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Tag: Access Bank

  • Access Bank targets banking sector leadership with new 5-year strategy

    Access Bank Plc plans to become Nigeria’s foremost bank in the next five years as the bank yesterday launched its new five-year strategic plan.

    Presenting the new five-year strategy yesterday at the Nigerian Stock Exchange (NSE) in Lagos, Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe, said the bank was setting out a new and ambitious five-year strategy which will put it at the forefront of Africa’s changing financial landscape by creating a universal payments gateway to dominate international trade and inter-African payments.

    According to him, the bank’s strategy will mean that by 2022, millions of people will have access to banking services for the first time with customers making payments and transfers when and how they need to while businesses will be able to trade in new markets and invest in new technology.

    “We recognise that we have a vital role to play in growing Nigeria, our largest market. Our global footprint is also changing and growing. As a result of our strategy, we will be in the Africa corridor trade hubs and the global gateway markets within five years,” Wigwe said.

    He added that this next phase of the bank’s transformation journey will deliver its most ambitious goal yet – a bank that is digital, innovative and nimble.

    “A bank underpinned by the highest standards of risk and compliance. A bank that serves Africa and the world. Our ambition is to become Africa’s gateway to the world,” Wigwe said.

    He recalled that the bank had five years ago set the ambitious goal to attain top three positions in its chosen markets and by now, it has become a strong, diversified institution with a consolidated top tier position in its sector.

    The new plan is the latest in a series of transformative strategies that have resulted in sustained growth. From 2013 to November 2017, Access Bank has increased its total assets at a CAGR of 18 per cent and delivered shareholder returns of 90 per cent. The bank has also grown its customer base from 90,000 in 2002 to over 8.0 million in 2017 and in the same period opened 351 new branches.

    The new 5-year strategy is expected to accelerate this growth story to position Access Bank as the leading Nigerian bank by 2022.

    The new strategy has six strategic levers including digitally led, retail banking growth and consolidation in wholesale markets, customer focused, analytics driven, with robust risk management, strong global collaboration in key gateway markets and the creation of a universal payments gateway.

    To deliver the transformation, Access Bank will adopt a new organisational structure. The retail bank will have a customer segment focus, driven by digital and payments. The corporate bank will build deep sector expertise and deploy global relationship managers.

    Also, Access Bank’s subsidiaries will be organised around strategic clusters, with strong collaboration between them to secure trade finance and correspondent banking. The bank’s transformation programme will be underpinned by robust risk management together with high levels of automation to enhance the compliance and risk functions and drive customer insights.

    In next phase of its transformation programme, Access Bank will embark on a series of bold initiatives. At home, the goal is to be the ‘Number One Bank’ in Nigeria by growing the retail customer base, SME client base, and by dominating the top 100 Nigerian corporates.

    Internationally, Access Bank will develop an integrated global franchise by strategically developing its presence in key African markets, enhancing collaboration in global financial gateways including London and New York, Asia and the Middle East, and strengthening its trade hubs in India, Dubai and China.

    A strengthened presence in key African markets, and the creation of universal payments gateway combined with an integrated global franchise, ideally positions Access Bank to be Africa’s gateway to the world.

  • FinTechs not threat to banks, says Access Bank

    FinTechs not threat to banks, says Access Bank

    • Bank unveils Foundary to promote innovation

    Access Bank has said it sees the emergence of financial technologies (FinTechs) as collaborators in the quest to deepen its product and market development and not as threat to traditional banking.

    Its Executive Director, Mr Victor Etuokwu who spoke yesterday at a news briefing ahead the first edition of Africa Fintech Foundary (AFF) Disrupt 2017 conference in Lagos, said innovation remained the only insurance against irrelevance, adding that the bank will continue to work with FinTechs to offer better services to customers.

    He said the lender founded and funded the AFF in order to promote innovation in Nigeria, Africa and the global community, adding that AFF is Access Bank accelerator, which is seeking to create new opportunities in sub-Saharan Africa.

    According to Etuokwu, the Foundary is to provide a platform to inspire and challenge African innovators and entrepreneurs.

    According to him AFF will provide Africa companies seeking to launch their products, with capacity building and training in business development.

