Access Corporation has unveiled a new five-year strategic plan, in which it outlined plans to deepen financial services across Africa and extend its services to the continent’s large unbanked population.
The parent company of Access Bank Limited, in its five-year strategy document from 2023 to 2027, a copy of which was obtained by Nigerian Tribune pointed out that in the past two decades, Access Bank, its subsidiary, emerged as a leading tier one financial institution in Nigeria, in line with its disciplined execution of rolling five-year corporate plans.
It noted that Access Bank also registered successes across its ambition and vision over the past five years.
“The new verticals will also be contributing about 12 percent of total revenues, as revenues from African subsidiaries is expected to double over the next five years.
“Profit Before Tax contributions from Nigeria bank is expected to reduce from about 63 percent (9M’22) to about 33 percent, while the new verticals are expected to contribute about 19 percent of the profitability by 2027, while African subsidiaries will contribute about 20 percent as our footprint grows across the continent,” it stated.
According to Access Corporation, also known as Access Holdings Plc, by the end of 2027, it expects to have presence in at least 26 countries and in at least threeorganisations for Economic Co-operation and Development (OECD) countries supporting trade (United Kingdom, France and United States of America).
It projected that its customer acquisition drive would hit 100 million for the retail business by 2027 and would continue as it migrates majority of customers 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 added.
It pointed out that Access Bank, over the last 20 years, built a strong financial institution through a disciplined approach to executing its strategy which it stated had produced market-beating results consistently and had been value accretive.
The institution has transitioned to a Holdco with five verticals to capture the opportunities the African market. 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.
Speaking to a large number of analysts, researchers, shareholder leaders and journalists at the launch of the corporation’s new plan 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 corporation, especially, as it embarked on implementation of its plan.
According to him, Access Holdings will be in the eye of the storm, having transformed to become a leading financial and ecosystem player, with its core business as the foundation.
“We want to be truly known a global player in the market. 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 correspondent banking is made stronger at the end of the five-year plan due to the fact that our subsidiaries, especially the one in UK are growing well. This is a well-structured strong organic growth and to ensure that we expand, we will need the right technology and skill to do so.”
Adding that it would drive customer acquisition with digital solutions to migrate 100 million retail customers by 2027, Wigwe stated that the bank intends to deepen its retail banking services by evolving into a digital sales and service provider by 2027.
He said, the Holding Company initiative ‘Hydrogen,’ will be focused on delivering integrated payments solutions, adding that, it will be focused on two main customer groups; financial institutions (including Access bank, Tier-two Banks, and Fintechs) and merchants/SMEs.
Also, ‘Oxygen’ an initiative primarily focused on digital loans to consumers and Micro, Small and Medium Enterprises (MSMEs), according to him, will expand micro loans.
He pointed out that the group pensions will provide affordable pension services by creating a comprehensive and digitally-enabled offering, saying, “by 2027, Access will be a top two pensions player across our markets, two acquisitions already completed with benefits already accruing to the Corporation.”
Wigwe said the group would expand its footprints in about 26 countries with at least three countries within the Organisation for Economic Co-operation and Development.
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