Nigerian multinational commercial bank, Access Bank, has obtained a provisional banking license from the Central Bank of Namibia (BON), marking a crucial step in the bank’s Africa expansion.
Effective as of October 4, 2024, the license authorizes Access Bank to conduct banking operations in Namibia for six months.
The strategic move comes as Access Bank’s plan to broaden its plan to diversify its revenue streams and leverage opportunities created by the African Continental Free Trade Area (AfCFTA). With ambitions to expand its presence to 26 countries over the next five years, Access Bank is targeting markets in Africa, the United States, France, Hong Kong, and Malta. The entry into Namibia enhances the bank’s substantial presence in Southern Africa, where it already operates in Angola, Botswana, Mozambique, South Africa, and Zambia.
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Namibia presents a promising market for Access Bank, given its growing economy and robust banking sector. The arrival of Nigeria’s largest bank by assets is expected to intensify competition within this sector. Access Bank CEO Roosevelt Ogbonna emphasized that the expansion into Namibia is a vital step in
the bank’s mission is to promote intra-African trade and build a strong banking network throughout Southern Africa.
In his words,
“We are confident that our investments in Namibia will benefit shareholders, customers, and the communities we serve”. He further highlighted the bank’s commitment to providing seamless access to banking and financial opportunities for businesses and individuals.
Access Bank’s expansion to Namibia, comes after it successfully satisfied all legal and regulatory requirements in September 2024, to complete its acquisition of African Banking Corporation (Tanzania) Limited. This milestone also builds on Access Bank’s acquisition of the consumer, private, and business banking operations of Standard Chartered Bank Tanzania.
Access Bank, a wholly owned subsidiary of Access Holdings Plc, is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets spanning 3 continents, 23 countries and over 60 million customers. The Bank services its various markets through three key business segments: Corporate and Investment Banking, Commercial Banking, and Retail Banking.
The Bank has enjoyed what is arguably Africa’s most successful banking growth trajectory in the last 22 years, becoming one of the continent’s largest retail banks. As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations.
The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.