Access bank Expansion - Afrikan Heroes

Access Bank to Embark on Massive African Expansion

January 21, 2021

With the window of opportunities arising from the commencement of the African Continental Free Trade Agreement (AfCTA) early this January, Nigeria’s biggest bank Access Bank Plc, has mapped its expansion drive across the continent starting with eight countries.

Leveraging the benefits of the African Continental Free Trade Area,” the Chief Executive Officer of Access Bank Plc, Herbert Wigwe said that with Access Bank already operating in 12 African countries, the new expansion drive will bring to 20, the number of countries the bank has operations in Africa especially with its recent acquisition in Kenya to other high-potential markets. According to the CEO, the countries on the Bank’s radar are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.

Access Bank will set up offices in some countries and in others go into partnerships with existing banks or leverage its digital platforms to provide services to customers, Roosevelt Ogbonna, deputy managing director said by phone. The bank will “in another month or two, once the arrangements have been put in place,” give clarity on the nature of operations in some of the countries, he said.

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, the bank’s CEO said

The African trade pact aims to bolster intra-regional commerce by lowering or eliminating cross-border tariffs, facilitating the movement of capital and people, promoting investment and paving the way for the establishment of a continental-wide customs union.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry