January 19, (THEWILL) – Access Corporation has unveiled a new five-year strategic plan, 2023-2027, aimed at deepening financial inclusion that would impact the value chain in Africa.
The Nigerian largest financial services institution by assets, has also said it targets 125 million customers by 2027 taking advantage of opportunities in the financial inclusion strategy of the Central Bank of Nigeria (CBN).
These were disclosed by the Group Chief Executive Officer (CEO), Access Corporation, Mr Herbert Wigwe during a presentation of the strategic plan to stakeholders and financial journalists in Lagos on Wednesday, January 18, 2023.
Tracing the Corporation’s historical five-year strategic plan which commenced in 2022, Wigwe emphasised that the process had helped Access Bank Limited to be miles ahead of its peers in the industry.
He outlined the investment opportunities in the continent’s structural changes such as technology, demography and values which he said would spur Access Bank to accelerate its investment in human capital development,
Citing changes in Nigeria’s exchange rate from 80 kobo to one dollar many decades ago, and now N450 to a dollar, Wigwe said Access Corporation aims to be a global player in Africa and beyond and would not want to be caught unawares by any wind of change.
“We want to be a global player with African heritage”, Wigwe said, adding, “we are a growth-oriented organisation and we will continue to invest in our people amid changes.”
Part of the presentation read: “By 2027, we expect the Nigeria Bank to be contributing about 52 per cent of revenues compared to about 82 per cent (nine- month 2022). The new verticals will also be contributing about 12 per cent of total revenues, as revenues from African subsidiaries is expected to double over the next five years.
“Profit Before Tax contributions from Nigeria bank is expected to reduce from about 63 per cent (9M’22) to about 33 per cent, while the new verticals are expected to contribute about 19 per cent of the profitability by 2027, while African Subsidiaries will contribute about 20 per cent as our footprint grows across the continent.
“Our primary focus on trade is to leverage established presence across trade and financial hubs across the world to continue driving trade outputs. Presence in London, Dubai, Hong Kong, Lebanon, Beijing, Mumbai etc. and extensive footprint across the continent.”
“The institution has transitioned to a Holdco with five verticals to capture the opportunities in the African market. Access has positioned itself to be at the centre of financial flows on the continent – trade, expanding and deepening financial services and serving corporates with excellence – creating a self- sustaining ecosystem.
“Access Corporation’s ambitions will be supported by seven key enablers. These enablers will ensure Access executes seamlessly, becoming a top five financial services institution in the continent by the end of the strategic cycle in terms of revenues, asset base and on a balanced scorecard basis.”
Access Corporation, also known as Access Holdings Plc, projects that it would create a high-performance organisation with a strong bench of talent who are the best African leaders with capabilities to deliver the corporation’s future aspirations.
Assessing the bank’s performance since the first strategic plan of 2002-2007, Wigwe explained that the organisation had taken advantage of identified opportunities to grow its capital and to boost its loan-deposit ratio which helped in expanding its asset base.
“Access Corporation has consistently outperformed the market on the growth of key metrics. We have focused on generating sustainable revenue across all income lines.
“We have maintained and continue 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,” the financial services institution disclosed in the presentation.
The document noted that the bank will evolve into a leader in international trade facilitation within Africa. Access Corporation will be supported by strong objectives across seven enablers,
Wigwe said that people remain the most critical success factor of the organisation and that the Access Corporation would not slack in pursuing a robust human capital development programme that would make it a truly ‘Global player with African heritage’.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
