Access Bank, a pan-African bank based in Nigeria, is in the final stages of regulatory processes to introduce its inaugural full banking service in Asia during the first quarter of 2024, according to the CEO of its holding company quoted by Semafor Africa. Access Bank entered the Botswana market in October 2021 after acquiring a controlling stake in the African Banking Corporation of Botswana (BancABC). The acquisition saw Access snap up the 78.15% singular majority shareholding from Atlas Mara, the then controlling shareholder of, ABC Holdings, while the remaining 21.85% remains publicly held.
The move into the Asian market is a key component of a broader global expansion strategy. The bank aims to deepen its presence in Francophone Africa, foster stronger connections in North Africa, and extend its footprint across Europe. Access has already established wholesale banking operations in London and Paris, commencing operations in May.
Herbert Wigwe, the CEO of Access Holdings, the parent company of Access Bank, expressed optimism about receiving approval from monetary authorities "by this side of Christmas." Although Wigwe did not disclose the specific country for the bank's Asian launch to avoid preempting local regulators, he confirmed, "We will definitely be in Asia by the first quarter of next year."
Part of article first appeared on Daba Finance.