Banking Sector

Access Bank Launches the First American Express Cards to be Issued in Nigeria

Access Bank, Nigeria’s leading innovative bank, has introduced two new consumer credit cards, namely the Access Bank American Express Gold Card and the Metal Platinum Card.

Published

4 months ago

June 12, 2023

Investors King

Access Bank, Nigeria’s leading innovative bank, has introduced two new consumer credit cards, namely the Access Bank American Express Gold Card and the Metal Platinum Card.

These cards mark the first-ever American Express cards to be issued in Nigeria and West Africa.

With the launch of these cards, Access Bank has significantly enhanced its offerings for retail and private bank customers, who can now enjoy the Membership Rewards loyalty program and a wide array of travel and lifestyle benefits.

In 2019, Access Bank entered into an agreement with American Express to enable businesses across Nigeria to accept payments from international American Express cards. Having successfully established its merchant acquiring capabilities, Access Bank is now ready to issue the first American Express credit cards in West Africa.

The Gold and Platinum Cards feature the iconic ‘Centurion’ icon and reflect the internationally recognized American Express card design. Similar products are available globally through American Express or licensed third parties, offering cardholders extensive rewards and benefits.

By partnering with Access Bank, this exceptional credit card experience is now accessible in Nigeria.

Herbert Wigwe, Group Managing Director of Access Holdings, expressed that the cards would be available to customers who have expressed interest through request and invitation. Starting from Tuesday, June 13, 2023, these customers will be able to enjoy the benefits of the cards.

Wigwe emphasized, “As a bank known for numerous firsts, our vast network of 60 million customers supports this partnership with AMEX, making it a massive endorsement for us.”

Roosevelt Ogbonna, Managing Director and CEO of Access Bank, stated, “The introduction of American Express cards in Nigeria is another significant milestone in the continuous development of a thriving and rapidly growing payments industry. Today’s customers seek more than just transactions; they desire real value.”

Ogbonna added, “With American Express, we can provide valuable card benefits, strong loyalty rewards, and a genuine incentive to choose electronic payments over cash. By expanding our services to facilitate payments, we can connect more consumers with small and medium enterprises and retail businesses throughout the country, which we recognize as the driving force behind economic growth.”

Chizoma Okoli, Deputy Managing Director of Retail South at Access Bank, hailed the unveiling of the credit cards as a testament to the bank’s leadership role in the country, stating, “We are always at the forefront of the banking sector here in Nigeria, and this is our latest innovation as we continue to lead others. These AMEX cards will be available everywhere in Nigeria except at Access Bank. Our customers, who will reap the benefits, will surely be proud of us.”

Victor Etiokwu, Deputy Managing Director of Retail North, highlighted the significance of the partnership with American Express, stating that it not only represents the first but also hints at more collaborations to come.

He affirmed, “In the payment world, it is crucial to offer a variety of options, and as a financial sector supermarket, we have a range of fantastic items for the benefit of our customers. AMEX is a unique brand, and we have always desired to include it in our portfolio. We are delighted that this dream has become a reality, and we will continue to collaborate with AMEX.”

Mohammed Badi, President of Global Network Services at American Express, remarked, “By granting Access Bank the license to launch the first-ever American Express cards in Nigeria, American Express further strengthens its presence in Africa. The Access Bank American Express Gold Card and the Metal Platinum Card elevate the credit card experience in Nigeria with exclusive benefits, access, and service for cardmembers both domestically and internationally.”

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Banking Sector

Access Bank, Others Collect N154 Billion in Electronic Banking Fees in H1’23, a 16.7% YoY Surge

Published

3 days ago

September 28, 2023

Samed Olukoya

In the first half of 2023, customers of Nigeria’s top nine commercial banks paid a whopping N154 billion in fees for utilizing electronic banking services, reflecting a robust 16.7% year-on-year increase compared to H1’22’s N131.97 billion.

The data, extracted from the financial statements of these banks, underscores the escalating trend of Nigerians embracing electronic payment channels.

