Access Bank, a prominent financial powerhouse in Africa, has introduced a new chapter in its services by launching custody services, which offer a robust solution for the safeguarding and management of financial assets to its valued clientele.
This strategic expansion into custody services follows the successful acquisition of regulatory endorsements from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) in December 2022. With these pivotal regulatory approvals in place, Access Bank is set to elevate its service offerings to new heights.
The introduction of custody services signifies a pivotal step in Access Bank’s overarching growth strategy, in perfect alignment with its broader vision of positioning itself as the gateway bank facilitating seamless access to African markets.
As part of this expansion, Access Bank has established Access Investor Services Nominee Limited, a dedicated nominee company. Through this entity, clients’ financial assets will be meticulously managed, ensuring an impervious separation from the bank’s proprietary assets. This segregation guarantees the highest level of security and protection for customers’ valuable assets.
Commenting on the development, the Managing Director and CEO of Access Bank, Ogbonna Roosevelt, stated, “The launch of custody services represents a milestone in our mission to consolidate our strong franchise in corporate and investment banking.
“We are committed to providing Alpha-suite services to our corporate customers, including financial institutions – both bank and non-bank, local, and foreign. As we expand our clientele in this space, we aim to be the preferred partner for businesses looking to access international markets through strategic partnerships.”
Access Investor Services is now open for business and has already commenced onboarding customers. The Head of Access Investor Services (AIS), Bunmi Arowosafe, expressed excitement about the prospects, saying, “Our customers will benefit from the natural drive that defines the Access brand – leadership, passion for customers, excellence, innovation, and professionalism.
“We have implemented a comprehensive and robust custody and settlement application that ensures a high level of straight-through processing (STP). Customers can expect a secure communication channel and all-around access to view holdings and track instructions. Moreover, our enhanced IT capability within the Access ecosystem will further augment our custody services.”
The comprehensive custody services offered by Access Investor Services encompass securities processing, trade settlement, treasury and liquidity management, and multi-market services through subsidiaries and established partnerships.
This expansion marks yet another step towards fulfilling Access Bank’s mission to provide exceptional financial solutions and unparalleled access to markets for both domestic and foreign customers.
