Two months after acquiring a bank in Kenya, Access Bank is planning to increase its subsidiaries across Africa.
The Group Managing Director of the bank, Herbert Wigwe, said the company plans to spread its operations across 22 countries, citing the bank’s lack of presence in the Francophone region of Africa.
The expansion plan is part of Access Bank’s diversification of its retail banking on the continent. Wigwe slated the expansion across Africa’s major trade corridors for the next five years. He plans to position the bank as Africa’s gateway to the world.
Wigwe based his projections on the bank’s payment solution. “We want to have subsidiaries across 22 countries over the next five years, with strategic plans to be present in the major trade corridors on the African continent. Building on our successful expansion into Kenya, we will also be making entry 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 additional 20 million customers across our African subsidiaries.”
Since the bank merged with another Nigerian lender, Diamond Bank, it has seen its growth increased significantly, reporting gross earnings at N666.75 billion as against the N528.74 billion recorded for the corresponding period for 2018. This shows a 26.10% increase. Access Bank is now eyeing a larger market share beyond Nigeria.
In January 2020, the bank acquired Kenyan bank, Transnational Bank Plc and its 28 branches. Access Bank’s interest in Transnational Bank Plc had been disclosed seven months after its merger with Diamond Bank. Nairametrics learnt that 100% of the shareholding of Transnational Bank became that of Access Bank from February 1, 2020.