Access Corporation has unveiled a new five-year strategic plan, outlining plans to deepen financial services in 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, of which the Nigerian Tribune obtained a copy, noted that over the past two decades, Access Bank, its subsidiary, has emerged as a blue-chip leader. financial institution in Nigeria, in line with its disciplined execution of five-year rolling corporate plans.

He noted that Access Bank has also recorded successes in its ambition and vision in the last five years.

“The new verticals will also contribute around 12 percent of total revenue, as revenue from the African subsidiaries is expected to double in the next five years.

“Bank of Nigeria’s pre-tax earnings contributions are expected to drop from around 63 per cent (9M’22) to around 33 per cent, while new verticals are expected to contribute around 19 per cent. percent of profitability by 2027, while the African subsidiaries will contribute around 20 percent. percent as our footprint grows across the continent,” he stated.

According to Access Corporation, also known as Access Holdings Plc, by the end of 2027 it expects to have a presence in at least 26 countries and in at least three Organization for Economic Co-operation and Development (OECD) countries that support trade (UK, France and United States of America).

It projected that its customer acquisition drive would reach 100 million for the retail business by 2027 and continue as it migrates the majority of customers to digital platforms by 2027 across all touch points.

“Our primary focus in trading is to leverage an established presence in commercial and financial centers around the world to continue to drive trading results. Presence in London, Dubai, Hong Kong, Lebanon, Beijing, Mumbai, etc. and a broad presence across the continent,” he added.

He noted that Access Bank, over the past 20 years, had built a strong financial institution through a disciplined approach to executing its strategy that it claimed had consistently produced market-beating results and accumulated value.

The institution has transitioned to a Holdco with five verticals to capture opportunities in the African market. Access has positioned itself to be at the center of financial flows in the continent: trade, expansion and deepening of financial services and service to companies with excellence, creating a self-sustaining ecosystem.

Speaking to a large number of analysts, researchers, leading shareholders and journalists at the launch of the corporation’s new 2023 to 2027 plan, Herbert Wigwe, the group’s chief executive, said Access Holdings Plc, the banking group, would act as a liaison for drive the transformation of the corporation, especially when it embarked on the 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 its foundation.

“We want to be truly known as a global player in the market. I have no doubt that we really are on our way to becoming a global bank with African heritage. We will also ensure that our correspondent banking is strengthened at the end of the five-year plan due to the good growth of our subsidiaries, especially the one in the UK. This is strong, well-structured organic growth and to make sure we expand, we will need the right technology and skill to do it.”

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 becoming a digital sales and service provider by 2027.

He said Holding Company ‘Hydrogen’ initiative will focus on offering integrated payment solutions, adding that it will focus on two main customer groups; financial institutions (including Access Bank, Tier-two Banks and Fintechs) and merchants/SMEs.

Likewise, ‘Oxígeno’, an initiative focused mainly on digital loans to consumers and Micro, Small and Medium Enterprises (MIPYMES), according to him, will expand microcredits.

Noting that group pensions will deliver affordable pension services by creating a digitally enabled and comprehensive offering, he said: “By 2027, Access will be one of the top two pension players in our markets, two acquisitions already completed with benefits already accumulate for the Corporation.”

Wigwe said the group would expand its presence in some 26 countries with at least three countries within the Organization for Economic Co-operation and Development.

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