Access Bank Plc will by next month, fully transition into a Financial Services Holding Company — Access Holdings, Plc, trading as Access Corporation.
The change will see the Nigerian Lender evolve from a bank into a large-scale ecosystem player offering a new globally connected set of services. This ecosystem will offer specialised services at the same time as a seamless integrated experience to improve both relevance and convenience.
“Access Corporation will oversee a group of portfolio companies with significant complementarities that will drive more value for you,” said Herbert Wigwe, group managing director/chief executive officer.
These include: Access Bank Group: Wigwe said banking remains at its core, now equipped to provide best-in-class, seamless and consistent Customer Experience, and service delivery in its operations in Nigeria, and across its 14 subsidiaries in Africa, Europe and Asia.
Lending Company: Access Corporation will have a consumer lending company that will serve individuals and Small and Medium Enterprises (SMEs). The products on offer will include buy-now-pay-later loans, car loans, small mortgages, salary-based loans, working capital loans, durable goods loans, point of sale loans and much more. This is a digital business focused on speed, convenience and value, Wigwe said.
Payment Company: this will drive payments domestically, across the African continent and beyond. Primarily a business services company, the Payco will make payments simpler, faster and more efficiently. The focus will be on; switching, card processing, new and emerging payments including managing the Access payment gateway to facilitate e-commerce. The Payco will partner with organisations to be the most-trusted FinTech enabler in the continent.
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Insurance Company: “we recognize that insurance is key to sustaining businesses, and it is a tool to protect intergenerational wealth and benefit societies. Access Insurance Brokerage would provide a value-added insurance brokering service focused on your individual and business protection needs.
“Your banking service experience will be highly improved, and you will be connected to even more exceptional opportunities to suit your lifestyle and business needs,” he said.
“From May 1, 2022, there will be changes to the leadership structure as I will be transitioning to head the Access Corporation as the Group Managing Director/Chief Executive Officer, while Roosevelt Ogbonna will be taking over as Managing Director/Chief Executive Officer of the Bank. l will continue to support the banking group as well as other business verticals with the new holding company and hope we can also count on your continued support as we write the next 20 years of our journey together,” Wigwe added.
Access Bank has continued to deliver solid and resilient results. Gross revenue grew 27 percent to N971.9 billion year-on-year, comprising 62 percent in interest income and 38 percent in noninterest income.
The bank’s profit jumped to N160.2 billion in 2021 compared to N106 billion in the previous year. Its Interest income calculated using effective interest rate rose by 22 percent to N519.4 billion from N425.6 billion in the periods under review.
Nigeria’s tier-one lender recorded growth in operating expense by 14 percent y/y to N371.1bn in 2021 from N326.5bn in full year 2020, driven by the high inflationary environment, exchange rate movement, and the enlarged franchise following the recent acquisitions
Customer deposits increased by 24 percent y/y to N6.96 trillion in the period compared with N5.59trn in December 2020, reflecting the impact of our continuous and deliberate deposit mobilization.
“Our Retail Banking business has grown consistently across all income lines, driven by strong focus on consumer lending, payments and remittances, digitisation of customer journeys, and customer acquisition at scale,” he said.
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