Business
Access Holdings: An Esteemed and Influential Authority in the Banking Sector
Access Holdings continues to strengthen its position as a leading force in Nigeria’s financial sector, showing resilience, strategic growth, and innovation. The group, also known as Access Corporation, has developed over 35 years into Nigeria’s largest financial holding company, offering various services, including commercial banking, lending, payments, insurance, and asset management.
Strategic Growth and Market Leadership Originally established as a corporate bank, Access expanded into personal and business banking in 2012, solidifying its role as a full-service financial solutions provider. A key moment in its history was the 2002 acquisition led by Aigboje Aig-Imoukhuede and Herbert Wigwe, which changed its growth path. The landmark 2019 merger with Diamond Bank increased its customer base to over 42 million, making it Africa’s largest bank by customer base and Nigeria’s largest by assets.
Trending Project Rise Partners Makes $13.5 Billion Bid for Paramount, Challenging Skydance Deal Access Holdings’ growth strategy includes important acquisitions and market entries. In 2021, the group acquired African Banking Corporation (ABC Holdings), enhancing its presence in Botswana, Mozambique, and Zambia. The company is also looking at opportunities in Europe and Asia, signaling its ambition to become a global banking leader.
Financial Performance and Growth The group’s aggressive expansion has led to impressive financial results. For the 2023 fiscal year, Access Holdings reported a 300% increase in profit after tax, reaching ₦612.4 billion, up from ₦204.1 billion in 2022. Revenue surged by 80% to ₦2.6 trillion, while total assets rose to ₦26.7 trillion, reflecting a 78% growth.
Innovations and Digital Transformation Access Holdings has focused on digital transformation to improve customer experience and operational efficiency. Significant investments in technology have resulted in:
The launch of an advanced digital banking platform, enhancing transaction efficiency.
Improvements to its mobile banking app, adding biometric authentication and AI-driven financial insights.
Expansion of its POS network, supporting cashless transactions across Nigeria.
With over 10 million active users on its digital platforms in 2024, the bank continues to set industry standards for innovation.
Leadership and Succession The tragic passing of Dr. Herbert Wigwe, CFR, on February 9, 2024, in a helicopter crash in the United States marked a significant moment for the institution. However, Access Holdings showed strong corporate governance by quickly appointing Aigboje Aig-Imoukhuede as Chairman and Bolaji Agbede as Group CEO, ensuring continuity and stability.
Future Outlook and Ambitions Access Holdings aims for a market capitalization of ₦10 trillion by 2025 and plans to grow its customer base to over 50 million. The group is open to further acquisitions, strategic partnerships, and technological collaborations to enhance its market position locally and globally.
Awards and Industry Recognition Access Holdings’ commitment to excellence has earned it several industry awards, including Best Bank in Nigeria.
