Access Bank unveils custody services to drive financial asset management

Business A.M

Access Bank has announced the launch of its custody services, offering safekeeping and servicing of financial assets to its esteemed customers.

The expansion into custody services, according to the multinational commercial bank, comes after obtaining regulatory approvals from the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) in December 2022.

Custody services is a crucial component of Access Bank’s continued growth and expansion strategy, and it aligns with the bank’s vision to become the gateway bank into African markets.

With the establishment of Access Investor Services Nominee Limited, a nominee company, customers’ assets will be held separately from the bank’s proprietary assets, ensuring the utmost security and protection.

Commenting on the launch, Ogbonna Roosevelt, managing director and CEO of Access Bank, described the introduction of custody services as a milestone in the banks’ mission to consolidate its strong franchise in corporate and investment banking.

Roosevelt said the bank is committed to providing Alpha-suite services to its corporate customers, including financial institutions – both bank and non-bank, local, and foreign.

“As we expand our clientele in this space, we aim to be the preferred partner for businesses looking to access international markets through strategic partnerships,” he said.

Bunmi Arowosafe, head of Access Investor Services (AIS), said the services are now open for business and have already commenced onboarding customers.

“Our customers will benefit from the natural drive that defines the Access brand – leadership, passion for customers, excellence, innovation, and professionalism. We have implemented a comprehensive and robust custody and settlement application that ensures a high level of straight-through processing (STP)”.

“Customers can expect a secure communication channel and all-around access to view holdings and track instructions. Moreover, our enhanced IT capability within the Access ecosystem will further augment our custody services,” Arowosafe said.

According to Arowosafe,the comprehensive custody services offered by Access Investor Services encompass securities processing, trade settlement, treasury and liquidity management, and multi-market services through subsidiaries and established partnerships.

She added that the expansion marks yet another step towards fulfilling Access Bank’s mission to provide exceptional financial solutions and unparalleled access to markets for both domestic and foreign customers.