    ‘’It will provide connectivity to global innovation grids, promote access to capital, create opportunities for partnerships and showcase best practices and successes in Africa-led innovation solutions.

    ‘’The world we live in is changing. As a bank, we are looking for better ways to serve our customers.

    ‘’So, in order to be and remain relevant in the ever-changing world, we had to be innovative.

    ‘’AFF and the AFF Disrupt conference are ways to grow and maintain the market share of Access Bank.

    ‘’AFF is here to disrupt the African continent and it will impact not only the banking sector, but will impact both health, security, agriculture and the economy in general,’’ he said.

    The Head of AFF, Mr Victor Okigbo said the Foundary was supported by Access Bank, Microsoft, IBM, Saas and other technology majors.

    Okigbo said the facility would be officially inaugurated on December 13 while the AFF Disrupt conference would hold on December 14 in Lagos.

    He said that the facility would be conducting innovation tour to different parts of the country and four African cities, so as to encourage start-ups to take advantage of the Foundary to improve on their innovative ideas.

    Okigbo said the first edition of its FinTech conference, tagged: AFF Disrupt would bring together like-minded investors and partners to collaborate and join the AFF.

    Event Coordinator, AFF Disrupt conference, Mr Adeleke Adekoya said the event will be a good opportunity for start-ups to take advantage of partner network.

    Adekoya said the event will be an opportunity for partners to create linkages and networks that could help grow their businesses.

    He said vetting process is ongoing and a total of 12 start-ups would be selected from about 400, to demonstrate and exhibit their innovations at the conference.

  • Fire guts Access bank’s ATM gallery

    Fire guts Access bank’s ATM gallery

    Inferno yesterday gutted an Access bank Automated Teller Machine (ATM) gallery at Ikotun, mainland Lagos.

    The fire, which was said to have started around 3:30pm, affected six ATM machines.

    It was gathered that the inferno was caused by heat that emanated from the battery powering the machines.

    Sources said it took efforts from officials of the Lagos State Fire Service to contain the outbreak.

    The bank confirmed the incident, adding that arrangements were being made for a forklift to pull down the gallery.

     

  • Fire guts Access bank’s ATM gallery

    Fire guts Access bank’s ATM gallery

    The Ikotun Lagos branch of Access Bank, on Tuesday was gutted by fire, destroying Automated Teller Machine (ATM) gallery.

    The fire, which was said to have started around 3:30pm, affected six ATM machines.

    It was gathered that the inferno was caused by heat that emanated from the battery powering the machines.

    Sources said it took efforts from officials of the Lagos State Fore Service to contain the outbreak.

    The bank confirmed the incident, adding that arrangements were being made for a forklift to pull down the gallery.

  • Photos: Fire razes Access Bank in Ikotun

    Photos: Fire razes Access Bank in Ikotun

  • Access Bank, GAC Motors sign auto-finance pact

    Access Bank has entered into partnership with Guangzhou Automobile Group (GAC Motors) to enable more Nigerians have access to finance for affordable vehicles.

    The partnership allows customers of Access Bank to access funds needed to purchase the latest brands of GAC cars at discounted price and reduced interest rate.

    Speaking at the signing of Memorandum of Understanding (MOU) in Lagos yesterday, the Chairman of GAC Motors, Diana Chan, said the partnership is to enable more Nigerians afford high-end vehicles.

    “We have two strong brands, GAC, one of the best car makers in China, and Access Bank which is passionate about customers coming together to give Nigerians the chance to buy new cars with high durability at low cost,” she said.

    According to her, the company has enjoyed great patronage from the Nigerian market in the last four years of its operation in the country. “We want to support Nigerians that want to buy good cars at affordable cost,” she said.

    On his part, Access Bank Executive Director, Victor Etuokwu, explained that in making vehicle ownership affordable for its customers, the bank allows them to buy the cars with a 10 per cent equity contribution. He noted that the interest rate for the auto-finance remains attractive.

    Etuokwu said that Access Bank has strong prestige for vehicle financing. “In the last four to five  years, most banks have stayed away from the vehicle finance market but we are passionate about our customers and the Nigerian economy and that is why we are in this partnership.”

