‘Why Access Bank Transforms Into A More Diversified Institution’

Nigeria’s largest lender by total assets, Access Bank has transformed into a Holding structure, as part of its determination in becoming amongst the top five financial institutions on the African continent in the next five years.

Access merged with local rival Diamond Bank and acquired Kenya’s Transnational in 2019. The bank also acquired Zambia’s Cavmont in 2020 and acquired Mozambique’s African Banking Corporation earlier in 2021.

This, it planned to achieve through its five subsidiaries, comprising the Bank, Lending company, the Payment company, Insurance brokerage and its Pension Fund Custodian.

Speaking during the Media Lunch organised at the bank’s headquarters in Lagos, the Group Managing Director/CEO, Access Holding, Herbert Wigwe, said, the next phase of the transformational journey of Access has commenced, hence, the need for transition into a diversified institution.

Disclosing that Access Bank will take care of banking services, he added that its Lendco will focus on consumer lending and agency banking; even as its PayCo subsidiary will oversee payment and switching services while its InsureCo will offer insurance brokerage and wealth management services and its Access Pension Fund Custodian will focus on pension.

While promising to utilise the strength of its subsidiaries and its already imprint in some African countries to further penetrate the continent’s financial service sector to become one of the continent’s leading financial institutions, he pointed out that, the next phase will ensure the HoldCo has imprinted in East, West and South Africa.

“By 2027, we want to be the Top 5 in the continent operating from Ghana, South Africa. Botswana, Nigeria, among others. By 2027, Access will be in the eyes of the storm, having transformed to become a leading financial and ecosystem player, with its core businesses as the foundation,” he stressed.

Speaking on the journey of the bank in the last 20 years, a journey that started in 2002, he stated that its last 20 years of existence have been fruitful, acquiring two big banks, that is, Intercontinental Bank and Diamond Bank in the process of the becoming the leading bank in the country.

To him, “our growth story over the last 20 years reflects our relentless efforts to seamlessly execute our 5-year cyclical strategic plans and consistently deliver our promise to be the world’s most respected African Bank.”

Stating that the company now boast a 45 million customer base and about N11.7trillion assets, he disclosed that, the bank now ranks first in Nigeria in terms of its balance sheet and customer base, saying, ‘we moved from a Nigerian institution to a bank with global presence.’