide sufficient liquidity to mitigate this. The refinancing of the bank’s Eurobond in 2016 eased the bank’s foreign currency liquidity position.
Access’ National Ratings are a reflection of its relative creditworthiness to the best credits in Nigeria.
The long- and short-term ratings on Access’ senior unsecured programme have been affirmed at ‘B’. The long-term rating of senior debt issued under the programme has also been affirmed at ‘B’ with a Recovery Rating of ‘RR4’ indicating average recovery prospects.
The long-term rating on subordinated debt issued by Access is notched down once from its VR to ‘B-‘. This reflects higher loss severity compared to senior debt. The Recovery Rating has been affirmed at ‘RR5’, a lower expected recovery than senior debt issued by the bank.
Fitch believes that sovereign support to Nigerian banks cannot be relied on given Nigeria’s (B+/Negative) weak ability to provide support, particularly in foreign currency. In addition, there are no clear messages from the authorities regarding their willingness to support the banking system. Therefore, the Support Rating Floor of all Nigerian banks is ‘No Floor’ and all Support Ratings are ‘5’. This reflects our view that senior creditors cannot rely on receiving full and timely extraordinary support from the Nigerian sovereign if any of the banks become non-viable.
RATING SENSITIVITIES
IDRS, VIABILITY RATING AND NATIONAL RATINGS
Access’ IDRs are sensitive to rating action on its VR. Access’ VR is sensitive to a material weakening of liquidity. The VR is also sensitive to a sharp deterioration in asset quality that would erode capital and threaten the bank’s viability. This is not Fitch’s base case. An upgrade of the bank’s IDRs would require continued improvement in financial metrics to the level of the highest rated banks in the country. In particular, a material improvement in the bank’s funding structure in order to capture a greater share of stable low retail cost deposits would be credit positive.
Access’ National Ratings are sensitive to a change in its creditworthiness relative to other Nigerian banks.
The long-term and short-term ratings on Access’ senior unsecured programme are sensitive to any change in Access’ IDRs.
SUBORDINATED DEBT
The long-term rating on subordinated debt issued by Access is sensitive to any change in Access’ VR.
SUPPORT RATING AND SUPPORT RATING FLOOR
The SR is potentially sensitive to any change in assumptions around the propensity or ability of the sovereign to provide timely support to the bank.
The rating actions are as follows:
Long-Term IDR affirmed at ‘B’; Outlook Stable
Short-Term IDR affirmed at ‘B’
Viability Rating affirmed at ‘b’
Support Rating affirmed at ‘5’
Support Rating Floor affirmed at ‘No Floor’
National Long-Term Rating upgraded to A+(nga) from ‘A(nga)’
National Short-Term Rating affirmed at ‘F1(nga)’
Senior unsecured long-term rating affirmed at ‘B/RR4’
Senior unsecured short-term rating affirmed at ‘B’
Subordinated long-term rating affirmed at ‘B-‘/’RR5’
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
