Access Bank Plc has secured another vote of confidence from rating agency GCR Ratings (GCR), which affirmed the lender’s national scale long-term and short-term issuer ratings at AA(NG) and A1+(NG) respectively, while maintaining a stable outlook, underscoring the bank’s dominant market position, diversified international footprint, and resilient credit fundamentals.
The rating affirmation comes at a time when Nigeria’s banking sector is undergoing a challenging operating environment characterised by elevated interest rates, tighter regulatory requirements, exchange rate volatility, and ongoing capital strengthening efforts. Against this backdrop, GCR’s latest assessment positions Access Bank among the country’s strongest banking franchises, supported by its scale, funding profile, and growing role in facilitating trade across Africa and beyond.
According to the rating agency, the assessment reflects the credit strength of Access Holdings Plc, given that Access Bank remains the group’s largest operating subsidiary and primary earnings driver.
GCR highlighted Access Bank’s enduring leadership in Nigeria’s banking sector, noting that its extensive domestic footprint and expanding international network continue to distinguish it from peers.
The agency pointed to the bank’s unique trade finance capabilities, built around a strategic presence in major commercial corridors across Africa, Europe, and Asia, which have strengthened its position as a leading intermediary for cross-border trade and investment flows.
This international diversification has become increasingly important as Nigerian lenders seek new revenue streams beyond the domestic market and position themselves to benefit from growing intra-African trade under the African Continental Free Trade Area (AfCFTA) framework.
Ratings analysts noted that Access Bank’s business profile remains anchored by its status as Nigeria’s largest lender by scale, supported by strong governance structures and an evolving risk management framework.
“Access continues to demonstrate a combination of scale, international diversity and strong trade-finance capabilities that support its competitive positioning,” the agency stated.
One of the key factors supporting the ratings is the bank’s funding and liquidity profile, which GCR described as a major credit strength.
The agency observed a significant shift in Access Bank’s funding structure during the 2025 financial year, as the institution reduced its dependence on wholesale and interbank funding while increasing reliance on customer deposits.
Interbank deposits fell by 59.9 percent to N3.7 trillion, reflecting what management described as a deliberate strategic move toward a more stable and lower-cost funding base.
The transition was supported by stronger growth in both naira and foreign-currency customer deposits, reinforcing liquidity and enhancing funding stability.
Management believes the trend is sustainable, citing long-standing relationships across corporate and public-sector clients that are increasingly translating into deposit mobilisation opportunities.
Market funding currently accounts for less than 3 percent of customer deposits, and the bank plans to reduce this further over the medium term.
According to GCR, Access Bank intends to optimise funding costs over the next 12 to 18 months by reducing its dependence on long-term borrowings, which remain stable but relatively expensive in the current high-interest-rate environment.
The agency expects the bank’s debt profile to evolve accordingly without creating funding vulnerabilities, given the strength of its deposit franchise.
GCR also identified liquidity as a key rating strength.
The agency said management expects the bank’s liquidity ratio to remain above 40 percent throughout the outlook period, a level that provides significant capacity to absorb potential market disruptions while supporting lending and operational activities.
The liquidity assessment reflects the bank’s extensive deposit base, diversified funding channels, and strong access to local and international financial markets.
A major feature of Access Bank’s risk profile has been its conservative lending approach over the past two years.
GCR said the bank’s moderate risk appetite has translated into a strategic preference for investment securities over aggressive loan growth, helping preserve asset quality amid economic uncertainty.
This approach has enabled the lender to maintain a relatively low level of credit deterioration despite macroeconomic headwinds.
Over the last three years, the bank’s non-performing loan (NPL) ratio has remained below 3.5 percent, reflecting disciplined underwriting standards and enhanced risk controls.
As of December 2025, NPLs increased only marginally to 3.0 percent, despite the termination of regulatory forbearance measures that had previously provided temporary relief on certain loan exposures.
According to GCR, Access Bank’s sustained emphasis on efficiency and risk-adjusted growth should continue to support asset quality over the outlook horizon.
However, the agency noted that the strategy has resulted in higher sovereign exposure, as a substantial portion of investment securities consists of Nigerian government debt instruments.
While these assets support liquidity and capital preservation, they also increase the bank’s exposure to sovereign credit risk.
The termination of regulatory forbearance arrangements had a notable impact on the bank’s earnings profile during the year.
Impairment charges rose to N523.5 billion in 2025, more than double the N245.3 billion recorded in the previous year.
Despite the increase in provisioning costs, the underlying quality of the loan book remained relatively stable, with only a modest increase in non-performing loans.
While GCR described Access Bank’s capitalisation as modest relative to some rated peers, it acknowledged recent improvements in regulatory capital metrics.
The agency noted that the bank’s rapid expansion over the past decade has placed pressure on capital ratios, a common challenge among high-growth financial institutions.
As of December 2025, Access Bank’s Capital Adequacy Ratio (CAR) improved to 21.0 percent, compared with 20.0 percent a year earlier.
The increase was supported by retained earnings growth, although partially offset by a rise in risk-weighted assets following the end of regulatory forbearance.
Similarly, the bank’s GCR core capital ratio strengthened to 12.4 percent from 11.7 percent in 2024.
Ratings analysts expect capitalisation to improve gradually over the medium term through internally generated earnings, operational efficiencies, and the continued expansion of the group’s international franchise.
According to GCR, sustained growth across the bank’s pan-African operations could translate into stronger capital buffers and improved financial flexibility.
Another factor highlighted by the rating agency is Access Bank’s evolving environmental, social, and governance (ESG) framework.
Although the bank retains exposure to Nigeria’s oil and gas sector, GCR noted that this concentration has reduced significantly over the past year.
Exposure to oil and gas declined to 8.8 percent of gross loans as of December 2025, down from 17.6 percent a year earlier.
The agency said Access has developed a stronger ESG risk culture over time, distinguishing it from many peers within the Nigerian banking landscape.
The gradual reduction in hydrocarbon exposure reflects efforts by the institution to diversify its loan portfolio and align lending practices with evolving sustainability considerations.
GCR maintained a stable outlook on the ratings, indicating expectations that the bank’s key credit metrics will remain broadly consistent over the next 12 to 18 months.
The agency believes positive developments, including stronger capital generation, improved funding efficiency, and expanding international operations, will likely be balanced by ongoing macroeconomic and regulatory challenges.
