Access Bank Secures Provisional Licence in Namibia
Lagos, Nigeria - October 7, 2024: Access
Holdings Plc (‘Access Holdings’) is pleased to inform the investing public and
the Nigerian Exchange Ltd that its flagship subsidiary, Access Bank Plc
(‘Access Bank’ or ‘the Bank’) has obtained a provisional licence from the Bank
of Namibia to establish a commercial bank in Namibia.
Commenting
on the development, Roosevelt Ogbonna, Managing Director/Chief Executive
Officer of Access Bank PLC, said:
“This
expansion represents an important milestone towards establishing a railroad in
Namibia for intra-African trade within the Southern African region, Africa, and
the rest of the world. It cements our commitment to building a robust Southern
African banking network to deliver shared prosperity and advance financial
inclusion thereby empowering many to achieve their dreams.
“Our
entry into the Namibian market also represents a pivotal step in our broader
ambition to build a strong global franchise and will unlock new opportunities
for businesses and individuals alike. We look forward to partnering with local
stakeholders to drive innovation, empower communities, and contribute meaningfully
to the prosperity of the region.
We
remain confident that our investments towards diversifying and strengthening
the Bank’s long-term earnings profile will deliver significant value to our
shareholders, customers, and wider stakeholder groups”
Access
Bank's operations in Namibia is expected to stimulate the local economy and
strengthen its position as a leading regional player. With existing operations
in Southern Africa – Angola, Botswana, Mozambique, South Africa, and Zambia – the
Bank is well-positioned to offer stakeholders seamless access to diverse
opportunities for expansion and collaboration across the region.
The
Bank will be working in the coming months to fulfil the conditions precedent to
the
grant of final licence and will keep the market
informed.
SUNDAY EKWOCHI
COMPANY SECRETARY
###
About Access Holdings Plc
Access Holdings Plc (‘the Company’) operates through a network of more
than 700 branches and service outlets, spanning three continents, 23 countries
and over 60 million customers. The Company serves its various markets through
four subsidiaries across the banking, payment, pension administration and
insurance sectors through four operating companies, viz: Access Bank Plc,
Hydrogen Payment Services Company Limited, Access Pensions Limited and Access Insurance
Brokers Limited.
Access Bank Plc serves its various markets through four business
segments - Retail Business, Commercial and Corporate, and has enjoyed what is
Africa’s most successful banking growth trajectory in the last twenty years.
Following its merger with Diamond Bank in March 2019, Access Bank Plc became
one of Africa’s largest retail banks by customer base and the Nigeria's largest
bank by total assets.
Hydrogen, the payment company, leverages the strong suite of
the Bank’s existing assets and customer base, creating a super fintech that
will be Africa’s most powerful business services network. Hydrogen being a
company of African heritage has a clear understanding of the unique payment
challenges across the continent and is positioned to address these challenges
with its offerings. Its range of products and services, such as InstantPay,
Payment gateway, POS services, Card and Switch processing are gaining traction
in the marketplace and addressing the unique needs of customers.
Access ARM Pensions Limited,
formerly Access Pensions Limited, is one of Nigeria’s largest Pension
Funds Administrator (‘PFA’) by customer base and Assets Under Management, with
nearly ₦3 trillion in assets under management and serving over 2 million
Retirement Savings Account holders.
Access ARM
Pensions Limited is the product of several separate entities. The erstwhile
Access Pensions Limited first
became a
subsidiary of Access Holdings following the acquisitions of the former First
Guarantee Pension Limited and Sigma Pensions Limited and their subsequent
merger. Subsequently, Access Pensions Limited merged with ARM Pensions Managers
Limited to then form Access ARM Pensions Limited. As one of Nigeria’s leading PFAs,
Access ARM Pensions Limited will leverage key relationships and Access’ growing ecosystem across
Africa to unlock greater opportunities for customers.
Access Insurance Brokers
Limited is
a company licensed by the National Insurance Commission that provides
intelligent solutions that mitigate the unique risks faced by individuals and
business in an ever-changing world using leading risk management tools and
governance standards.
Access Holdings Plc strives to invest in businesses
that are committed to sustainable practices and have a positive impact on the
environment.
For media inquiries, please contact:
Olakunle Aderinokun
Head, Media Relations
Access Holdings Plc
+2348033204315
aderinokuno@theaccesscorporation.com
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