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Access Bank as a catalyst for change 02 Jan 2025

Africa has often been described as a continent of untapped potential. This is as its vast resources and rich cultural heritage hold the promise of prosperity for the continent and global influence. But Africa has continued to be overshadowed by outdated narratives that paint a bleak picture of underdevelopment, dependency, and economic stagnation. These misconceptions have been fueled by historical injustices, including colonial exploitation, unequal trade relationships, and a global economic system that often sidelines African interests. Such narratives have not only limited international perceptions of Africa but have also hindered investment and collaboration that could unlock the continent's immense potential.

These stereotypes, perpetuated through media portrayals, policy biases, and a lack of awareness about Africa’s achievements, fail to acknowledge the continent’s remarkable resilience in the face of adversity. They overlook the ingenuity of the African people, the rapid technological advancements in key sectors, and the vibrant entrepreneurial spirit that drives millions of Africans. Africa is home to some of the fastest-growing economies in the world, including Nigeria, Ethiopia, and Rwanda. Its youthful population – one of the largest globally, represents an unparalleled demographic dividend, brimming with the energy, creativity, and ambition needed to shape the future.

However, a paradigm shift is now underway, driven by forward-thinking institutions, visionary leaders, and dynamic entrepreneurs who recognise the continent’s capacity to lead on the global stage. Among these institutions, Access Bank stands out as a trailblazer, rewriting Africa’s story and positioning the continent as a vital player in the global economy. With an ambitious vision to become the world’s most respected African bank and serve as Africa’s Gateway to the World, Access Bank is not just growing; it is fostering change that resonates far beyond the financial sector.

Access Bank’s remarkable journey has been marked by a steadfast commitment to sustainability, innovation, and inclusivity. Operating in 23 countries, including 16 in Africa, the bank has built a reputation as a leader in financial services, serving over 58 million customers. Its expansion into global financial hubs demonstrates its ambition to connect African businesses to international markets, fostering trade, investment, and economic collaboration. Through strategic acquisitions, innovative products, and sustainable practices, Access Bank is reshaping the financial landscape across Africa and beyond.

Bridging gaps

Africa faces significant challenges that hinder its progress. Over 350 million Africans remain unbanked, leaving vast segments of the population without access to financial services. Small and medium-sized enterprises (SMEs), which contribute significantly to employment and economic growth, struggle to secure the financing they need to thrive. Meanwhile, climate change and environmental degradation pose existential threats to the continent’s long-term sustainability. Access Bank has recognised these challenges as opportunities to lead meaningful changes. By embedding Environmental, Social, and Governance (ESG) principles into its operations and deploying innovative solutions, the bank is tackling these issues head-on.

Connecting Africa to the World

Access Bank’s expansion strategy is a cornerstone of its vision to position Africa as a global economic powerhouse. The bank’s growth has been deliberate, targeting key markets across the continent and establishing a presence in major financial hubs around the world. These expansions are not merely about increasing Access Bank’s footprint; they are about creating pathways for African businesses and individuals to connect with global opportunities.

A pivotal moment in Access Bank’s journey came in 2023 with its acquisition of Standard Chartered’s operations in Angola, Cameroon, The Gambia, Sierra Leone, and Tanzania. This strategic move significantly enhanced the bank’s presence in high-growth markets, allowing it to facilitate intra-African trade and investment on an unprecedented scale. By acquiring these assets, Access Bank positioned itself as a key player in bridging gaps between African economies and fostering regional integration.

Access Bank’s entry into Namibia further cemented its influence in Southern Africa. Namibia, with its growing economy and strategic location, serves as a vital link in the bank’s continental growth strategy. By establishing operations in Namibia, Access Bank has created opportunities to support regional trade, investment, and financial inclusion.

The bank’s global expansions have been equally transformative. In May 2023, Access Bank launched a subsidiary in Paris, France, aimed at strengthening trade ties between Africa, particularly Francophone Africa, and Europe. The Paris office acts as a bridge, enabling African businesses to access European markets and vice versa. In November 2024, Access Bank UK expanded its reach by opening a branch in Hong Kong, becoming the first West African bank to establish a presence in this global financial hub. Hong Kong’s strategic position as a gateway to Asia allows Access Bank to facilitate trade flows between Africa and the rapidly growing Asian markets. Similarly, the bank’s license of operations in Mauritius provides it a platform for cross-border banking services, offering tax-efficient investment solutions and trade financing across Africa and beyond.

