Access Holdings pledges $100m to anchor Zambia’s energy, growth ambitions

Onome Amuge

Aigboje Aig-Imoukhuede (left), Chairman, Access Holdings Plc, and Zambian President, Hakainde Hichilema (right), during a courtesy visit by Aig-Imoukhuede to the President at the State House in Lusaka, recently.

Access Holdings PLC, has pledged continued and significant support for Zambia’s energy and agriculture sectors, following a high-level meeting with President Hakainde Hichilema at the State House. The discussions concluded with a firm commitment from Access Holdings to provide financing arrangements of up to $100 million to catalyse transformative projects, aligning directly with Zambia’s core growth strategy.

The pledge comes at a crucial juncture for the southern African nation. President Hakainde Hichilema noted that Zambia is currently facing a shortfall in power generation and transmission capacity, a challenge that has become increasingly critical as the country seeks to leverage its mining potential. With copper production projected to hit a milestone of one million metric tonnes by year-end, a reliable and robust energy supply is considered non-negotiable for sustained economic expansion.

The president, in welcoming the financial backing, emphasised the need for increased private sector investment in the wake of the government’s recent open access reforms in the energy sector, which are designed to create a more favourable environment for capital.

Aigboje Aig-Imoukhuede, chairman of Access Holdings, commended the Zambian government’s bold economic reforms, noting that these measures had successfully created a conducive environment for strategic investments. He framed Access Holdings’ commitment as a direct response to these policy shifts.

“Access Holdings stands ready to finance transformative projects that will strengthen Zambia’s power generation, transmission, and distribution capacity,” Aig-Imoukhuede stated, adding that the financing was specifically designed to support the sectors that “matter most to the economy.”

The commitment is not merely a statement of intent. The group’s local subsidiary, Access Bank Zambia, is already moving ahead, with CEO Lishala Situmbeko revealing that the bank is partnering with Industrial Development Corporation (IDC) subsidiaries and is actively evaluating a separate investment of 450 million kwacha into critical infrastructure projects.

The foray into Zambia represents a significant chapter in Access Holdings’ wider pan-African expansion strategy. The company, which was established in 2022 as a non-operating financial holding company, has a diversified portfolio of subsidiaries spanning banking, payments, pensions, insurance, and digital lending. This structure allows the group to offer a more comprehensive suite of solutions than a traditional commercial bank, and it is this ecosystem that it is now positioning to deploy across the continent.

Beyond core banking, the group’s subsidiary, Hydrogen Payment Services, is leveraging a powerful business services network to address unique payment challenges across Africa. This capability aligns perfectly with President Hichilema’s emphasis on digital transformation as a central pillar of Zambia’s growth agenda. Similarly, its pension and insurance arms, Access ARM Pensions and Access Insurance Brokers, provide a foundation for supporting long-term economic stability and risk mitigation within the market. This integrated approach, which extends from infrastructure finance to digital-first lending through its Oxygen X Finance subsidiary, allows Access to embed itself deeply within the economic fabric of its host countries.

For Access Holdings, diversifying its geographic footprint is a key strategic imperative. By expanding into politically stable, resource-rich markets like Zambia, the company can mitigate some of the domestic risks inherent in its home market of Nigeria. The move solidifies its position as a leading African financial services group dedicated to supporting both government and private sector stakeholders to deliver sustainable economic impact.

The Zambian government has been quick to welcome the partnership. Jito Kayumba, special assistant to the president for finance and Investments, and Pamela Nakamba, economic advisor to the president, both praised Access Holdings for its proactive approach.

For Zambia, Access Holdings’ investment provides more than just capital. It offers a partner with deep operational experience in addressing complex African markets and a comprehensive suite of financial tools to support growth. The focus on both energy and agriculture is particularly strategic. While energy is vital for the mining sector, the agricultural sector is the backbone of the economy, and increased investment there is expected to lead to greater food security and rural prosperity.