Access Bank, Nigeria’s biggest, plans African expansion

Herbet Wigwe

By Jeph Ajobaju, Chief Copy Editor

Access Bank, Nigeria’s biggest lender which currently operates in 12 African countries, plans to expand into eight additional countries on the continent in quest of profit from a free trade pact now in the works by African leaders.

The bank also plans to expand into another two countries in the long term, to operate in a total 22 countries in Africa, Chief Executive Officer Herbert Wigwe disclosed on an investor call from the Lagos headquarters.

Deputy Managing Director Roosevelt Ogbonna explained that Access Bank will set up offices in some countries and in others go into partnerships with existing banks or leverage on its digital platforms to provide services to customers.

He said the bank will “in another month or two, once the arrangements have been put in place,” clarify the nature of operations in some of the countries.

Access Bank disclosed in an online presentation that

·  Its markets of interest are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia, and Ethiopia

·  It will use its unit based in London as an “anchor for growth” to expand representative offices in countries such as India, Lebanon, and China.

The African trade pact aims to lift intra-regional commerce by lowering or eliminating cross-border tariffs, facilitating human and capital movement, promoting investment, and ensuring a continental-wide customs union.

Access Bank plans to eventually expand into 22 African countries to cushion challenges in some markets, diversify earnings and take advantage of growth opportunities in the region, according to the presentation.

The bank, which is looking to transition to a holding company this year, plans to open subsidiaries in insurance brokerage, consumer lending and agency banking as well as payments to boost revenue, Wigwe said.

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