Access Holding Set To Expand Operations To France, Hong Kong and Five Other Countries

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Nigeria’s biggest lender by assets, Access Holdings Plc is expanding its charge into foreign countries like France, and Hong Kong in 2027 with its five-year strategy document which it released on Monday.

The plan of Access Holdings is to be Africa’s gateway to the world, this expansion will also feature countries like Malta, Dubai(UAE), Lebanon, China, and Mumbai (India). Access Holding which believes its clientele to 125 million by 2027, and which will be made up of 100 million retail clients for its customer base.

Several grand aspirations were unveiled by Access Holdings, which currently has over 52 million retail customers in 17 countries already, is aspiring to achieve these feats in the next half a decade and will push its retail banking business into the digital phase, providing digital sales and services by 2027.

The value of Access Holding’s digital lending increased from N2 billion in 2017 to N146 billion in 2021, to which it also added in its document on the Nigerian Exchange’s website that it has set its eyes on becoming one of the top two pensions players in the market where it operates.

2022, saw Access Holding acquire a controlling stake in First Guarantee Pension Limited and also indirect equity in Sigma Pensions Limited. Access Bank Nigeria is now expected to account for 52% of gross revenue and one-third of pre-tax profit.

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Access Holding stated in its document that its banking subsidiary will serve as a nexus to push its transformation agenda for the group and will drive financial inclusion and digital customer solutions.

The document also stated that “By the end of 2027, we expect to be in at least 26 countries and in at least 3 Organization for Economic Co-operation and Development (OECD) countries supporting trade (United Kingdom, France & United States of America),”.

Access Holdings is divided into five subsidiaries which are retail, commercial & corporate banking; insurance brokerage; payment and switching services; consumer lending and agency banking as well as asset management and pension fund administration.

Its gross earnings for the first nine months of 2022 increased to 25% to N906.9 billion, while its profit before tax also for the same period was N148.7 billion and it also expects its gross revenue for the year to exceed N1 trillion