Financial inclusion

Financial inclusion is central to Access Bank’s mission, and the bank has taken significant steps to address the barriers that prevent millions of Africans from accessing formal financial services. Through innovative digital solutions, Access Bank is bringing banking to underserved and remote communities, ensuring that no one is left behind in the continent’s economic transformation.

The AccessMore app, a user-friendly digital banking platform, has revolutionised the way customers interact with the bank. Alongside its extensive agency banking network of over 150,000 agents, Access Bank has made financial services accessible to millions of unbanked individuals. This network extends the bank’s reach into rural areas, where traditional banking infrastructure is often lacking.

The bank’s commitment to financial inclusion also extends to cross-border payments. The Access Africa remittance platform has transformed the way money moves across borders, providing an affordable and efficient solution for the African diaspora to send funds home. By addressing the high costs and inefficiencies associated with traditional remittance channels, Access Bank is empowering families and communities to thrive.

Driving economic growth with SMEs

Small and medium-sized enterprises (SMEs) are the backbone of Africa’s economy, accounting for over 80% of jobs on the continent. Yet, these businesses face significant challenges, particularly when it comes to accessing credit and financial support. Access Bank has made SME support a priority, offering tailored financial products, mentorship programmes, and initiatives designed to help businesses grow.

One of the bank’s flagship initiatives is the Womenpreneur Pitch-a-ton, a programme that empowers female entrepreneurs by providing access to funding, training, and mentorship. This initiative not only bridges the gender gap in access to finance but also contributes to the broader goal of economic empowerment. By supporting women-led businesses, Access Bank is fostering a more inclusive and equitable economic landscape.

Commitment to a sustainable future

Sustainability is at the core of Access Bank’s operations. The bank recognises that its success is intertwined with the well-being of the communities it serves and the environment it operates in. As such, it has taken bold steps to ensure that its growth aligns with global environmental goals and social impact objectives.

Access Bank has been a pioneer in financing renewable energy projects across Africa, supporting initiatives that promote clean energy access and reduce carbon emissions. Through its Sustainable Finance Accelerator programme, the bank has mobilised capital for environmentally friendly projects, such as solar power installations, eco-friendly housing developments, and other activities that promote the achievement of the UN SDGs. These efforts contribute to the fight against climate change while creating economic opportunities for local communities.

The bank’s corporate social investment initiatives are equally impressive. Its focus across Education, Entrepreneurship, Health, and Environment has helped reach individuals in underserved communities across Africa. By providing educational resources for underprivileged students, Access Bank is ensuring that the next generations have the tools they need to succeed. The bank is also providing interventions in maternal health, which are helping to improve healthcare outcomes for vulnerable populations, demonstrating its commitment to making a difference where it matters most.

Upholding transparency and accountability

Access Bank’s commitment to governance is a testament to its integrity and dedication to excellence. By adhering to global best practices, the bank ensures that its operations are transparent, ethical, and accountable. This focus on governance has earned Access Bank the trust of its stakeholders and positioned it as a leader in the financial sector.

Expanding horizons and deepening impact

As Access Bank looks to the future, it is poised to deepen its impact through innovation, partnerships, and regional integration. Emerging technologies such as blockchain, artificial intelligence, and big data analytics will play a critical role in enhancing the bank’s service delivery and operational efficiency. These technologies will enable Access Bank to stay ahead of the curve, offering cutting-edge solutions to its customers.

The bank’s commitment to regional integration is exemplified by its support for initiatives like the African Continental Free Trade Area (AfCFTA). By promoting intra-African trade and economic collaboration, Access Bank is helping to unlock the continent’s full potential. Partnerships with governments, multilateral organisations, and private sector stakeholders will further strengthen the bank’s ability to drive sustainable development and foster inclusive growth.

Access Bank is not just a financial institution – it is a catalyst for change. By connecting Africa to the world, championing sustainability, and driving financial inclusion, the bank is positioning itself as a leader in the continent’s transformation. Its bold vision to become the world’s most respected African bank is more than just a goal – it is a commitment to creating a brighter future for Africa and its people.

Through its strategic expansions, innovative solutions, and unwavering dedication to impact, Access Bank is crafting a legacy that will resonate for generations to come. As it continues to grow and evolve, Access Bank invites the world to join in celebrating a new narrative for Africa – one that highlights resilience, ingenuity, and shared prosperity. The journey is far from over, but Access Bank is leading the way with purpose, passion, and vision.

Omobolanle Victor-Laniyan is Sustainability Advisor, Access Holdings Plc.