Access Bank Plc announced that it will transition from core banking to a full financial services holding company on May 1.
In a notice to shareholders on Saturday, the bank’s managing director, Herbert Wigwe, stated that the new company will be known as Access Holdings, PIc, but will trade as Access Corporation.
“We will transition from a bank to a large-scale ecosystem player offering a new globally connected set of services,” Wigwe said.
“This ecosystem will provide specialized services while also providing a seamless integrated experience, improving both relevance and convenience.”
“Access Corporation will oversee a group of portfolio companies with significant complementarities, resulting in increased value for you.”
“These include: Access Bank Group: banking remains at our core, and we are now equipped to provide best-in-class, seamless, and consistent Customer Experience and service delivery in Nigeria and across our 14 subsidiaries in Africa, Europe, and Asia.”
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Lending Company: a Consumer Lending Company that serves individuals and small and medium-sized businesses. Buy-now-pay-later loans, car loans, small mortgages, salary-based loans, working capital loans, durable goods loans, point-of-sale loans, and other products will be available. This is a digital company that values speed, convenience, and value.
“Payment Company: a Payment Services Company that will drive payments within Africa, across the continent, and beyond.” Payco, primarily a business services company, will make payments easier, faster, and more efficient. The emphasis will be on switching, cards, and so on.
“Use a payment gateway to help with e-commerce.” The Payco will collaborate with organizations to become the continent’s most trusted Fin Tech enabler.
“Insurance Company: we recognize that insurance is critical to long-term viability.”
It is a tool for preserving intergenerational wealth and benefiting societies. Access Insurance Brokerage would offer a value-added insurance brokerage service centered on your personal and business protection requirements.
“Your banking experience will be greatly enhanced, and you will be connected to even more exceptional opportunities to fit your lifestyle and business needs.”
Wigwe also announced changes to the company’s structure that will take effect on May 1.
As Group Managing Director/Chief Executive Officer, he will lead Access Corporation.
Roosevelt Ogbonna will take over as the bank’s Managing Director/Chief Executive Officer.
“With the new holding company, I will continue to support the banking group as well as other business verticals, and I hope we can also count on your continued support as we write the next 20 years of our journey together,” Wigwe wrote.