Table of Contents
Key Points
- Access Bank plans expansion into Morocco as part of a strategy to double international assets by 2027 and strengthen its global presence.
- The bank's global growth includes key markets like Morocco, Egypt, and the U.S., aimed at solidifying its position as a global financial leader.
- Access Holdings' $228 million rights issue, approved by CBN and SEC, strengthens its capital base and positions it for regulatory compliance by 2026.
Access Bank, a unit of Access Holdings led by Nigerian banker Aigboje Aig-Imoukhuede, is set to expand its footprint with a planned entry into Morocco. This move is part of a broader strategy to strengthen its international presence and diversify beyond its established markets. The Moroccan expansion is a key step in the bank's goal of doubling its international assets by 2027.
This expansion is expected to drive Access Bank's growth across Africa, the Middle East, and beyond, playing a key role in its broader ambition to solidify its position as a global financial powerhouse. The strategy targets key markets including Morocco, Egypt, and the U.S., reflecting the bank’s commitment to expanding its global presence.
Access Bank launches Hong Kong branch
Founded in 1988, Access Bank is the flagship banking subsidiary of Access Holdings. With over 700 branches and a robust customer base of 60 million across 22 markets—including sub-Saharan Africa, the UK, and Dubai—it has established itself as an industry leader. This global presence is further bolstered by representative offices in China, Lebanon, and India.
In Nigeria alone, Access Bank employs nearly 30,000 individuals, demonstrating its strong domestic footprint. Under the leadership of Aigboje Aig-Imoukhuede, the bank has pursued an ambitious international expansion strategy, culminating in key milestones such as the opening of its first Hong Kong branch.
This move has strengthened the bank’s presence in Asia, facilitating trade between Africa, China, and broader Asian markets, and aligns with Access Bank’s vision to enhance economic connectivity across regions.
Access Holdings wins CBN, SEC approval
Access Holdings has secured approval from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to proceed with its $228 million rights issue. This milestone not only bolsters the company’s capital base but also strategically positions it to meet the 2026 regulatory requirements.
Building on this momentum, Access Holdings reported robust financial performance in Q3 2024. Total assets surged to N41.1 trillion ($27 billion), while shareholders’ equity reached N3.3 trillion ($2.1 billion). Gross revenue for the first nine months of 2024 rose 114.5 percent year-on-year, climbing from N1.6 trillion ($1 billion) to N3.4 trillion ($2.2 billion), underscoring the bank’s strong growth trajectory and operational resilience.
