Access Holdings Plc expects to expand its operations to France and Hong Kong in 2027, Nigeria’s largest lender by assets said in a five-year strategy document issued on Friday.
As part of its broader plan to become Africa’s gateway to the world, the lender said the expansion move also saw the group enter markets including Malta, Dubai (UAE), Lebanon, China and Mumbai (India).
Access Holdings expects its subscribers to reach 125 million by 2027, with retail clients expected to make up 100 million of its customer base.
Today, the lender has more than 52 million retail customers in 17 countries where it operates.
The financial services group has revealed some of its big aspirations over the next half-decade and wants its retail banking business to have evolved into a digital sales and service provider by 2027.
This increased the value of digital loans from N2 billion in 2017 to N146 billion in 2021.
Access Holdings disclosed in a document posted on the website of the Nigerian Exchange that it has set its sights on becoming one of the two top pension players across the market where it operates.
Last year, holdco acquired a controlling stake in First Guarantee Pension Limited and an indirect equity stake in Sigma Pensions Limited.
That was anticipated Access Nigerian Bankslocal unit of the group’s commercial banking division, will account for 52 percent of gross revenue and one-third of profit before tax.
Akses Holdings wholesale business appears to contribute 63 percent to gross revenue and half of profit before tax while the retail business is expected to account for a quarter of gross revenue and 31 percent of profit before tax.
The banking subsidiary, the document said, will act as a liaison to drive transformation for the group and will help drive financial inclusion and digital customer solutions.
“By the end of 2027, we expect to be in at least 26 countries and at least 3 countries of the Organization for Economic Co-operation and Development (OECD) supporting trade (UK, France & the United States),” the company said. said.
Division
Holdco is broadly divided into five subsidiaries namely retail, commercial & corporate banking; insurance broker; payment and switching services; consumer credit and agency banking; as well as asset management and pension fund administration.
The group said that Africa’s share of total transactions will rise to 33.3 percent by 2027.
Access Holdings’ gross earnings for the first nine months of 2022 grew by 25 percent to N906.9 billion, while profit before tax for the period stood at N148.7 billion. It expects gross revenue for the year to exceed N1 trillion.
The group sees Africa’s 370 million unbanked population as integral to its five-year growth plan. It has said that the international subsidiary will be anchored out of Access Bank UK.
Access Holdings was founded as Access Bank in 1989 and became a public liability company in 1998, the year its shares were listed on the Nigerian Stock Exchange. It acquired Intercontinental Bank Plc in 2012, making it one of the five largest banks in Nigeria.
The merger with Diamond Bank in 2019 brought the customer base to 42 million, the largest by any lender in Africa. Last March, it completed its transformation into a financial holding company, allowing it to set up other businesses in financial services outside of its core commercial banking operations.
As of last September, his assets totaled N13.5 trillion.
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