Building Bridges: Access Holdings’ Expansion Strategy in Africa
Access Holdings Plc has been a catalyst for economic growth and progress across Africa, leveraging its expansion efforts and local partnerships to drive positive change. The company’s expansion into countries like Angola, Botswana, Cameroon, and others has not only extended its reach but also contributed to job creation and entrepreneurial opportunities. Through strategic ventures into new territories, Access Holdings has brought its expertise and resources to areas with significant growth potential, with South Africa marking a notable milestone in its pan-African vision.
This strategic expansion has been accompanied by a commitment to tailor its approach to the unique dynamics of each African market, recognizing the continent’s diverse economies and opportunities. By supporting Small and Medium Scale Enterprises (SMEs), investing in local businesses, and providing tailored financial solutions, Access Holdings has played a pivotal role in fostering sustainable economic development in the regions it serves.
The restructuring of Access Bank into a Holding Company in 2022 aimed to capitalize on synergies across various businesses while expanding product offerings in payments, insurance, consumer finance, and pensions. This move reflected the evolving financial landscape and positioned Access Holdings to extend financial services to both unbanked and banked customers.
The company’s financial performance in 2023 underscored its resilience and strategic focus, with robust growth in profits, gross earnings, and net interest income. Bolaji Agbede, Acting Group CEO, attributed this success to the team’s efficiency and the diversity of offerings across banking, pension, insurance, and payments. Looking ahead, Access Holdings remains committed to driving sustainable growth and delivering value to stakeholders.
The Group’s subsidiaries also posted strong results, with Access Pensions Limited recording significant revenue growth and Hydrogen Payment services demonstrating solid performance. Strategic acquisitions and expansions further bolstered the Group’s position, with Access Bank’s UK subsidiary opening branches in Paris and receiving regulatory approval to operate in Hong Kong.
As Access Holdings enters the consolidation and efficiency phase of its Africa and international expansion strategy, it remains focused on accelerating the attainment of its 2027 strategic objectives. With a proposed final dividend for the 2023 financial year and a commitment to excellence, the company is poised to continue its upward trajectory and set the standard for financial service groups in the continent.
