Business

Access Bank launches new 5-year growth strategy, targets number one rating

Access Bank Plc has unveiled its five-years strategy between the period of the year 2018 and 2022 and said it would stop at nothing but to be the most preferred bank in the country.

Access Bank, the full service commercial bank with headquarters in Nigeria and operations across Sub-Saharan Africa, the UK, Asia and the Middle East, on Monday, disclosed that its new 5-year strategy would accelerate growth story to position Access Bank as the No.1 Nigerian bank by 2022 and create a Universal Payments Gateway to dominate international trade and inter-African payments.

Speaking at the launch of the growth strategy at the Nigerian Stock Exchange (NSE), Herbert Wigwe, CEO and Group Managing Director of the Bank, noted that by the strategy, in 2022, millions of people would have access to banking services for the first time, customers would make payments and transfers when and how they need to, just as businesses were able to trade in new markets and invest in new technology.

“We recognise that we have a vital role to play in growing Nigeria, our largest market. Our global footprint is also changing and growing. As a result of our strategy, we will be in the Africa corridor trade hubs and the global gateway markets within five years.
The new strategy, as revealed by the bank, involves six strategic levers, which includes, digitally led banking; retail banking growth and consolidation in wholesale markets; customer focused; analytics driven, with robust risk management; strong global collaboration in key gateway markets; and the creation of a universal payments gateway.
In next phase of its transformation programme, it was noted that the bank would embark on a series of bold initiatives. At home, the goal is to be the No1 bank in Nigeria by growing the retail customer base, SME client base, and by dominating the top 100 Nigerian corporates, while internationally, it would develop an integrated global franchise by strategically developing its presence in key African markets, enhancing collaboration in global financial gateways including London and New York, Asia and the Middle East, and strengthening its trade hubs in India, Dubai and China.
From 2013 to November 2017, Access Bank has increased its total assets at a CAGR of 18 percent and delivered shareholder returns of 90 percent.

The bank has also grown its customer base from 90,000 in 2002 to over 8 million in 2017 and in the same period opened 351 new branches.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top