Access Bank gets approval in principle to operate in Namibia

Busayo Samuel

Access Bank Plc, the flagship subsidiary of Access Holdings Plc, is making an incursion into the Namibian banking landscape.

The Holding Company, one of Africa’s Leading Corporations informed the Nigerian Exchange Limited and the investing public on Monday, through a letter, that it has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in Namibia.

Commenting on the development, Roosevelt Ogbonna, managing director/chief executive officer, Access Bank Plc, said: “This expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world. It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion thereby empowering many to achieve their dreams.

“Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise and will unlock new opportunities for businesses and individuals alike. We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region.

We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups.”

Access Bank’s operation in Namibia is expected to stimulate the local economy and strengthen its position as a leading regional player.

The Bank already has its presence in other Southern African countries like Angola, Botswana, Mozambique, South Africa and Zambia.

“The Bank is well positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region,” Ogbonna noted.

Sunday Ekwochi, company secretary, Access Holdings hinted that the Bank will be working in the coming months to fulfil the conditions precedent to the grant of final licence and will keep the market informed.