Nigeria’s largest bank, Access Bank Plc, has announced plans to expand its operations to South Africa, as part of its strategy to become a leading financial institution in Africa.
The move comes after Access Bank acquired South African-based Grobank Limited in March 2021, with the aim of using the bank as a platform to expand its operations in the Southern African region.
According to a statement by Access Bank, the expansion will enable the bank to provide a wider range of financial products and services to its customers, including trade finance, treasury, and corporate banking.
The bank also stated that the expansion will create new opportunities for Nigerian businesses looking to expand into Southern Africa, by providing them with access to the bank’s expertise and networks in the region.
Access Bank’s Group Managing Director, Herbert Wigwe, said in the statement that the expansion is part of the bank’s broader strategy to become the world’s most respected African bank.
“We are excited about the prospects that Grobank brings to our operations in South Africa, and we are committed to building a world-class financial institution that will provide our customers with the best possible service,” Wigwe said.
The announcement of the expansion has been well-received by industry experts, who say that it is a sign of the growing importance of African banks in the global financial system.
“Access Bank’s expansion into South Africa is a significant milestone for the bank and for the African banking sector as a whole. It shows that African banks are becoming increasingly competitive on the global stage,” said Ikemesit Effiong, Head of Research and Strategy at SBM Intelligence.
Access Bank is one of Nigeria’s largest banks, with a customer base of over 40 million and operations in several African countries, including Ghana, Gambia, Rwanda, and Congo. The bank’s expansion into South Africa is expected to boost its position as a leading player in Africa’s banking industry.
