Access Bank, the flagship subsidiary of Access Holdings, run by Nigerian banker Aigboje Aig-Imoukhuede, has received a provisional license to conduct commercial banking operations in Namibia. The Bank of Namibia issued the license, as reported in a statement filed with the Nigerian Exchange and signed by company secretary Sunday Ekwochi.
The move is part of Access Bank’s overall aim to boost economic growth and intra-African trade in the Southern African region.
Roosevelt Ogbonna, Access Bank’s managing director and CEO, praised Namibia’s admission as a significant step in expanding the bank’s presence in the region and increasing financial inclusion.
“Our Namibian expansion represents a critical step in creating a gateway for intra-African trade, not just within Southern Africa, but across the continent and beyond,” Ogbonna told the crowd. “We are confident that this venture will deliver substantial value to shareholders, customers, and our wider stakeholder community.”
With operations in Angola, Botswana, Mozambique, South Africa, and Zambia, Access Bank is establishing itself as a regional leader, providing stakeholders with greater chances for growth and collaboration. The Namibian venture is consistent with the bank’s objective of expanding its Southern African network and establishing itself as a regional driver of financial inclusion.
Access Bank, formed in 1988, is a prominent player in Africa’s banking sector, with over 700 branches and 60 million customers in 22 countries, including Sub-Saharan Africa, the United Kingdom, and Dubai. It employs about 30,000 people in Nigeria and maintains offices in China, Lebanon, and India. The bank is also committed to renewable energy projects.
Its parent firm, Access Holdings, operates in 12 African countries and Europe, providing banking, asset management, payment, pension, and insurance services. In the first half of 2024, it generated a profit of N281.33 billion ($174.5 million), more than double last year’s N135.4 billion ($84 million), indicating growth.
In addition to its Namibian partnership, Access Holdings recently merged its pension arm, Access Pension Limited, with ARM Pension Managers Limited to become Access ARM Pensions Limited, which oversees nearly N3 trillion in assets.
