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Access Bank: Staying Ahead of the Pack
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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.
Access Bank has been driving its revenue growth through retail expansion, driven by a strong focus on consumer lending, payments and remittances, as well as customer acquisition at scale, writes
It is no secret that achieving revenue growth in an earnings-constrained and ever-increasing competitive environment remains a major challenge for traditional banks globally.
The situation was further worsened by the outbreak of the COVID-19 pandemic which has also led to an increased incursion by financial technology (fintech) players into the financial services segment.
According to a report by Deloitte, a global professional services firm, as the low interest rate regime and new regulations continue to strangle traditional sources of risk-based and fee income, many once-attractive customer relationships are generating less revenue, causing some to become unprofitable.
Focus
Access Bank has been driving its revenue growth through retail expansion, driven by a strong focus on consumer lending, payments and remittances, as well as customer acquisition at scale, writes Obinna Chima
It is no secret that achieving revenue growth in an earnings-constrained and ever-increasing competitive environment remains a major challenge for traditional banks globally.
The situation was further worsened by the outbreak of the COVID-19 pandemic which has also led to an increased incursion by financial technology (fintech) players into the financial services segment.
According to a report by Deloitte, a global professional services firm, as the low interest rate regime and new regulations continue to strangle traditional sources of risk-based and fee income, many once-attractive customer relationships are generating less revenue, causing some to become unprofitable.
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