Banking Beyond Tomorrow In its new five-year strategic plan, Access Corporation intends to aggressively push its businesses beyond Nigeria in order to strengthen its presence
In its new five-year strategic plan, Access Corporation intends to aggressively push its businesses beyond Nigeria in order to strengthen its presence in the continent and diversify its earnings writes Obinna Chima
The Group Managing Director/Chief Executive Officer, Access Holdings Plc, Mr. Herbert Wigwe, explained that the institution has consistently followed its five-year strategic plan, which according to him, is responsible for the success it has achieved over the years. “The records over the last 20 years show that we have consistently followed our five-year strategic plan and there is no reason to suggest that we would not achieve same by 2027,” Wigwe said.
He stressed that Access Holdings prides itself in the fact that it serves well over 52 million unique customers, which is different from bank accounts. The CEO of the holding company explained that unique customers mean individual accounts. In addition, Profit Before Tax contributions from Nigeria bank is expected to reduce from about 63 per cent to about 33 per cent, while the new verticals are expected to contribute about 19 per cent of the profitability by 2027, while its African subsidiaries would contribute about 20 per cent as their footprint grows across the continent.
“As part of our desire to position ourselves as Africa’s gateway to the world, we have now basically placed ourselves in the critical trade hubs across the continent and that has helped us as far as a correspondent banking and payment is concerned. More than any African bank, we are laying the groundwork for that real growth, linking the entire continent, which I think will see us get to where we want to get to.
“So, the idea is that if you are going into a country, you make sure that you have the right scale. We built on partnerships, and one of the things you will see is that the contribution from our various subsidiaries is growing and is providing a natural hedge against Nigeria, which has a soft currency as we speak.
He stressed that the bank would continue to take advantage of the huge number of Africa’s unbanked population to drive its retail business, the growing opportunities in trade within the continue due to the Africa Continental Free Trade Area agreement, remittances, cross border trade and digital payment.
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