Access Bank posts US$35.76m profit before tax for the first half of the year

GHANA – Access Bank, a financial services provider, has recorded an impressive growth in its financial performance for the first half of the year. It recorded a net interest income growth from GH¢188 million (US$31.13m) to GH¢218 million (US$36.09m), while profit before tax grew from GH¢193 million (US$31.95m) to GH¢216 million (US$35.76m) year-on-year. The strong performance represents a 16 and 12 per cent growth in its net interest income and profit before tax respectively. Mr Olumide Olatunji, Managing Director of the Bank, disclosed this at its annual “Facts behind the…

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Access bank launches the third edition of ‘Womenpreneur Pitch-a-ton Africa’

NIGERIA – Access Bank Plc has unveiled the third edition of its ‘Womenpreneur Pitch-a-ton Africa’ programme in a bid to empower female entrepreneurs. The programme was designed to provide female owned businesses across Africa an opportunity to access finance, world-class business training as well as mentoring opportunities. The programme was also designed to create an enabling environment for female entrepreneurs to grow their businesses. “Access Bank has been a leading advocate for women’s economic empowerment in Africa and this is the key motivation for the ‘W’ Initiative which caters to…

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Access Bank officially launches its operations in South Africa

SOUTH AFRICA – Access Bank has marked the official launch of Access Bank South Africa and another step in furthering Access Bank Plc’s footprint across the continent. Access Bank Chief Executive Officer Herbert Wigwe said in a statement that the Southern African Development Community represented the strongest economy in Africa. The Nigerian multinational commercial bank acquired agricultural bank Grobank in March 2021 and officially launched its entry into the South African market this week. While Grobank, previously Bank of Athens, didn’t have retail banking operations as it was only focused…

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Access Bank launches DBA to increase its digital loans for young entrepreneurs

NIGERIA – Access Bank has launched the Diamond Business Advantage (DBA) lite, in a bid to increase its digital loans and enhance access to finance for young entrepreneurs. The bank said the product which is targeted at the youths was designed to add value to micro, small and medium scale enterprises (MSMEs). According to the bank’s Executive Director, Victor Etuokwu, entrepreneurship is essential for the growth of any nation. “DBA Lite is a product of the erstwhile Diamond bank via the Diamond Business Account (DBA) and that was one of…

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Nigeria’s Access Bank set to buy controlling stake in African Banking Corporation of Botswana

NIGERIA – Access Bank, Nigeria’s biggest lender, has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after acquiring a South African bank. The Nigerian bank will acquire just over 78% of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment, Atlas Mara said in a statement. Access Bank is expanding across the African continent to counter stagflation and dollar shortages in Nigeria that have frustrated businesses, shrinking the lending market. The…

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Nigeria’s Access Bank receives approval to acquire South Africa’s Grobank Limited

NIGERIA – Access Bank, a multinational commercial bank, has received approval to acquire South African lender, Grobank Limited. The regulatory support will see the Nigerian bank purchase one of several financial institutions it plans to take over for the acquisition of new clients. The Herbert Wigwe-led bank plans to wrap up the deal with Grobank by the second quarter of this year, which falls between April to June. The cost of the acquisition is valued at US$26.72 million by GCR Ratings. South African and Nigerian regulatory authorities have approved the…

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Access Bank completes acquisition of Cavmont Bank Zambia

ZAMBIA – The management of Access Bank Plc has announced that its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited. The bank said the acquisition followed the fulfilment of key conditions, including regulatory approvals. Access bank made this known in a disclosure notice sent to the Nigerian Stock Exchange (NSE). In July 2020, Access Bank in Nigeria announced plans by its Zambian subsidiary to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital. The bank said at the time that it had “entered into exclusive discussions” with Cavmont…

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Access Bank partners America express for the usage of American Express Cards in Nigeria

NIGERIA – Access Bank, a multinational commercial bank, has partnered with American Express, a financial service, to launch and broaden the acceptance and usage of American Express Cards in Nigeria. This announcement places Access Bank as the first full-service bank to acquire merchants that will accept American Express Card payments in the country. The partnership will enable American Express Card holders use their cards at a wider range of merchant locations when they spend time in Nigeria for tourism, business or visit friends and family. International American Express Card holders…

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Nigeria’s biggest bank Access to merge with Cavmont Bank Namibia

NAMIBIA – Access Bank, Nigeria’s biggest commercial bank has identified eight African countries for potential expansion into in the coming years, including Namibia with the proposed merger with Cavmont Bank Namibia. Access Bank’s ambition to branch out is aimed at benefiting from a continental free trade pact that came into effect on 1 January this year. The big South African banks – Nedbank, Standard Bank and the FirstRand Group – have a big continental footprint, but Access Bank has in recent years become a force to be reckoned with in…

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Access Bank in talks to acquire Atlas Mara Zambia

ZAMBIA – Access Bank Plc of Nigeria is in talks about a potential acquisition of assets belonging to Atlas Mara Ltd. The Lagos-based Access Bank is interested in Atlas Mara’s businesses in Botswana, Zimbabwe and Zambia, the people familiar with the matter have told Lusaka Times. Deliberations are in preliminary stages and no final decision has been made, they said. If successful, Atlas Mara will be left with its largest investment, a 49.97% stake in Union Bank of Nigeria Plc, which gives it a footprint in Africa’s largest economy. A…

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