Access Holdings Plc, trading as Access Corporation, announced the start of operations yesterday, along with the initial holding companies and its future strategy.
A statement from the company yesterday explained that the company, which builds on the scale and ethical standards of Access Bank, would have portfolio companies with significant complementarities, enabling the ecosystem to support customers throughout throughout their life cycle while delivering value to stakeholders.
Access Corporation Group CEO Herbert Wigwe on its debut was quoted in the statement as saying: “Many of you would have heard of us from Access Corporation earlier this year. This natural evolution of our business will allow us to continue to use digital tools and our partnership with fintechs to support the lifestyles of our customers outside the banking system.
“We have set our goals and implemented ambitious plans to transform the financial services sector in Africa over the past 20 years. So far, we have focused on the banking sector, with the aim of becoming the most respected African bank in the world. Our banking subsidiary is now the largest bank in Nigeria by assets and the largest in Africa by customer base.
“Now is the time for us to take the next step in transformation, where we provide our customers with services beyond banking by providing new interconnected financial services across customer needs.”
The Company would include verticals spanning banking, payments, consumer lending, insurance brokerage and asset management.
“Access Bank Group will continue to operate in Nigeria and through its subsidiaries and commercial offices in Africa, Europe and Asia. These businesses, when combined, will position Access Corporation to provide banking services, including intra- and inter-African trade, consumer lending, payment services and insurance services to our customers, thereby enhancing the diversification and preservation of wealth.
“Five years from now, Access Corporation will be a leading financial and ecosystem player, with services spanning B2B and B2C markets, B2B services, healthcare, housing, digital, mobility content, mobility, offerings basic banking and other financial services such as insurance and wealth management,” added Wigwe.
“We recognize and embrace the change that is happening now and, as we have already demonstrated, we will lead. Access Corporation will be a driving force in the ongoing digital revolution for the benefit of our stakeholders. This transition will allow us to offer our employees more opportunities for career development in our portfolio companies, which will allow us to attract and retain the best talent in an increasingly global market.
“We will unlock more value for our customers by focusing on distinct business opportunities with high growth rates globally, such as consumer payments and lending,” he said.