Access Holdings, the Nigerian financial services group led by banking mogul Herbert Wigwe, has revealed ambitious plans to reach 100 million customers for its retail business by 2027.
As part of its 2023-2027 corporate strategy, the conglomerate intends to migrate the majority of its customers to digital platforms by 2027, and expand its presence in at least 26 countries, including several in the Organization for Economic Co-operation and Development (OECD).
The leading banking group plans to achieve this goal by leveraging its established presence across trade and financial hubs around the world, including London, Dubai, Hong Kong, Lebanon, Beijing, and Mumbai.
According to the group’s corporate strategy, under the leadership of Wigwe, its managing director, who ranks as one of the wealthiest investors on the Nigerian Exchange and one of the richest men in the country, it also plans to support intra-Africa trade by launching a subsidiary and partnering with development finance institutions.
The subsidiary, Hydrogen, will focus on two main customer groups: financial institutions and merchants/SMEs, offering products across three main business lines: card servicing, merchant payment solutions, and switching and direct card routing.
Access Holdings’ digital-led, low-cost customer acquisition strategy will come from four main sources: its existing customers, ecosystem partners and fintechs through digital partnerships and alliances, the Hydrogen sales team, and international expansion.
The conglomerate, which is Nigeria’s largest financial services group in terms of assets and one of the most capitalized financial institutions listed on the Nigerian Exchange, presently operates in 11 African countries, including South Africa, Ghana, Kenya, Nigeria, Rwanda, and Mozambique.
Under Wigwe’s leadership, the group plans to further expand its presence in Europe by establishing a new unit in France and consolidating existing operations in London.
The company’s commitment to digital platforms and international expansion is a clear indication of its ambition to stay at the forefront of the industry and continue to drive trade outputs.
Wigwe, who owns a 4.51-percent stake in the group, has played a key role in the group’s growth and expansion. With this latest move, Access Holdings is positioning itself to become a major player in the African and global financial services markets.
