Access Bank Opens Africa’s Gateway To The World

By Fola James

Nigerian lender Access Bank Plc has inched towards becoming one of Africa’s biggest banks after completing all regulatory frameworks for the acquisition of Grobank Limited, a South African bank which has now been named Access Bank South African Limited.

The Herbert Wigwe-led commercial bank Access paid a whopping $60 million to purchase a controlling interest in South Africa’s 74-year-old bank, the third acquisition within eight months after the bank had earlier taken over Kenya’s Transnational Bank in July and later Zambia-based Cavmont Bank.

As Ngeria’s biggest bank by asset, the bank has completed a slew of acquisitions across the continent last year in Cameroon, Kenya and Zambia and according to insiders in the bank, propositions are already in top gear to expand to eight other markets in Egypt, Ivory Coast, Senegal, Morocco Angola, Namibia, Algeria and Ethiopia. “The target is to bring Access Bank to 20 countries within few  years ,” a source said.

Keen Industry players informed the magazine that the Deposit Money Bank, DMB is moving on a fast pace in the quest to leverage the markets in major African economies, as part of the bank’s over all drive to explore opportunities of the African Continental Free Trade Area, AfCTA which  came into effect in January.

They are quite right. After signing the dotted lines with Grobank former owners, which effectively brought the South African bank under Access Bank management, its chief executive, Herbert Wigwe said the lender has completed a major phase in its aspiration to bring industrialised economies in the continent under its watch.

Wigwe said: “Today’s ceremony in South Africa seals our commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the World, in line with our vision to be the ‘World’s Most Respected African Bank.’

“We look forward to the many opportunities our collective experience and deep understanding of the African market brings to our valued clients, and the journey ahead being one of great promise for our institution and the continent.”

A statement from the lender  further stated that “Access Bank South Africa Limited is positioned to deliver a robust banking operation that connects key African markets.”

The bank stated that the South African acquisition will open doors to growth and opportunities both in the short and long term.

On his part, the chief executive of Grobank Bennie van Rooy said customers will now have opportunities to connect to Access Bank’s international banking system. “This is an extremely exciting day for the South African banking industry. Our corporate customers will now have increased access to trade finance, treasury, international payments and loans through the wider distribution network offered by Access Bank’s presence in the key trade corridors that connect Africa to the rest of the world.

“Banking with Access Bank South Africa means greater security as well as access to more products and services through a best-in-class digital platform, and a full retail banking suite will soon be on offer,”  Rooy said.