Access Bank Positions For AfCFTA, Deepens Financial Inclusion

By Fola James

The Group managing director of Access Bank Plc, Herbert Wigwe has disclosed that the lender’s five year strategic plans is to be among Africa’s major gateway to the world. The focus, Wigwe told Bloomberg is to expand the bank’s subsidiaries in the continent to 22 countries.

Our plan is “to expand to high-potential markets, leveraging the benefits of the African Continental Free Trade Area,” the bank’s chief executive said.

The drive, stakeholders in the sector insist is in line with the lender’s quest to  transit to a holding company by the end of the year, enabling it to open subsidiaries in insurance brokerage, consumer lending and agency banking.

Speaking on the issue Chika Nbonu said the commercial bank is planning to leverage on the African Continental Free Trade Area, AfCFTA which came into effect on January 1, 2021, noting that the biggest bank in the country cannot afford to be left out of the over $1.3 trillion trade opportunities from the agreement.

The bank currently operates in 12 African countries including Gambia, Sierra Leone, Zambia, Rwanda and Democratic Republic of Congo. Wigwe said more branches will be rolled out in the continent in due course.

The markets of interest, according to the bank are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia, adding that it will also use its London-based unit as an “anchor for growth” to expand representative offices in countries such as India, Lebanon and China.

He explained that the DMB will provide more cutting-edge digital payment solutions across the continent as in the quest to “have subsidiaries across 22 countries over the next five years, with strategic plans to be present in the major trade corridors in the African continent. Building on our successful expansion into Kenya, we will also be making entries into Angola and Mozambique.”

“At the moment, Access Bank does not have a presence in the Francophone region of Africa, and we will be working to see that this is changed in the coming years. By 2023, Access Bank will have consolidated its position as Africa’s gateway to the world with about 100 million customers in Nigeria and an additional 20 million customers across our African subsidiaries,” Wigwe said.

According to him, the DMB will be leveraging on innovative payments solutions to achieve the projected growth, noting that “Access Bank is set to revolutionize the payment and banking landscape in Africa. We would soon be introducing a new payment system that would allow users enjoy a secure, seamless and convenient service when making payments at Merchant locations without cash or card.”

When launched, the system would help Access Bank’s drive towards bridging financial literacy gaps in Nigeria and indeed Africa, as the elderly or underserved individuals who cannot cope with the complexities of internet banking and mobile applications will be able to transact with ease, the lender said.