Access Holdings plans entry into France, Hong Kong and five other countries
Access Holdings Plc plans to expand operations to France and Hong Kong by 2027, Nigeria's largest lender by assets said in a five-year strategy document released on Monday.
>As part of a wider plan to be Africa's gateway to the world, the lender said the expansion also involves the group diversifying into markets such as Malta, Dubai (UAE), Lebanon, China and Mumbai (India).
Access Holdings expects its customer base to reach 125 million by 2027, with retail customers expected to make up 100 million of its customer base by then.
Currently, the lender has more than 52 million retail customers in the 17 countries where it operates.
The financial services group has unveiled several big aspirations it wants to achieve over the next half-decade and wants its retail banking business to become a provider of digital sales and services by 2027.
It has increased the value of its digital loans from 2 billion naira in 2017 to 146 billion naira in 2021.
Access Holdings has revealed in the document posted on the Nigerian Stock Exchange website that it plans to become one of the top two superannuation players in the markets where it operates.
Last year, the holding company acquired a majority stake in First Guarantee Pension Limited and an indirect stake in Sigma Pensions Limited.
Access Bank Nigeria, the local unit of the group's commercial banking division, is expected to account for 52% of gross revenue and one-third of pre-tax profit.
Access Holdings' wholesale business is expected to contribute 63% of gross revenue and half of pre-tax profit, while retail is expected to contribute a quarter of gross revenue and 31% profit before tax.
The banking subsidiary, the document states, will serve as a link to drive the group's transformation and help foster financial inclusion and digital solutions for customers.
“By the end of 2027, we expect to be present in at least 26 countries and in at least 3 Organization for Economic Co-operation and Development (OECD) countries supporting trade (UK, France and the United States of America),” the company said.
Divisions
The holding company is broadly divided into five subsidiaries, namely retail, commercial and corporate banking; insurance brokerage; payment and switching services; consumer loans and bank branches; as well as asset management and pension fund administration.
The group said its share of total transactions in Africa will reach 33.3% by 2027.
Access Holdings' gross profit for the first nine months of 2022 increased by 25% to N906.9 billion, while its pre-tax profit for the period was N148.7 billion . It expects gross revenue for the year to exceed N1 trillion.
The group sees tapping into Africa's 370 million unbanked people as an integral part of its five-year growth plan. It said its international subsidiaries would be anchored from Access Bank UK.
Access Holdings was established as Access Bank in 1989 and became a limited company in 1998, the year its shares were listed on the Nigerian Stock Exchange. It acquired Interc...
Access Holdings Plc plans to expand operations to France and Hong Kong by 2027, Nigeria's largest lender by assets said in a five-year strategy document released on Monday.
>As part of a wider plan to be Africa's gateway to the world, the lender said the expansion also involves the group diversifying into markets such as Malta, Dubai (UAE), Lebanon, China and Mumbai (India).
Access Holdings expects its customer base to reach 125 million by 2027, with retail customers expected to make up 100 million of its customer base by then.
Currently, the lender has more than 52 million retail customers in the 17 countries where it operates.
The financial services group has unveiled several big aspirations it wants to achieve over the next half-decade and wants its retail banking business to become a provider of digital sales and services by 2027.
It has increased the value of its digital loans from 2 billion naira in 2017 to 146 billion naira in 2021.
Access Holdings has revealed in the document posted on the Nigerian Stock Exchange website that it plans to become one of the top two superannuation players in the markets where it operates.
Last year, the holding company acquired a majority stake in First Guarantee Pension Limited and an indirect stake in Sigma Pensions Limited.
Access Bank Nigeria, the local unit of the group's commercial banking division, is expected to account for 52% of gross revenue and one-third of pre-tax profit.
Access Holdings' wholesale business is expected to contribute 63% of gross revenue and half of pre-tax profit, while retail is expected to contribute a quarter of gross revenue and 31% profit before tax.
The banking subsidiary, the document states, will serve as a link to drive the group's transformation and help foster financial inclusion and digital solutions for customers.
“By the end of 2027, we expect to be present in at least 26 countries and in at least 3 Organization for Economic Co-operation and Development (OECD) countries supporting trade (UK, France and the United States of America),” the company said.
Divisions
The holding company is broadly divided into five subsidiaries, namely retail, commercial and corporate banking; insurance brokerage; payment and switching services; consumer loans and bank branches; as well as asset management and pension fund administration.
The group said its share of total transactions in Africa will reach 33.3% by 2027.
Access Holdings' gross profit for the first nine months of 2022 increased by 25% to N906.9 billion, while its pre-tax profit for the period was N148.7 billion . It expects gross revenue for the year to exceed N1 trillion.
The group sees tapping into Africa's 370 million unbanked people as an integral part of its five-year growth plan. It said its international subsidiaries would be anchored from Access Bank UK.
Access Holdings was established as Access Bank in 1989 and became a limited company in 1998, the year its shares were listed on the Nigerian Stock Exchange. It acquired Interc...
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