In a 5-year strategy, Access Holdings targets the continent’s large unbanked population

Access Corporation has unveiled a new five-year strategic plan, outlining plans to deepen financial services across Africa and expand its services to the continent’s vast unbanked population.

The parent company of Access Bank Limited, in its five-year strategy paper from 2023 to 2027, a copy of which was obtained by the Nigerian Tribune, pointed out that Access Bank, its subsidiary, has emerged over the past two decades as a leading first-tier financial institution in Nigeria, in accordance with the disciplined execution of rolling five-year business plans.

It noted that Access Bank also achieved success in its ambition and vision over the past five years.

“The new branches will also contribute about 12 percent of total sales, as revenues from African subsidiaries are expected to double over the next five years.

“Profit before tax contributions from the Nigerian bank are expected to decrease from about 63 percent (9M’22) to about 33 percent, while the new verticals are expected to contribute about 19 percent of profitability by 2027, while African subsidiaries will contribute about 20 percent will contribute. percent as our footprint grows across the continent,” it stated.

According to Access Corporation, also known as Access Holdings Plc, it expects to have a presence in at least 26 countries and in at least three countries of economic cooperation and development organizations (OECD) that support trade (UK, France) by the end of 2027 and the United States of America).

It predicted that its customer acquisition drive would reach 100 million for retail by 2027 and would continue as the majority of customers migrate to digital platforms across all touchpoints by 2027.

“Our primary focus on trade is to leverage established presences in trade and finance hubs around the world to continue to drive trade output. Presence in London, Dubai, Hong Kong, Lebanon, Beijing, Mumbai, etc. and extensive footprint across the continent,” it added.

It pointed out that Access Bank had built a strong financial institution over the past 20 years through a disciplined approach to executing its strategy, which it said had consistently delivered market-leading results and added value.

The institution has moved to a five-branch Holdco to capitalize on the opportunities in the African market. Access has positioned itself to be at the center of the continent’s financial flows – trade, expansion and deepening of financial services and excellence in serving businesses – creating a self-sustaining ecosystem.

Speaking to a host of analysts, researchers, shareholder leaders and journalists at the launch of the company’s new plan for 2023 to 2027, Herbert Wigwe, the Group Chief Executive Officer, noted that Access Holdings Plc, the banking group, would act as a nexus to drive transformation for the company, especially as it began executing its plan.

He believes that in the eye of the storm, Access Holdings will have transformed into a leading financial and ecosystem player, based on its core business.

“We really want to be known as a global player in the market. I have no doubt that we are really on our way to becoming a world bank with an African heritage. We will also ensure that our correspondent banking becomes stronger at the end of the five-year plan, as our subsidiaries, especially those in the UK, are growing well. This is well structured strong organic growth and to ensure we expand we need the right technology and skills to do it.”

Wigwe added that it would boost customer acquisition with digital solutions to migrate 100 million retail customers by 2027, stating that the bank intends to deepen its retail banking services by evolving into a digital sales and service provider by 2027.

He said that the Holding Company initiative ‘Hydrogen’ will be aimed at providing integrated payment solutions, adding that it will be aimed at two key customer groups; financial institutions (including Access bank, Tier-two Banks and Fintechs) and merchants/SMEs.

“Oxygen,” an initiative that focuses primarily on digital lending to consumers and micro, small and medium-sized enterprises (MSMEs), will also expand microlending, he said.

He pointed out that the collective pensions will provide affordable retirement services by creating a comprehensive and digitally possible offering. Society.”

Wigwe said the group would expand its footprints to about 26 countries with at least three countries within the Organization for Economic Co-operation and Development.

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