Access Holdings, the parent company of Nigeria’s leading bank, Access Bank has disclosed that the bank would leverage its new restructuring as a holding company to harness its future.
Access Holding made this disclosure in its five-year strategy document of 2023 to 2027 posted on the Nigerian Exchange’s website earlier this week.
According to the bank, Access HoldCo will consist of 5 subsidiaries which include Retail, commercial and corporate
banking, Consumer lending and agency banking, Payment and switching services, Insurance brokerage and Asset management and pension fund administration.
The document also showed that Access HoldCo will work with 5 strategic objectives – Value accretion, Agility and scale leverage, Best-in-class talent, Targeted consolidation and Enhanced risk rating beyond the
sovereign.
“The institution has transitioned to a Holdco with five verticals to capture the opportunities the African market. Access has positioned itself to be at the centre of financial flows on the continent – trade, expanding and deepening financial services and serving corporates with excellence – creating a self- sustaining ecosystem.
“Access Corporation’s ambitions will be supported by seven key enablers. These enablers will ensure Access executes seamlessly, becoming a top five financial services institution in the continent by the end of the strategic cycle in terms of revenues, asset base and on a balanced scorecard basis.”
The document also revealed that Access HoldCo’s priority will be to drive earnings growth efficiently, diversify and mitigate risk, gain access to pockets of growth, including beyond banking. It also says that “Access will gain relevant scale across Africa, global monetary centers and beyond-banking verticals, diversifying its business.”
Access Holding also projected that by the end of 2027, its total number of customers will be at 125 million while the number of monthly active users of its digital banking platform will be at 42 million.
The company in the document revealed the executives for Access HoldCo with Herbert Wigwe remaining as the Group Managing Director.
