Banking
Wigwe Lauds Effectiveness of Access Bank 5-Year Strategy
By Dipo Olowookere
The group managing director of Access Bank Plc, Mr Herbert Wigwe, has disclosed that the 5-year business strategy deployed by the management has continued to show effectiveness.
Mr Wigwe said this in reaction to the strong performance of the financial institution last year despite a challenging economic and regulatory landscape caused by the COVID-19 pandemic.
Access Bank 2020 performance
In the year, the lender improved its gross earnings by 15 per cent to N764.7 billion from N666.8 billion achieved in the comparative period of 2019.
This was driven by significant improvement in the retail banking arm of the business.
In 2019, the financial institution merged with the defunct Diamond Bank, one of the leaders in the retail end. The transaction was entered into to make Access Bank one of the forces to reckon with in the segment and last year, the dividend of this deal was visible for the blind to see.
Business Post reports that the retail arm of the business recorded revenue of N177.2 billion in 2020, 64.4 per cent higher than the N107.8 billion achieved in the 2019 fiscal year.
This was buoyed by a 5.8 million growth in customer sign-on during the year, especially through the bank’s financial inclusion efforts.
As a result, the bank’s customer deposits grew by 31 per cent to N5.6 trillion with savings account deposits standing at N1.3 trillion.
Similarly, net loans and advances grew by 18 per cent to N3.6 trillion in comparison to its FY 2019 figures of N3.1 trillion.
At the close of business on December 31, 2020, Access Bank had a profit before tax of N125.9 billion, higher than N111.9 billion in 2019, while the profit after tax closed at N106.0 billion versus N94.1 billion a year earlier.
Dividend payout increased
To reward its shareholders, Access Bank Plc increased its final dividend payout for the year 2020 by 37.5 per cent or 15 kobo to 55 kobo from 40 kobo.
In the financial statements for the year ended December 31, 2020, the lender said it intends to pay a final dividend of 55 kobo on Friday, April 30, 2021, to shareholders whose names appear on the register of members as at the close of business on Thursday, April 15, 2021.
CEO speaks
Access Bank’s resilient performance “is testament to the effectiveness of our strategy and capacity to generate sustainable revenue,” Mr Wigwe was quoted as saying in a statement made available to Business Post.
According to him, “The strategic actions that the bank has taken over the past 12 months evidence a strong focus on retail banking and financial inclusion, an African expansion strategy and a drive for scale for sustainable value creation.”
The respected banker noted that, “In 2020, Access Bank proudly opened its doors for business in Kenya and Mozambique, further increasing our footprints across the African Continent.”
“Access Bank Zambia also concluded the acquisition of Cavmont Bank Limited in January 2021 and the group recently announced the approval by relevant regulatory authorities for the acquisition of Grobank Limited, creating an inroad into the South African market in the realization of the group’s strategic ambitions,” he added.
Mr Wigwe stated that, “In view of the opportunities that exist in the market, we will be transitioning to a HoldCo structure.”
Already, an approval-in-principle has been received by Access Bank from the Central Bank of Nigeria (CBN) for the restructuring and the new entity will consist of four subsidiaries in order to tap into the market opportunities that are available in the consumer lending market, electronic payments industry and retail insurance market.
“Going into the fourth year of our 5-year cyclical strategy, our focus remains on consolidating our retail momentum and expanding our African footprint in a sustainable manner,” Mr Wigwe said.
As the bank intensified its recovery efforts, it undertook significant write-off and leveraged its robust risk management practices. As a result, its asset quality improved to 4.3 per cent compared to its 2019 report of 5.8 per cent and this is expected to continue to trend downwards as it strives to surpass the standard it had built in the industry prior to the merger with Diamond Bank.
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.
