Nigeria’s Access Bank to double customers base in 3-year in more African expansion
Nigeria’s Access Bank plans to expand its operation in more African countries will more than double its customer base over the next three years.
Access Bank has recently announced plans to evolve into a holding company structure that will enable it to diversify into other financial services separately from the banking business.
The bank is already focusing on creating its footprint in 22 African countries over the next five years and seeking new growth avenues as the continent’s largest economy slumped into a recession during the second quarter.
“The objective of the bank is to ensure that by the end of 2023 we have over a 100 million customers,” from about 37 million currently, Deputy Managing Director Roosevelt Ogbonna said by phone to Bloomberg.
Access Bank targets to list a financial-holding company on the Nigerian Stock Exchange (NSE) in the first half of next year and delist the commercial lending arm on the board of the local bourse.
It’s looking to establish non-banking units in payments and financial technology to operate its retail business and help drive customer acquisition across markets.
It will deploy shared technology across its banking units as well as manage people and compliance centrally through the holding company, leading to efficiency and resource optimization.
The lender plans to expand in new African markets including Guinea, Kenya and South Africa and strengthen operations in Mozambique and Zambia, it said in statement last week.