    Continuing, he noted that the offers coming with the vehicle financing scheme include free comprehensive insurance in the vehicles purchased for the first one year.

    “Access Bank and GAC Motors are committed to creating huge value for Nigerian automobile users. We have huge ambitions as we go on this drive,” he said.

    He however noted that the scheme covers purchases on the GA3 S, GS4 and GS8 models of the GAC Motors.

    Chan explained that the choice of the three models was to reach out to all levels of customers from junior executives to high net-worth individuals.

  • Access Bank, German firms deepen trade relations

    Access Bank Plc is committed to promoting better trade relations with Germany and its companies.

    Access Bank, DEG – Deutsche Investitions –  und Entwicklungsgesellschaft and  the Delegation of German Industry and Commerce in Nigeria (AHK Nigeria) are offering a new service for German SMEs and their local partners in Nigeria to deepen trade ties between both parties.

    This will come through the “German Desk – Financial Support and Solutions”, which is expected to benefit from the support of the German Consulate in Lagos.

    The German Desk will provide financial services, such as setting up accounts, providing short to medium-term credit lines, services for financing trade and transaction banking. This also includes financing solutions for local companies wishing to acquire German equipment or services, because German companies often start establishing business ties with local companies via their export business before they invest in emerging markets such as Nigeria. To do so, they need to obtain suitable financing solutions for their local clients.

    As part of the cooperation, DEG puts its network at the disposal of the respective local partner bank and, where necessary, provides it with additional long-term capital, allowing them to offer financing for local customers of German companies. Neighbouring markets are also to be covered with the partner banks’ networks.

    Group Managing Director/CEO, Access Bank Plc, Herbert Wigwe said, “At Access Bank, we are constantly searching for innovative ways to provide solutions to meet our customers’ needs. This collaboration with a first rate partner like DEG – Deutsche Investitions – und Entwicklungsgesellschaft leveraging on their global investment footprint and our local industry expertise in setting up a German Desk is the first of such initiatives in the country.”

    “This desk which will be bi-lingual will provide customized long term and cost effective financial solutions to our clients available to conduct business with German corporates.”

  • More winners emerge in Access Bank Family Fortune promo

    More winners have emerged from the ongoing Access Bank Family Fortune Promo as the lender rewards 118 customers in the second monthly selection of winners.

    The event, which held at the Bank’s Alausa Branch in Ikeja, Lagos State, produced 50 customers, who won DSTV decoders while another 30 got N50,000 worth of shopping vouchers. Also, 20 customers won Samsung mobile phones, 10 others won Home Theatres, five won 49-inch LED televisions, while three also won 7-seater home furniture (sofa) each.

    At the launch in June, the Bank promised to reward its consumers with over 100,000 gifts, specifically to family units through weekly, monthly and the mega random selections. The Promo, tagged: “Save Today, Take Tomorrow”, ultimately aimed at stimulating a savings culture in families, does not leave the kids out as scholarships are up for grabs. Other fantastic prizes include family holidays, 16KVA generators and brand new cars.

    Speaking at the second monthly random selection of winners, Group Head, Inclusive Banking, Ope Wemi-Jones, said the Promo had attracted a large number of participants from across the country while, winners had emerged from previous random selections in Lekki, Port Harcourt, Ibadan and Abuja.

    Mrs Wemi-Jones said: “The promo was designed to reward the collective savings habit of families with grand prizes and competitive interest rates while they enjoy the confidentiality of their banking transactions as individuals.”

    In line with Access Bank’s Family Fortune Promo objectives, the chances of a family winning are quite high while all the winners from the selection met the Promo criteria, which include achieving a minimum balance at the qualifying level of N150,000.

    The fund is required as a cumulative balance across family members accounts with each member having a minimum balance of N20,000 to qualify for the Family Fortune Promo.

    The mega random selection is scheduled to hold in December, 2017 where three families will each go home as proud winners of a house.

  • Access Bank Lagos City Marathon gets IAAF Bronze Label

    Access Bank Lagos City Marathon gets IAAF Bronze Label

    It was celebration galore on Monday as the news filtered in that Access Bank Lagos City Marathon has been awarded the IAAF Bronze Label by the governing body of athletics, International Association of Athletics Federation (IAAF).

