Access Bank Secures Provisional Licence to Expand to Namibia

Nume Ekeghe

Access Holdings Plc has announced that its subsidiary, Access Bank Plc, has secured a provisional licence from the Bank of Namibia to establish commercial operations in the country.

This, it explained, marked another bold step in the bank’s aggressive push to extend its footprint across Africa and solidify its dominance as a leading Pan-African financial institution.

The announcement was made in a statement yesterday, by the company secretary, Access Holdings, Sunday Ekwochi.

The move, it stressed, underscored the bank’s strategic commitment to growing its influence in key African markets.

Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, described the expansion into Namibia as a significant milestone in the bank’s journey towards creating a connected banking network across Africa.

He said: “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 thereby 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 prosperity of the region.

“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.”

Furthermore, it stated that Access Bank’s operations in Namibia was expected to stimulate the local economy and strengthen its 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,” it added.

The statement further noted that the bank would be working in the coming months to fulfil the conditions precedent to grant it the final licence.