Access Bank has received a provisional license from regulatory authorities in Namibia to set up a bank in the Southern African nation.
The announcement was made in a statement to the Nigerian Stock Exchange, signed by the bank’s Head of Media Relations, Olakunle Aderinokun on Monday.
Access Bank emphasized that its commercial banking operations in Namibia will contribute positively to the local economy.
With established presence in Southern Africa, including Angola, Botswana, Mozambique, South Africa, and Zambia, the bank is well-positioned to offer stakeholders seamless access to various opportunities for expansion and collaboration across the region.
The Managing Director/CEO of Access Bank PLC, Roosevelt Ogbonna highlighted the expansion into Namibia as a crucial step in strengthening intra-African trade and establishing a robust banking network across Southern Africa.
He noted that entering the Namibian market aligns with the bank’s global growth ambitions, creating new opportunities for both businesses and individuals while promoting community development.
Ogbonna expressed confidence that these investments would enhance the bank’s long-term value for shareholders, customers, and other stakeholders, reinforcing Access Bank’s commitment to fostering economic growth across the region.
He stated, “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.”
Access Bank’s expansion into Namibia is part of its strategy to establish itself as a financial gateway to Africa and enhance its presence in the continent’s banking sector.
Earlier this year, the bank announced a significant agreement to acquire the National Bank of Kenya from KCB Group.
Access Bank entered into a binding agreement with Kenya-based KCB Group Plc to acquire the entire issued share capital of National Bank of Kenya Limited.
KCB, the parent company of KCB Bank Ltd, Kenya’s largest commercial bank, is facilitating this transaction. This move aligns with Access Bank’s strategic expansion plans, aimed at solidifying its foothold in the Kenyan market and driving growth across the region.