Leading the pack in revenue generation from these fees is Access Bank, amassing N43.9 billion, followed by United Bank for Africa Plc (N51.07 billion), Zenith Bank (N22.27 billion), Guaranty Trust Bank (N21.2 billion), and others like Stanbic IBTC (N2.14 billion), First City Monument Bank (N7.4 billion), Unity Bank (N1.96 billion), Fidelity Bank (N1.85 billion), and Wema Bank (N3.13 billion).

Electronic banking services encompass a gamut of options, including internet banking, mobile banking, ATMs, and Point of Sale (PoS) systems.

Recent data from the Nigerian Interbank Settlement System (NIBSS) for Q1’23 indicates a substantial surge in electronic transactions.

Transaction volume increased by 209% YoY to 4.7 billion, and transaction value grew by 48% YoY to N137.52 trillion.

The nine banks collectively raked in N66.7 billion in account maintenance fees and commissions during H1’23, reflecting a 14.7% YoY rise.

Zenith Bank led this category with N21.02 billion, trailed by Access Bank (N13.36 billion), Guaranty Trust Bank (N10.5 billion), and United Bank of Africa (N9.6 billion).

Overall, the banks’ cumulative net fees and commission income registered a substantial 20.7% YoY growth, reaching N448.47 billion in H1’23 from N371.43 billion in H1’22.

Banking Sector

Access Holdings Posts 52.6% Profit for the First Half of the Year

Parent Company of Access Bank Celebrates Remarkable Financial Performance in H1’23

Published

5 days ago

September 26, 2023

Investors King

Access Holdings Plc, the parent company of Access Bank, has reported a 58.9 percent surge in gross revenue to N940.3 billion for the first half of 2023.

The financial services giant also recorded remarkable growth in Profit Before Tax (PBT) and Profit After Tax (PAT) at 71.4 percent and 52.6 percent, respectively, culminating in N167.6 billion for PBT and N135.4 billion for PAT during the same period.

These financial milestones were unveiled as part of Access Holdings’ Audited Consolidated and Separate Financial Statements for the period concluding on June 30, 2023.

The driving force behind this unprecedented growth can be attributed to a potent combination of factors. A 63.0 percent growth in interest income and a 51.9 percent increase in non-interest income fueled the surge in gross revenue.

Access Holdings also witnessed a 35 percent year-to-date growth in customer deposits, capping the first half of 2023 at an impressive N12.5 trillion. This remarkable achievement encompassed all business segments, reinforcing the Group’s status as Nigeria’s largest financial institution by total assets.

The company’s total assets grew by 39.0 percent year-on-year to N20.9 trillion while shareholders’ funds surged by 40.6 percent to N1.7 trillion.

These astounding figures underline the Group’s ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services.

Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, commented on the company’s positive performance, saying, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries.”

He went on to emphasize the company’s commitment to its 5-year cyclical strategy, stating, “Our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”

Banking Sector

Central Bank of Nigeria Postpones 293rd Monetary Policy Committee Meeting

Published

1 week ago

September 22, 2023

Investors King

The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for September 25th and 26th, 2023.

Dr. Isa AbdulMumin, the bank’s Director of Corporate Communications, released a statement on Thursday confirming the decision.

In the statement, Dr. AbdulMumin stated, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting, which was initially planned for Monday and Tuesday, September 25th and 26th, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”

While the CBN did not provide an official reason for the postponement, some industry experts suggest it may be related to the pending approvals for the newly appointed governor and deputy governors of the bank.

President Bola Tinubu recently nominated Yemi Cardoso as the potential head of the CBN. Additionally, Tinubu has endorsed the nominations of four new deputy governors for the apex bank, who are expected to serve for an initial term of five years, pending confirmation by the Senate.

The nominated deputy governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. However, the appointment of the CBN governor is contingent upon Senate confirmation, which is currently on a yearly recess.

The CBN assures stakeholders and the public that the rescheduled MPC meeting date will be communicated promptly as soon as it is confirmed.