Access Bank Plc’s senior management led by the Group Managing Director (GMD) of the Bank Herbert Wigwe yesterday presented the bank’s 5 year plan at the Nigerian Stock Exchange.
Highlights of the plan
The bank according to Wigwe will focus on digital payment strategies, as well as being a payment gateway for African countries.
“We recognise that we have a vital role to play in growing Nigeria, our largest market. Our global footprint is also changing and growing. As a result of our strategy, we will be in the Africa corridor trade hubs and the global gateway markets within five years,”
What did previous plans achieve ?
The bank had increased its customer base from 90,000 in 2002 to over 8 million in 2017. Total assets also grew by a Cummulative Average Growth Rate (CAGR) of 18%. 352 branches were also opened between
Why are banks focusing on digital (fintech) strategies ?
Banks in the country have increasingly turned to technology in order to save costs, as well as capturing a younger generation. Access bank has had various digital intitiatives such as Pay with capture, and the bank has set up a dedicated fintech (financial technology) department.
Number one is the aim
Having achieved its initial goal of being in the top 3 positions in every market it operates, the bank has now set its sights on being number one bank in Nigeria by 2022.
Access bank shares closed at N10 in yesterday’s trading session on the NSE. Year to date, the shares are up 70%.