Access Holdings, a pan-African financial services conglomerate led by Nigerian billionaire banking mogul Herbert Wigwe, is set to launch a new European unit after receiving approval to begin operations in France as part of its international organic growth program.
The move, which will see the company expand its reach in Europe and consolidate its existing operations outside of Africa, aligns with efforts to diversify its revenue and strengthen its earnings base as it continues to spread its tentacles across the European financial market.
“We will continue to spread across Europe to ensure that at the end of the day, perhaps ten years from now, we will have created a very strong diversified entity,” Access Holdings Group Managing Director Herbert Wigwe said.
He also stated that the group will not rely on Nigeria or Africa as a going concern, but will instead leverage a diverse income base with high-quality earnings from countries with lower inflation rates to build a stronger franchise than any other financial institution on the continent.
Wigwe also revealed that the holding company is planning to launch a new company called Hydrogen in its bid to become Africa’s gateway to the rest of the world.
He explained that the launch of Hydrogen will put the group on the path to supporting intra-Africa trade, and that Hydrogen will be responsible for payment across the continent in collaboration with some DFIs.
Access Holdings is Nigeria’s largest financial services group in terms of assets, as well as one of the most capitalized financial institutions listed on the Nigerian Exchange.
It operates in 11 African countries, including South Africa, Ghana, Kenya, Nigeria, Rwanda, and Mozambique. It intends to expand its presence in Europe by establishing a new unit in France and consolidating existing operations in London, UK.
Wigwe, a Nigerian business executive who played a key role in the pan-African banking group’s growth and expansion, owns a 4.51-percent stake in the leading financial services group.
