Access Bank to boost revenue, asset base by 2027 leveraging $950b sub saharan African market
Access Holdings Plc has unveiled plans to leverage opportunities that currenty exist in the $950 billion sub saharan Africa trade transform the bank into becoming a top five financial services institution in the continent in terms of revenues, asset base and on a balanced scorecard basis by 2027.
Besides, the bank also said it’s working assiduously to ensure that its customer acquisition drive lifts its retail business to 100 million within the same period.
At the launch of the corporation’s 5-year strategic plan held in Lagos on Wednesday, the Group Chief Executive Officer, Access Holdings Plc, Herbert Wigwe said: ” For the the sub saharan Africa, we are talking of international trade for almost $950billion and this creates new opportunities for us to get into new markets and make money.
“As far as formal remittances are concerned, there is also close to a $100 million that is closely related, we have not yet started getting the benefits of cross border trades and remittances of payments that exist within that corridor.”
Wigwe assured stakeholders that the management would continue to take advantage of the bank’s strong acquisition skills to grow both organically and in organically and strengthen the franchise.
To ensure seamless executions of its growth strategy, he said the.bank had identified seven enablers which includes: customer experience, digital technology, data and analytics, risk and capital, Environmental, Social ang Governance ( ESG), people and culture and communication.
According to him, the bank has also completed arrangement to partner with Development Finance Institutions (DFI) and International Financial Corporations (IFC) to raise both senior debt and quasi equity to support its growth .
“There is already a transaction on the market market today to raise quasi equity which is a debt like I strument but in an equity flavor ti allow us bulk off and this will be happening by first week in February. This will help increase out capital significantly. ”
Furthermore, he also stated that the corporation will continue to invest in countries with less inflation rates while adding that it is committed to driving financial inclusion across the globe.
“Our primary focus on trade is to leverage established presence across trade and financial hubs all.over the world to continue driving trade outputs Presence in London, Dubai, Hong Kong, Lebanon, Beijing, Mumbai etc. and create extensive footprint across the continent.
“I have no doubt that we are truly on our way to becoming a global bank with an African heritage. We will also make sure that our corresponding banking is made more stronger at the end of the 5-year plan due to the fact that our subsidiaries especially the one in UK are growing well.”
Also speaking, the Managing Director, Access Bank Plc, Roosevelt Ogbonna, said the bank have consistently outperformed the market on the growth of key metrics since its strategic drive in 2017.
According to him, growth has been extremely diversified due to the fact that the bank have focused on generating sustainable revenue across all income lines in the last 5 years beating the market average.
Ogbonna assured that the bank will improve on its operational efficiency to further drive profit before tax (PBT) and lower its cost income ratio (CIR).