Access Holdings to enter 7 new territories

In a five-year strategy plan released on Monday, Access Holdings Plc, the largest lender in Nigeria by assets, stated that it expects to expand its operations to France and Hong Kong by 2027.

The lender claimed the expansion effort also entails the group entering countries such as Malta, Dubai (UAE), Lebanon, China, and Mumbai as part of a larger strategy to be Africa’s gateway to the world (India).

By 2027, Access Holdings expects its clientele to total 125 million, with 100 million of those customers projected to be retail customers.

The lender currently serves over 52 million retail customers throughout its 17 operational nations.

The financial services giant plans to transform its retail banking operation into a digital sales and service provider by 2027, which is one of several lofty goals it has set for the next five years.

The amount of digital loans it made increased from N2 billion in 2017 to N146 billion in 2021.

Access Holdings stated in the document published on the website of the Nigerian Exchange that it intends to compete with the top two pensions providers in all of the markets in which it does business.

The holdco purchased an indirect equity stake in Sigma Pensions Limited as well as a controlling stake in First Guarantee Pension Limited last year.

Access Bank Nigeria, the regional branch of the group’s commercial banking sector, is expected to generate 52% of gross revenue and 33% of pre-tax profit.

The wholesale division of Access Holdings is anticipated to provide 63% of gross revenue and 50% of profit before taxes, while the retail division is anticipated to contribute 25% of gross revenue and 31% of pre-tax profit.

According to the statement, the banking division will serve as the hub for the group’s transformation and support efforts to promote financial inclusion and digital client solutions.