By Adedapo Adesanya

Access Bank Plc has raised N351 billion ($228 million) in a rights offer to boost its capital as part of ongoing recapitalisation efforts directed by the Central Bank of Nigeria (CBN) to create resilient banks amid rising external shocks in the global environment.

This has pushed the bank’s share capital to N600 billion, 20 per cent above the minimum required for international banks operating in Nigeria.

Access Bank, a tier-1 bank, will use some of the proceeds to fortify its expansion plans with presence firmly across Africa and some countries in Europe.

According to the lender, the fresh capital inflow has received regulatory approvals from the CBN, the banking regulator and the Securities Exchange Commission (SEC), the capital market regulator.

The banking regulator in October 2023 announced new minimum capital requirements for Deposit Money Banks (DMBs), Microfinance Banks (MFBs) and other financial institutions in the country.

The CBN said that banks with international operations, like Access Bank, would be required to increase their capital base from N25 billion to N500 billion, while banks with national banking licences must have at least N200 billion.

IThe banks were given the end of the first quarter of 2026 to meet the new lowest capital requirement, but must within a month present their blueprint on how they intend to raise funds for this process.

Access Bank will invest 65 per cent of the raised capital to grow its loan book, spend 20 per cent to upgrade its infrastructure and the remaining 20 per cent will be used to set up new branches across the country.

The last time the banking sector was recapitalised was in 2005 when the current Governor of Anambra State, Mr Charles Soludo, was the CBN chief.

According to the current Governor of the central bank, Mr Yemi Cardoso, this is part of the lender’s commitment to fostering stronger, healthier, and more resilient banks capable of withstanding economic shocks and supporting the Government’s goal of achieving a GDP of $1 trillion by 2030.

He said the exercise would also contribute to GDP growth, better risk management, improved credit ratings, a diversified ownership base, better governance and strategic decisions, and increased market volume and value, leading to a more vibrant equity market.

“With the recapitalisation programme, our goal is to trigger the emergence of stronger, healthier and more resilient banks,” he said in June 2024.

By Modupe Gbadeyanka

Customers of Ecobank Nigeria Limited have been assured of seamless digital banking services during the year-end festivities but warned to remain vigilant against fraudsters during this time.

The lender in a statement said customers would continue to enjoy uninterrupted banking solutions throughout the holiday season through Ecobank cards, the Ecobank Mobile app, USSD code *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, and PoS terminals.

The Head of Consumer Banking at Ecobank Nigeria, Mrs Adeola Ogunyemi, highlighted the bank’s long-standing commitment to digital transformation, which aims to improve customer experience and provide alternative access to banking services.

Focusing on the Ecobank Mobile app, she noted that it offers a convenient, round-the-clock banking experience, allowing customers to perform transactions anytime, anywhere, directly from their mobile devices.

Available for download on both the Apple App Store and Google Play Store, the app enables users to manage accounts, send money, pay bills, buy airtime, pay merchants, and send money across the 33 countries where Ecobank operates.

Businesses also benefit from seamless transactions during the holiday season through the Ecobank Omni Lite app. Designed to enhance productivity and streamline cash flow management, the app offers account services, payments, collections, liquidity management, and customizable reports.

The app supports faster processing of instructions, including mass payments, with customizable system settings such as language and time zone preferences.

Mrs Ogunyemi concluded by reaffirming Ecobank’s ongoing efforts to deliver convenient digital banking solutions, ensuring that individuals can easily open and manage bank accounts, make payments, and send remittances, all through the Bank’s wide range of self-service options.

By Modupe Gbadeyanka

The chief executive of Access Bank Plc, Mr Roosevelt Ogbonna, has expressed the commitment of the company to building partnerships that drive sustainable growth.

Speaking when the lender hosted the President of Germany, Mr Frank-Walter Steinmeier, in Lagos last week, he said the organisation will always leverage its deep expertise in cross-border banking and market integration to the advantage of its customers.

“Nigeria’s position as Germany’s second-largest trading partner in Africa reflects the mutual benefits of this relationship.

“By leveraging our deep expertise in cross-border banking and market integration, Access Bank is committed to building partnerships that drive sustainable growth, innovation, and economic advancement across the continent,” Mr Ogbonna said while addressing stakeholders at a roundtable organised to welcome the German leader.

Last week, Mr Steinmeier made his first official visit to Nigeria and was welcomed by President Bola Tinubu.

President Steinmeier’s visit showcased Germany’s commitment to fostering economic partnerships in the region.

His Lagos agenda featured a landmark visit to Access Bank, as well as engagements with Nigerian startup founders and German-Nigerian business representatives to explore opportunities for trade and investment.

A central feature of the engagement at Access Bank was a business roundtable hosted by Access Bank’s leadership team and its German Desk.

The roundtable brought together German and Nigerian stakeholders, with discussions focused on two key areas: finance and energy, both of which are crucial to bolstering economic growth and innovation in the region.

President Steinmeier also received remarks from Roland Siller, CEO of DEG (German Development Bank), who elaborated on the financial synergies and products DEG provides to German and Nigerian businesses alike.

Access Bank’s German Desk, led by Sebastian Barroso da Fonseca, marked its sixth anniversary this year and has become a cornerstone for German and European businesses operating in Sub-Saharan Africa.

The Desk has provided critical support to over 100 clients, offering end-to-end financial solutions, including local funding facilitation, cash management, and seamless repatriation of funds to corporate headquarters. With operations spanning Nigeria, Angola, Ghana, South Africa, and beyond, the Desk has played an instrumental role in enabling businesses to navigate complex financial landscapes in Africa.

The engagement concluded with a Networking Reception at Access Bank’s headquarters, where delegates and stakeholders had the opportunity to engage and strengthen ties further.

Despite global challenges, Africa remains the fastest-growing economic region, with its GDP rising by 30 per cent over the past decade and average annual growth rates exceeding 5 per cent.

As a key player in the continent’s economic outlook, Nigeria continues to attract interest from global investors, and Germany has emerged as a critical economic partner in this regard.

Access Bank has strategically positioned itself as a gateway for trade and investment, leveraging its growing international footprint across 24 countries in Africa, Europe, and Asia to facilitate cross-border collaboration.