In line with its commitment to becoming a global banking leader for expansive growth and robust financial performance, Access Holdings Plc says its financial target is pegged at ten trillion naira by 2027.
Access Bank’s Chief Executive Officer, CEO, Roosevelt Ogbonna, made this known yesterday at a ‘Facts Behind the Right Issue Presentation by Access Holdings Plc’ in Lagos State.
According to Ogbonna who disclosed that the bank’s customer base has equally been projected to peak at 125 million by 2027, the bank holds fast its vision of transforming into Africa’s gateway to the world.
The Access bank CEO said, “We are positioning ourselves to be one of the most respected banks globally, focusing on superior service across three continents and spanning 22 countries, including the UAE and the UK.”
He expressed optimism that if these projections eventually come into reality, it would further cement Access Bank’s market leadership, noting that the bank’s focus on strategic market entry and consolidation efforts was deliberate, strategic and aims to build a strong franchise across Africa.
Ogbonna said, “Our journey from a handful of branches to a global presence showcases our dedication to sustainable growth.
“By 2027, we aim to be one of the top five banks globally, powering trade across the continent and providing superior services to our customers.”
On his part, Chairman of Access Holdings, Aigboje Imoukhuede, stated that the company was offering 17.7 billion shares at N19.75 each through the right issue.
According to him, the offer was aimed at supporting the institutions’ growth plans, adding that these rights issue aims to raise substantial capital for expanding the bank’s operations and enhancing its service offerings.
Recall that in January 2023, Access Holdings Plc, via a document released on the Nigerian Exchange Limited, had announced a five-year strategy in a move to becoming top five financial services institution on African continent by the end of 2027.
According to the company, it aimed to be on the top list by the end of the strategic cycle in terms of revenues, asset base and on a balanced scorecard basis, adding that in two decades, it had recorded significant progress, emerging as a leading tier one financial institution in Nigeria.
Access bank reportedly said the feat was in line with its disciplined execution of rolling 5-year corporate plans and that it has consistently outperformed the market on the growth of key metrics.
“We have focused on generating sustainable revenue across all income lines,” the financial institution said noting that across Africa, there was an opportunity for Access Corporation to extend financial services to the unbanked and deepen its financial services offerings to banked customers.
It added that, “we have maintained and continued to carry forward a residual dividend policy which ensures we keep our investors in mind as well as provide sufficient capital to fund investment and growth, maintaining a sustainable dividend policy.”
According to reports, Access Holdings explained that from 2023 to November 2027, its Net Interest Margin (NIM), driven by increased lending within the core Bank and by the growth in LendCo’s business, was expected to be at least six per cent, typically resulting in higher margins on average.
“Healthy Return on equity (ROE) returns expected over the next five year as we continue to maximise returns for shareholders. ROE along with ROA are expected to grow, as a result of improvements in CIR and an increase in footprint across higher efficiency locations,” it stated.
