October 7, 2024/NGX

Access Holdings Plc informed the investing public and the Nigerian Exchange Limited that its flagship subsidiary, Access Bank Plc, has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in Namibia.

The Managing Director/Chief Executive Officer of Access Bank Plc, who commented on the development, stated that:  

“This expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world. It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion, empowering many to achieve their dreams. 

“Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise and will unlock new opportunities for businesses and individuals alike. We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the region’s prosperity. 

We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups.”

Access Bank’s operations in Namibia are expected to stimulate the local economy and strengthen the Bank’s position as a leading regional player. With existing operations in Southern Africa—Angola, Botswana, Mozambique, South Africa, and Zambia—the Bank is well positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region, bringing a wave of optimism for the future.

The Bank will work in the coming months to fulfil the conditions precedent to the grant of the final licence and promise to keep the market informed.