Onome Amuge
Access Holdings has solidified its position as one of Sub-Saharan Africa’s largest banking groups, with total assets of $35.38 billion, surpassing major players such as United Bank for Africa ($21.94 billion), Zenith Bank ($21.061 billion), and FirstHoldCo ($17.72 billion). The group now ranks eighth by assets across Africa, according to research from Chapel Hill Denham.
Analysts say the milestone underscores the success of Access Holdings’ aggressive expansion and consolidation strategy, which has both strengthened its balance sheet and enhanced its regional relevance.
“This achievement highlights the impact of the Group’s targeted acquisitions and diversification, which have significantly enhanced its capacity to compete at a pan-African level,” Chapel Hill Denham noted.
The bank’s expansion strategy has seen it extend beyond Nigeria, where it was previously heavily reliant on domestic operations. In a notable move, Access Holdings acquired the National Bank of Kenya for approximately N179.1 billion (US$109.6 million), alongside Standard Chartered subsidiaries in Angola and Sierra Leone. Today, the Group operates in 20 countries, spanning Nigeria, the rest of Africa, and international markets including the UK.
This diversification has begun to reshape the Group’s earnings profile. According to Chapel Hill Denham, Nigeria now accounts for 47 per cent of total assets as of the first nine months of 2025, down from 75 per cent in the same period of 2023. Meanwhile, the rest of Africa and the UK/international businesses contribute 21 per cent and 32 per cent respectively, highlighting the growing importance of non-Nigerian operations in the Group’s portfolio.
The strategy has not only expanded Access Holdings’ footprint but also strengthened its financial resilience. By broadening its sources of revenue and interest-yielding assets, the Group has created a more diversified earnings base, better equipping it to weather macroeconomic volatility. Analysts expect that these moves will magnify shareholder returns while solidifying the bank’s capital position.
The impact of this expansion is also evident in the context of regional banking. Access Holdings now represents 37 per cent of total assets among Tier 1 Nigerian lenders, up from 28 per cent in December 2023 and 29 percent in December 2024. The Group’s trajectory showcases a broader trend in African banking, where leading institutions are leveraging cross-border acquisitions and strategic consolidation to compete with global and regional peers.
