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Access Bank Unveils Digital-led Transformational Strategy, Targets 30ml Customers by 2022

One of Nigeria’s leading Banking groups, Access Bank has set a target of 30ml customers in the next 5 years of its transformational strategy, which is focused on attaining the position of the market leader in Nigerian banking sector.

GMD of Access Bank Mr Herbert Wigwe in a presentation today on the five year transformation strategy (2018-2022), said Access Bank was repositioning to become the leader in trade/intra-Africa trade, through the universal payment gateway.

According to Mr  Wigwe, Nigeria remained a critical market in Sub-Saharan Africa, even as the bank plans to leverage its other operations in the continent.

The Access Bank boss listed the six key elements, that will drive the transformation strategy which include; Global collaboration, Customer-focus, Digital led banking, Retail and Wholesale banking, Analytics-driven insight/ Robust risk management and Universal Payment Gateway.

Speaking further Wigwe asserted that with a current NPL ratio of 2.5% , CAR of 20.5% and Liquidity ratio of 46%, the bank was in a healthy position in the financial market.

He stressed that the bank will give top priority to the retail segment growth, which will be driven through digital innovation and tech-driven platforms.

For the Digital-led bank approach, the Access Bank GMD said simplicity, connectivity, automation, decisioning, IT and organization as  strategic themes for the bank. 

In the step towards achieving the Number 1 bank profile in Nigeria, Wigwe outlined strategies namely; enhancing retail offering across key market segments and increase focus on digital to support the retail and payment business.

Access bank also plans in the 5-year period to effectively utilize “Big Data” and “Analytics” to drive customer insights, supporting customer acquisition and retention. In the area of global collaboration, the focus will be on correspondent banking and intra-Africa payments.

Giving further insight, the GMD said the  aspirations of the bank in its transformation strategy will be guided by five pillars that will serve as the anchor of the bank’s service delivery, which are “Adopting best practises and the highest professional Standards”, Leading its banking global integration with technology and innovation”, “Instituting robust governance, risk management and regulatory compliance”, “Building and maintaining strong capital and liquidity” and “Attracting exceptional, diversified and global talent”.

The CEO of the Nigeria stock exchange Mr Oscar Onyema earlier in his opening remarks, commended Access Bank for coming to the market, to provide relevant information to stakeholders.