Adewusi Adeyinka
Access Holdings Plc the parent company of Nigeria’s leading Commercial bank, Access Bank Plc has announced its new five-year strategy with an ambitious plan to be among top Ten banks in the world within Five years
The commercial bank with headquarters in Nigeria and operations across sub-Saharan Africa, the United Kingdom, Asia and the Middle East, disclosed this at a media parley in Lagos.
The startegic Plan according to the corporation will be among series of transformative strategies that wil result in “several years of sustained economic growth”
Speaking at the unveiling, MD/CEO of Access Corporation, Herbert Wigwe while presenting the strateguc plan said ” looking at our Historical performance from 2017-2022, Access bank today had grown its customer base to more than 52 millions unique customers and 62 millions accounts which spread accross 17 markets globally and with stafff sterength of 6000 . We have established our presence in most parts of Africa continent
“We are setting out a new and ambitious five-year strategy which will put Access Bank at the forefront of Africa’s changing financial landscape and also make us among the top three bank in the continent ”
The new five-year strategy, according to the Corporation , will ensure the growth story of Access Bank in maintaining its pole position as the number one Nigerian bank, make Africa market as the centre piece of its Bank policy by prividing financial services across Africa and also extend its services to the continent’s large unbanked population.
The new strategy has five strategic objectives, which are “Value accretion, Agility and Scale leverage, Best in Class Talent, Targeted Consolidation and Enhanced Risk rating beyond sovereign “
To deliver on its objectives , Access Corporation said it will Protect the Group from “threats to its survival” (fiduciary, compliance tasks,performance etc.), Act as a Center of Excellence, developing, distinct expertise in select areas, Define the Group’s vision,strategy and risk appetite,and manage capital and performance, Attract and develop top talent,foster a highly attractive culture of excellence for talent and support the corporation’s succession
The Corporation said that by the end of 2027, the bank is expected to be in at least 26 countries and in at least 3 Organization for Economic Co-operation and Development (OECD)countries supporting trade ( United Kingdom, France & United States of America)
It also estimated that the customer acquisition drive will hit 100m for the Retail Business by 2027 and will continue, as majority of customers will migrate to digital platforms by 2027 across all touchpoints
“Our primary focus on trade is to leverage established presence across trade and financial hubs across the world to continue driving trade outputs
Presence in London, Dubai, Hong Kong,
Lebanon, Beijing, Mumbai etc. and extensive footprint across the Continent.”It said
According to the Holdco, the Bank will evolve into a leader in international trade facilitation within Africa ” Our Focuswil be on Africa wide expansion,Our international subsidiaries will be
anchored out of Access Bank UK, We will privide Seamless person to person intra-Africa funds transfer and Access will transition into a leader in intra-
and inter-Africa trade facilitation”
The Holdco said Access Bank over the last twenty years has built a strong financial institution through a disciplined approach to executing its strategy which has produced market beating results consistently and has been value accretive
“The institution has transitioned to a Holdco with 5 verticals to capture the opportunities the African market provides as the landscape evolves over the next few years. Capital accumulation and protection over time despite investments in infrastructure and growth is expected to continue into the future. 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”
It said Access Corporation’s ambitions will be supported by 7 key enablers. These enablers will ensure Access executes seamlessly, becoming a Top 5 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
“Access will create a high-performance organization with a strong bench of talent who are the best African leaders
with capabilities to deliver the corporation’s future aspirations” it added
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