Business

Access Bank to drive further growth through strong capital, others

Access Bank

*Targets total customers of 125 million by 2027

By Motolani Oseni

Access Holdings Plc, has restated its determination to further drive its growth through strong capital ratio, investment in human capital and effective risk management.

Access Holdings Plc has said, the banking group would act as a nexus to drive transformation for the corporation, especially, as it embarked on implementation of its new five years strategic plan.

The Group Managing Director of Access Holdings, Dr Herbert Wigwe, who disclosed this at the launch of the corporation’s new five-year strategic plan 2023 to 2027 at the bank’s head office in Victoria Island, Lagos recently, noted that, “Access Holdings will be in the eye of the storm, having transformed to become a leading financial and ecosystem player, with its core business as the foundation.

According to Wigwe, I have no doubt that we are truly on our way to becoming a global bank with an African heritage. We will also make sure that our corresponding banking is made stronger at the end of the five-year plan due to the fact that our subsidiaries, especially the one in UK are growing well. This is well structured strong organic growth and to ensure that we expand, we will need the right technology and skill to do so.

The lender, which also expects its total number of customers to hit 125 million by 2027 is optimistic about its customer acquisition drive to hit 100 million for the Retail Business by 2027, he stated that, 370 million Africans do not have access to financial services, even as Nigeria 60 million of this number.

The bank, according to him, intends to depend its retail banking services by evolving into a digital sales and service provider by 2027.

He said, the Holding Company initiative ‘Hydrogen’ will be focused on delivering integrated payments solutions, adding that, it will be focused on two main customer groups; financial institutions (including Access bank, Tier-two Banks, and Fintechs) and Merchants/SMEs.

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He added that, its ‘Oxygen’ initiative is primarily focused on digital loans to consumers and Micro, Small and Medium Enterprises(MSMEs).

He pointed out that the Group Pensions will provide affordable pension services by creating a comprehensive and digitally-enabled offering, saying, “by 2027, Access will be a top two pensions player across our markets, two acquisitions already completed with benefits already accruing to the Corporation.”

Wigwe said the group would expand its footprints in about 26 countries with at least three countries within the Organisation for Economic Co-operation and Development.

Also, the Managing Director, Access Bank Plc, Roosevelt Ogbonna, said, the bank have consistently outperformed the market on the growth of key metrics since its strategic drive in 2017.

To him, growth has been extremely diversified due to the fact that the bank has focused on generating sustainable revenue across all income lines in the last five years beating the market average.

Ogbonna assured that the bank will improve on its operational efficiency to further drive profit before tax (PBT) and lower its cost income ratio (CIR).

Meanwhile, as at nine months September 2022, Access Bank has a total customer base of 52.20 million, which is more than the population 85 per cent (50) of African countries, while its Retail Bank aims to evolve into digital sales and service provider by 2027, according to a statement by the Bank.

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