Access Bank Plc, Nigeria’s biggest bank by assets base, has said it is transforming from core banking into a full financial services holding company from 1 May, 2022.
Herbert Wigwe, the managing director of the bank who announced the move in a notice to shareholders on Saturday, said the new company will be known as Access Holdings, PIc, but trading as Access Corporation.
According to him, “This change will see us evolve from a bank into a large-scale ecosystem player offering a new globally connected set of services.
“This ecosystem will offer specialized services at the same time as a seamless integrated experience to improve both relevance and convenience.
“Access Corporation will oversee a group of portfolio companies with significant complementarities that will drive more value for you.
“These include: Access Bank Group: banking remains at our core, now equipped to provide best-in-class, seamless and consistent Customer Experience, and service delivery in its operations in Nigeria, and across its 14 subsidiaries in Africa, Europe and Asia.
“Lending Company: a Consumer Lending Company, serving individuals and SMEs. The products on offer will include buy-now-pay-later loans, car loans, small mortgages, salary-based loans, working capital loans, durable goods loans, point of sale loans and much more. This is a digital business, focused on speed, convenience and value.
“Payment Company: a Payment Services Company that will drive payments domestically, across the African continent and beyond. Primarily a business services company, the Payco will make payments simpler, faster and more efficiently. The focus will be on; Switching, Card Processing, New and Emerging Payments including managing the
“Access Payment gateway to facilitate e-commerce. The Payco will partner with organisations to be the most-trusted Fin Tech enabler in the continent.
“Insurance Company: we recognize that Insurance is key to sustaining businesses, and it is a tool to protect intergenerational wealth and benefit societies. Access Insurance Brokerage would provide a value-added insurance brokering service focused on your individual and business protection needs.
“Your banking service experience will be highly improved, and you will be connected to even more exceptional opportunities to suit your lifestyle and business needs.”
Wigwe who also announced changes in the company’s structure from May 1, said he will become head of the Access Corporation as the Group Managing Director/Chief Executive Officer, while Roosevelt Ogbonna will take over as Managing Director/Chief Executive Officer of the Bank.
“I will continue to support the banking group as well as other business verticals with the new holding company and hope we can also count on your continued support as we write the next 20 years of our journey together,” he said.