Access Holdings: Imprints of a Thriving Banking Powerhouse, By Bolaji Israel

Access Holdings has continued to evolve and reinforce its corporate stature as a formidable force in Nigeria’s financial sector, demonstrating capacity for relentless growth, resilience and ambition through strategic expansion and innovative approaches. The entity owes its significant bulk to the Access Bank Group, supported by other allied services firms.

Also known as Access Corporation, the group has grown over the last 35 years to emerge as Nigeria’s largest financial holding company, offering services such as commercial banking, lending, payment, insurance, and asset management.

Though Access started off as a corporate bank, it swiftly expanded into personal and business banking in 2012, solidifying its role as a well rounded financial solutions provider.

In his memoir, ‘Leaving the Tarmac: Buying a Bank in Africa, ‘ Aigboje Aig-Imoukhuede detailed how himself and his partner, Herbert Wigwe walked the delicate path of buying Access Bank and never looked back since.

The bank’s acquisition in March 2022 by the maverick duo of Aig-Imoukhuede and Wigwe, which changed its entire growth, profit and branding trajectory as well as its merger with Diamond Bank in 2019 which shot up its customer base to over 42 million, granting it a status of the largest bank in Africa by customer base and the largest in Nigeria by assets, form a part of its remarkable and turnaround milestone.

With a keen focus on digitisation-driven growth and customer satisfaction, it has not only solidified its status in Nigeria but has also set its sights on becoming a formidable player in the international banking arena.

The group’s growth and expansion drive has been marked by a series of strategic acquisitions and mergers aimed at enhancing its market presence and delivering value to customers. In 2021, Access Bank acquired African Banking Corporation (ABC Holdings), a move that significantly bolstered its operations in Southern Africa. This acquisition allowed Access Bank to enter markets such as Botswana, Mozambique, and Zambia, thereby enhancing its regional footprint and customer base.

In addition to its African ventures, Access Holding has been eyeing opportunities in Europe and Asia. Recent announcements highlight the bank’s interest in potential partnerships and acquisitions that could facilitate its entry into these lucrative markets. The bank’s management has stated, “We are committed to diversifying our operations and exploring new markets that align with our growth strategy.”

The results of the expansion efforts have been promising. For the year ending 2023, Access Holding reported a staggering 300 percent growth in profit after tax to N612.4 billion, from N204.1 billion in 2022. This represents the largest profit ever recorded by the company, under the leadership of its late co-founder, Herbert Wigwe.

It revenue soared by 80% to N2.6 trillion, from N1.4 trillion in 2022 while assets rose by 78% to N26.7 trillion, from N14.99 trillion in 2022, marking a significant growth trajectory that positions Access Holding as one of Nigeria’s largest and most influential banks.

Leading Force in Financial Sector

Access Holding’s influence in the financial sector extends beyond its impressive growth metrics. The bank has taken on a leading role in advocating for financial inclusion and economic empowerment across Nigeria and Africa. Through various initiatives, Access Holdings is committed to providing access to banking services for underserved populations, thereby contributing to the broader goal of economic development.

The bank’s emphasis on technology and innovation has positioned it as a leader in the digital banking space, setting benchmarks for other financial institutions to follow. By continuously enhancing its service offerings and embracing new technologies, Access Holding is shaping the future of banking in Nigeria and beyond.

Innovations and Technological Advancements

Access has prioritized innovation as a cornerstone of its growth strategy. Over the past two years, the bank has invested heavily in upgrading its technology infrastructure to provide customers with seamless and efficient banking experiences. The launch of a robust digital banking platform is a clear testament to this commitment. The improved platform allows customers to perform a wide range of transactions, from fund transfers to bill payments, all from the convenience of their mobile devices.

The bank’s mobile banking app has also seen significant upgrades, incorporating features such as biometric authentication, personalized financial insights, and enhanced security protocols. These innovations have resulted in a marked increase in user engagement, with over 10 million active users reported in 2024.

Moreover, Access has revitalized its Point of Sale (POS) services to cater to the growing demand for cashless transactions. The bank has deployed thousands of POS terminals across Nigeria, facilitating secure and efficient payment solutions for businesses and consumers alike.

Leadership and Succession

The unfortunate demise of Dr Herbert Wigwe, CFR, the Company’s founding Group Chief Executive Officer and former Group Managing Director of its flagship subsidiary, Access Bank Plc on Friday, February 9, 2024, in a helicopter accident in the United States of America, would have constituted a permanent clog for any company without a formidable structure.

Access Holdings has however been able to rise above the dark moment and steadied the ship with the return of Aigboje Aig-Imoukhuede as Chairman and emergence of Bolaji Agbede as GCEO. The swift realignment is a clear testament to the group’s ability to deftly manage succession.

Growth Outlook and Ambition

Access growth results and targets highlight its ambitious nature. The banking group aims to achieve a market capitalization of ₦10 trillion by 2025, with plans to expand its customer base to over 50 million across its operational territories. This ambition is supported by strategic partnerships and potential mergers, not only within Nigeria but globally.

