AfCTA Deal: How Access Bank is repositioning to reap gains- MD

Managing Director, Access Bank Plc, Herbert Wigwe, has said that the bank would reposition its system so as to benefits greatly from the AfCTA deal.
He noted this in a report titled: ‘Realigning for Growth’ released by the bank,
Acccording to him,  Access Bank would be optimizing and make a capital from the trade agreement
He said that the bank would achieve this by repositioning its operations and payment platforms with a view to increasing and serving  more customers across the continent.
He also boasted that the Access Bank Group has the largest customer base in Africa, noting that it has constantly delivered growth and created more value
He said that the bank is also supporting regional trade by targeting new opportunity markets within the continent payments gateway globally.
He added that the bank  has continued to deliver strong results and has maintened sustainable revenue across all income lines.
“The bank’s gross revenue grew 26 per cent to N592.8 billion (from nine-months 2018 to nine-months 2020 with steady growth across all income lines. Strong and diversified revenue growth has been driven by expansive retail banking growth and increased velocity of transactions, optimising value chain of wholesale banking customers, credit growth engine, prioritizing margin growth through efficiencies and delighting customers at every digital payment touchpoint,” Wigwe said.
“Access Bank is driving Group revenue growth through retail expansion with the bank’s retail banking business grown consistently across all income lines, driven by strong focus on consumer lending, payments and remittances, digitization of customer journeys, and customer acquisition at scale”.
“We have maintained strong capital levels despite investments for growth, accumulating capital over time. Opportunities for growth will be supported by a digital strategy that will set us apart as a clear-cut digital leader. Our Africa expansion strategy is deliberate and disciplined, with a targeted focus and approach, supported by key enablers,” Wigwe added.
“We will therefore reorganise to capture these opportunities by transitioning to a HoldCo structure. Through this reorganisation, we will create new product revenues without taking additional risk for the enterprise, ensure diversification of earnings, and support outside of Africa expansion,” he said.
“Access Bank Group will consist of Nigeria, Africa and International subsidiaries while the Payments subsidiary will leverage the strong suite of the Bank’s assets. The Consumer Lending business has seen greater than 60 per cent growth in digital lending volume and value while the Insurance subsidiary will adopt a dynamic and creative approach to deliver value-added services focused to meet customer insurance needs,” he stated.
For instance, Access Bank is in league  with Coronation Insurance in order to insurance products to the Bank’s customers.
Access Bank-Coronation Insurance bancassurance is in Nigeria and Ghana at present.

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