Access Holdings receives approval to establish Namibian banking unit

Timilehin Adejumobi -
Key Points
  • Access Bank secures provisional license to establish a commercial banking operation in Namibia, expanding its footprint in Southern Africa.
  •  Roosevelt Ogbonna highlights Namibian entry as a milestone for financial inclusion and a gateway for intra-African trade across the continent.
  •  Access Holdings reports strong growth, with first-half 2024 profits surpassing $170 million, reflecting resilience and expansion in Africa and Europe.

Access Bank, the flagship subsidiary of Access Holdings led by Nigerian banker Aigboje Aig-Imoukhuede, has secured a provisional license to establish a commercial banking operation in Namibia. The license was granted by the Bank of Namibia, as disclosed in a statement filed with the Nigerian Exchange and signed by company secretary Sunday Ekwochi.

The move is part of Access Bank’s broader strategy to drive economic growth and enhance intra-African trade within the Southern Africa region.

Access Bank expands footprint, eyes intra-African trade

Roosevelt Ogbonna, managing director and CEO of Access Bank, described the Namibian entry as a milestone in expanding the bank’s footprint in the region and boosting financial inclusion.

“Our Namibian expansion represents a critical step in creating a gateway for intra-African trade, not just within Southern Africa, but across the continent and beyond,” said Ogbonna. “We are confident that this venture will deliver substantial value to shareholders, customers, and our wider stakeholder community.”

With existing operations in Angola, Botswana, Mozambique, South Africa, and Zambia, Access Bank is positioning itself as a regional leader, offering stakeholders broader opportunities for growth and collaboration. The Namibian venture aligns with the bank’s vision to build a robust Southern African network and solidify its position as a driver of financial inclusion across the region.

Access Holdings: Diversifying beyond banking

Access Bank, founded in 1988, is a major player in Africa’s financial sector, with over 700 branches and 60 million customers across 22 markets, including sub-Saharan Africa, the UK, and Dubai. It employs nearly 30,000 people in Nigeria and has offices in China, Lebanon, and India. The bank is also focused on renewable energy projects.

Access Holdings, its parent company, operates in 12 African nations and Europe, offering banking, asset management, payments, pensions, and insurance services. In the first half of 2024, it posted a profit of N281.33 billion ($174.5 million), more than double last year’s N135.4 billion ($84 million), showcasing its growth.

In addition to its Namibian venture, Access Holdings recently merged its pension arm, Access Pension Limited, with ARM Pension Managers Limited, creating Access ARM Pensions Limited, which manages nearly N3 trillion in assets.