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Access Bank: Staying Ahead of the Pack
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Access Bank: Leveraging Retail banking, African Expansion for Growth
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Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent.
By Babajide Komolafe
The resilience of the Nigerian banking industry in the face of economic recession triggered by the COVID-19 pandemic is reflected in the financial performance of Access Bank Plc for the year ended December 2020.
In a pandemic ravaged year that saw the global economy contracting by about 4.3 per cent and the Nigerian economy suffering 1.92 contraction, Access Bank was able to record significant increase in revenue and profitability.
Herbert Wigwe
Access Bank Plc has intensified its cross-border expansion in order to take advantage of opportunities in the African Continental Free Trade Area, which has been described as a potential game-changer for the continent, writes Obinna Chima
Inline with its expansion drive, Access Bank Plc last week entered into a definitive and binding agreement with ABC Holdings Limited to acquire 78.15 per cent shareholding in the African Banking Corporation of Botswana Limited (BancABC Botswana).
The transaction, which is subject to regulatory approvals and customary conditions precedent, is expected to close before the end of this quarter.
ABC Holdings is a subsidiary of London Stock Exchange listed group â Atlas Mara Limited.