Analysts have noted that Access Holdings is well-positioned to capitalise on the growing demand for financial services across Africa and beyond. With a solid foundation and an eye on expansion, the bank is poised to become a leading financial institution on the global stage.

The landscape of mergers and acquisitions in the banking sector has been vibrant, and Access Holdings is keen on exploring potential opportunities. In Nigeria, the banking industry has witnessed a wave of consolidation, with several banks seeking to enhance their market positions through strategic mergers. Access has expressed interest in potential acquisitions that align with its growth strategy, particularly in the areas of technology and customer service.

Globally, the banking group is also exploring partnerships that can facilitate its entry into new markets. The management has indicated that Access Holding is open to collaborating with fintech companies and other financial institutions that can complement its service offerings and enhance customer value.

Awards and Commendations

Access Corp’s commitment to excellence and innovation has earned it numerous accolades over the past year. The bank was recognized as the “Best Bank in Nigeria” at the Global Finance Awards, a prestigious honour that underscores its leadership position in the industry. Additionally, the bank received the “Most Innovative Bank” award at the African Banking Awards, highlighting its commitment to embracing technology and improving customer experiences.

These awards reflect a solid dedication to maintaining high standards of service and its ability to adapt to the rapidly changing financial landscape.

Access Holdings trajeectory stands as a testament to what can be achieved through strategic expansion, innovation, and effective leadership. With its aggressive growth strategy, commitment to technological advancement, and dedication to customer satisfaction, it is firmly establishing itself as a thriving banking conglomerate.

*Rite Foods Partners NASRE Foundation to Support Ailing Journalists

Rite Foods Limited, a leading indigenous manufacturer in the Food & Beverages sector, has partnered the Noble Association of Social and Resourceful Editors(NASRE) Foundation to provide support for ailing journalists and widows of deceased media practitioners in the country.

This collaboration comes as part of NASRE’s ongoing efforts to assist journalists facing health challenges across the country, having embarked on three outreach programmes last year.

The NASRE team was warmly received on Wednesday, February 5th, 2025, by the management of Rite Foods at its Head Office in Ikeja, Lagos State.

Receiving NASRE team on behalf of the Managing Director of the company, Mr. Saleem Adegunwa, the Head of Corporate Communications and Brand Management , Mr. Ekuma Eze was elated with the visit.

Earlier during the visit, the Public Relations Officer (PRO) of NASRE, Mr. Adeyemi Obadimu had outlined the foundation’s mission and the purpose of the meeting. He revealed the health and financial challenges facing most veteran journalists, who had, during their active years, served the country meritoriously, but are now struggling to survive.

Obadimu highlighted that NASRE’s outreach programme last year was a success, benefiting over 70 individuals, including journalists suffering from partial stroke, widows, and widowers of deceased practitioners . He emphasised the importance of taking care of journalists in need, especially, the veterans who have contributed greatly to the industry.

“Journalism is a thankless job, and as much as we may be appreciated in our bylines, it is crucial that we care for our colleagues who have dedicated their lives to the profession,” said Obadimu.

Butressing his point, the Director, Public Engagement, Mr. Bunmi Obarotimi who represented the President of the association, Mr. Femi Oyewale said: “NASRE’s intends to launch the Foundation officially in this current year and we are proud to have Rite Foods as our partner going forward.”

In his response, Ekuma Eze commended NASRE Foundation for its noble and impactful initiatives, recognising the significant difference it has made in the lives of journalists and their families. He praised the foundation’s efforts in providing assistance to over 70 journalists and their dependents last year. Eze reiterated Rite Foods’ unwavering commitment to supporting initiatives that foster the well-being of the media community.

“At Rite Foods, we are deeply invested in contributing to the development of our society. We understand the importance of health and well-being, especially for those who dedicate their lives to sharing vital information with the public. We believe in the mission of NASRE and are committed to supporting your work in every way possible,” Eze stated.

“This partnership will go beyond just providing financial support; we are dedicated to helping create an ecosystem where journalists can thrive, even in the face of adversity,” he added.

He also spoke about the company’s long-term goals, highlighting Rite Foods’ plan to expand beyond Nigeria and into other African countries. “We have exciting plans for the future,” he added. “Rite Foods is committed to not only strengthening its footprint within Nigeria but also extending our reach to the wider African continent. We believe that our growth will not only benefit our business but also contribute to the national economy, creates job opportunities, and foster the development of the beverage and food sectors.”

Eze emphasised that Rite Foods has been actively involved in national economic development, focusing on reducing unemployment and improving service delivery. As one of the leading manufacturers in the beverage, drinks, and sausages sectors, Rite Foods remains committed to excellence in all its business operations, he said.

Through innovation, quality products, and partnerships like the one with NASRE, the company aims to continue breaking new ground in the industry.

He concluded that, “Our mission at Rite Foods is clear: to improve lives, deliver quality products, and contribute to the economic growth of Nigeria and Africa as a whole. We are proud to partner with organizations like NASRE that share our values of social responsibility and community development.”

The partnership between Rite Foods and NASRE marks a significant step in supporting the health and well-being of journalists, ensuring that those who have dedicated their careers to the industry receive the care and recognition they deserve.