The question of being the most consolidated bank is simply an honour whose intention goes with a performance by institutions built with such a dependable content could be offered. Obviously the best story of banking sector acquisition in the country over many years, Access bank has acquired the status of an omnibus which its contribution to the industry has become so indelible.
There is a proverb that says “You do not measure the depth of a river with both feet” this calls for caution as You can stick one foot in the river and if it is too deep you have the one on dry land to keep you from falling in and drowning. If you jump in with both feet and it is to deep you could have a problem
For Access bank, it tried the waters with two legs and came out stronger, a risk, no Nigerian bank could have taken if Access Bank had not veered into the United Kingdom’s financial systems regulatory landscape to establish.
Management of access holdings irrespective of harsh economic condition has sustained its capital adequacy ratio, strong electric subsidiary access bank, The bank has ensured an adequate capital buffer that complies with Basel three, thereby providing a strong foundation to withstand economic shocks to ensure business continuity and to promote investors confidence. Access internalized the lessons that came with the first banking consolidation in Nigeria, led by Professor Chukwuma.
The bank in its pursuit not to be left behind in any corner of the globe and Africa, in financial intermediation, recently received approval to establish banking subsidiary in Namibia, with already existing operations in Southern Africa, Angola, Botswana, South Africa and Zambia.
Access Bank, Hydrogen has redefined financial technology, while Access Arm Pension Limited (PFA)ranks as the largest pension fund administrator by consumer base an assets under management (AOM) worth nearly N3 trillion and serving over 2 million retirement savings account holders. A feat that cannot be achieved without being highly formidable.
Access Corp has a track record of consistent dividend payment annually, laced with interim dividend payment every year, two rewards for investors for every financial.
Liquid stock with consistent high volume turnover recorded on daily transaction on the NGX Exchange
Access threaded the consolidation route earlier in its operations which made it more an international bank.
For instance, many years ago, when many Nigerian banks following Saludo’s. Consolidation and the drive to expanded, Àccess not just expanded its capital base, also expand beyond Nigerian market.
We all wanted to prove a point that we could do business beyond Nigeria, to the UK,The move then by the bank was ostensibly for mega banks, when Accesd Bank wasn’t anywhere in such ranking.
Such bold step by Access bank, many years later opened the way for other banks in Nigeria to begin to test the UK banking environment
Roosevelt Ogbonna, Access Bank CEO said, “And in that market, you compete based on value and the only reason you win it’s not who you know, because we know we don’t know the Prime Minister”
He said that the bank is focused on becoming the largest African bank in the UK and the most profitable African bank in the UK.
Giving insight into the banks level of rescillence and consolidation , Ogbonna said “All our funds in the UK are dollarized. So it means every time there’s a devaluation in Nigeria our UK business continues to grow, so we’ve created a natural hedge
‘We did it at the time when Naira dollar parity was less than N200. So we invested in all of our African subsidiaries and international subsidiaries today worth 1.2 billion in dollar terms which on the books is being carried out as N364 billion naira. So when I say it again, we invested $1.2 billion in the books of the bank. The value of those assets is worth N300 plus billion now adjusted for real terms.
Remarkably, he said that any bank that want to tow that path today will need to spend about $1.8 billion to be able to do almost a trillion.’ To be able to do what we use N300 plus billion’ he said. To drive home the bank’s strenght, with its UK subsidiary, “our projection is that by 2027 Access bank UK will be one of the top 20 banks in the UK, generating profit of about a billion dollars annually” Ogbonna said.
For the last 20 plus years. The institution has delivered on every commitment made from 2002 to date.
IAlways hinging on shareholders or customers to hold them to account on promises made based on its five year growth strategy. Umaru Kwarianga, chairman Ngx group plc said of Access bank, “They transformed from one of the mid cap struggling bank into the biggest financial services institution in Nigeria and one of the biggest in the African continent. “It is no mean feat. It is one that has been achieved through ambition has become too big. Focusing on first class human resources, processes and services and ensuring consistency in such a large conglomerate from top to bottom as well. This I believe, is a featured case study for the best business schools in the world on how to build a world class giant in a very short period and the evolution of Access bank to Access Holdings is a narrative of visionary leadership and strategic growth. When the bank was acquired just over 20 years ago, the mandate was clear to grow the bank from its position at the end of a long list of banks and over 70 to the top 10.
Within five years, the leaders of access bank have achieved nothing short of this remarkable transformation, to have one of the biggest footprints in the financial sector in Africa today. Starting with only a handful of branches in Nigeria at the time, two presence in 15 African countries today including Angola, Botswana, Cameroon, Democratic Republic of Congo, Gambia Ghana, Guinea, Kenya, Mozambique, Rwanda, Sierra Leone,
The shift by Access Bank to retail banking operations, has seen the Bank increase its credit facilities options. The primary objective of retail banks is to be the one-stop-shop for financial services for its consumers. In line with this, Access Bank offers services such as current accounts, savings accounts, investments, personal loans and so on. Also, all of these services are fast and digitally led. Meanwhile, a part of the Bank’s strategy is to provide customers with digital services, using certain key strategic levers like automation, connectivity, simplicity and convenience. In this vein, Access Bank has leveraged technology to create instant and remote solutions to deploying digital services across all its subsidiaries.