    Staff at the Marathon Office, Teslim Balogun Stadium, Surulere, including Project Consultant Bukola Olopade and General Manager Yussuf Alli were enveloped with joy by news from IAAF Road Running Manager Alexxio Punzi.

    A statement signed the Access Bank Lagos City Marathon Head of Communications and Media Olukayode Thomas said with this feat, Access Bank Lagos City Marathon has now joined global elite races like New York, Boston, Chicago, Tokyo, Dubai, London, Roma, Paris, Berlin, and others.

    Among the thousands of races worldwide, only 88 are label by IAAF, Access Bank Lagos City Marathon is one of the new additions to the elite club.

    Project Consultant Olopade said the Executive Governor of Lagos State Akinwunmi Ambode will formally present the certificate to Lagosians and Nigerians soon.

    Olopade expressed profound gratitude to Governor Ambode for making the Access Bank Lagos City Marathon a reality and for his unflinching support.

    “We are a global brand today because of Governor Ambode’s vision and foresight, without him there won’t be anything called Access Bank Lagos City Marathon. This is his project and he is giving us all support we need. He is the Chairman of the Organizing Committee.

    It is support that ensured that we got a personality like Norris Williamson , a grade A IAAF/AIMS measurer, who measured the route of Atlanta, Sydney, Athens and Beijing Olympics Games to measure and certify our route, which ensured that we are a label race before our third edition’’.

    Olopade also thanked Access Bank the race sponsor and others sponsors and supporters like 7 Up, Bet naija, Eko Hotels, Eko Atlantics, GAC Motors and the staff of the Marathon Office for making this achievement possible.

    IAAF label races are races that are designates as leading road races around the world. It was first introduced for the 2008.

    The conditions for the award of IAAF label are stringent they include but not limited to an international elite field, the race course closed to vehicular traffic, route measured to the Association of International Marathons and Distance Races (AIMS) standard, use of electronic timing to generate the results, a specified number of doping tests , equal prize money for the participants and others.

  • Access Bank withdrew N852m SUBEB fund, witness tells panel

    •‘Bank paid N71m refund to Fayose administration’

    The controversy on the alleged mismanagement of N852,936,713.92 fund belonging to the Universal Basic Education (UBE) in Ekiti State was laid to rest yesterday at the sitting of the Judicial Commission of Enquiry.

    The panel is investigating the management of the state’s finances between October 2010 and October 2014 when former Governor Kayode Fayemi was in office.

    The cash, which was a counterpart fund to finance projects carried out by the state government through the State Universal Basic Education Board (SUBEB), was withdrawn by Access Bank, its witness told the panel.

    The Ayo Fayose administration has consistently accused the Fayemi administration of embezzling the cash, a major reason the panel was raised. But Fayemi and his aides denied misappropriating the fund.

    The witness, Mr. Kayode Adejuyigbe, told the seven-member panel, led by retired Justice Silas Oyewole, that the bank withdrew the N852 million counterpart fund because government did not fulfil some terms attached to the loan.

    Adejuyigbe, who is the Branch Manager of Access Bank’s branch on Secretariat Road in Ado-Ekiti, the state capital, said the bank paid N71,704,020, being the refund of excess interest charged on the fund into the account of the state government.

    The refund, according to him, was demanded by the Fayose administration.

    The witness was led in evidence by Access Bank’s lawyer, Mr. Olufemi Abiola.

    Adejuyigbe said the Office of the Accountant-General acknowledged receipt of the refund.

    Shedding light on what happened to the cash, the banker said: “I know and can confirm that  N852,936,713.92 was lodged into the 2012 SUBEB/UBEC Project Account on November 25, 2013, and I am aware that it was a project counterpart fund required by SUBEB to access 2012 Matching Grant from the Federal Government, as stated in the offer letter.

    “It was lodged on the rules of the bank and it was lodged into the account of Ekiti State government and later transferred to SUBEB.

    “At the point of lodgement to the state government, some documents were outstanding. But based on the offer letter executed, which contains all the terms and conditions binding, the loan was duly accepted by officials of government and the loan disbursed.