By Habibat Aliu
Access Holdings Plc has unveiled a plan to leverage opportunities that currently exist in the $950 billion sub-Saharan Africa trade to transform the bank into becoming a top five financial service institution in the continent in terms of revenue, asset base, and on a balanced scorecard basis by 2027.
Besides, the bank also said it is working 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 five-year strategic plan held in Lagos on Wednesday, the Group Chief Executive Officer, Access Holdings Plc, Herbert Wigwe said: ” For sub-Saharan Africa, we are talking of international trade for almost $950 billion 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 inorganically and strengthen the franchise.
To ensure seamless execution of its growth strategy, he said the bank had identified seven enablers, which include, customer experience, digital technology, data analytics, risk and capital, Environmental, Social and Governance (ESG), people and culture, and communication.
According to him, the bank has also completed an 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.
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 and presence in London, Dubai, Hong Kong, Lebanon, Beijing, and Mumbai. and create an extensive footprint across the continent.
“I do not 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 stronger at the end of the five-year plan because our subsidiaries, especially the one in the UK, are growing well.”
