Tag: Access Bank

Access Bank, Mastercard partner for cross-border payments in Africa

Access Bank Group, a prominent multinational bank, announced today an innovative solution in partnership with Mastercard to increase access to international cash transfers and remittances to and from the African continent, thus bringing Africa closer to the global economy.

Using Mastercard Move’s network and financial capabilities, Access Bank will enable consumers and businesses to conduct instant, accessible, smooth, and cost-effective international transactions through its innovative Access Africa platform.

Read also: Access Bank’s mobile app fails to deliver emergency services

The newly released system will be operational across Africa beginning today, with plans for additional expansion. The solution provides a worldwide gateway for businesses and individuals to take advantage of Access Bank Group’s extensive knowledge of African industries and forward-thinking vision, which aspires to achieve customers’ objectives through innovative product sets. This relationship, which combines Mastercard’s many complementary network assets with the treasury capabilities of Mastercard Move, provides clients with extra payment options.

Unlocking Opportunities for African Businesses Through Cross-Border Payments

Cross-border payments continue to play an essential role in Africa’s economy, with flows to Sub-Saharan Africa expected to rise by approximately 1.9% to $54 billion in 2023 as a result of solid remittance growth in Mozambique, Rwanda, and Ethiopia, with Nigeria accounting for 38% of remittance flows. Remittances to the region are expected to grow by 2.5% in 2024. B2B cross-border payments provide a lifeline to many enterprises that rely on regional and international trade to drive African economic growth.

Robert Giles, Senior Advisory, Retail Banking, Access Bank, said, “We are thrilled to be working with Mastercard to advance financial stability in Africa through the Access Africa initiative. “By combining our strengths, we can unlock new opportunities, bridge the financial divide, and create a more equitable and prosperous future for all Africans.”

Customers in Access Bank’s African operational countries can now send and receive payments across borders through various channels, including bank accounts, smartphone wallets, cards, and cash.

“We are very proud to have empowered Access Customers of banks with new solutions that prioritise choice, security, and convenience. The partnership demonstrates Mastercard’s commitment to transforming payment experiences by bringing innovative payment solutions to the bank’s diverse customers while also expanding the reach of Mastercard’s financial and digital environment, ensuring millions from underserved communities can actively participate in the evolving financial and digital economy,” says Mark Elliott, Division President for Africa at Mastercard.

Read also: Seamfix secures $4.5 million in first fundraising round, to expand beyond Nigeria

Partners in Innovation: Fable Fintech, Access Africa, and Mastercard

Fable Fintech, an Express Partner of the Mastercard Move Partner Programme, was the solution’s technical implementation partner, working closely with Access Africa and Mastercard Move experts. Naushad Contractor, Co-Founder and CEO of Fable Fintech stated, “We were privileged to be at the centre of the excellent multi-country incorporation of one of Africa’s leading banks, leveraging Mastercard’s international assets. We look forward to partnering on more innovative solutions to empower the lives of African customers and businesses.

This revolutionary partnership marks a significant advancement towards creating a more beneficial financial ecosystem in Africa, with both parties committed to actively utilising their combined strengths, resources, and expertise to drive meaningful change and improve financial literacy for millions across the African continent.

May 18, 2024
Access Bank’s mobile app fails to deliver emergency services

Regrettably, a father experienced the unfortunate loss of his daughter, which he attributes to a purported malfunction of Access Bank’s mobile app.

The occurrence has generated solid public anger and prompted inquiries regarding the dependability of banking technology during crucial circumstances.

Read also: Standard Bank Invests $11M in South African Fintech, Float

The Mental Cost of Digital Banking

Unable to transfer payments using the Access Bank mobile app, the grieving father said, contributed to his daughter’s death. Medical attention was provided to the child at a local hospital. She was neglected while her parents struggled financially due to the app’s malfunction.

The father, who identified himself as a single parent employed offshore, detailed his terrifying ordeal, saying, “He lost his 9-year-old daughter in a medical emergency due to Access Bank’s @myaccessbank app not working since yesterday.” Many who have had similar issues with the bank’s app reliability shared their sorrow and despair.

Another user on x,@HommieDrey, commented, “ That’s what happens when a nation’s Framework is so bad that they can’t retain their technical experts because they don’t pay them well or value their services enough that they have to leave for other countries and the entire tech infrastructure collapses.

In the coming years, it will be worse.

The problem is not just Access Bank; it’s everything that makes Nigeria the Nigeria it is

@Uyotistic_Uyota, a user on the user, stated, “Oh no! Because he was at work with the failing app, the medical personnel refused to perform the surgery. The doctors, too, share ample blame for refusing the surgery. No empathy. Why couldn’t they perform and hold onto the patient afterwards till they got their money?

On the bank app, that’s why online banks are so much better. May her gentle soul rest in peace.

Digital banking mistakes: learn and change

Mobile banking apps’ reliability and security, especially in emergencies, have been raised again by the event. Technology has revolutionised banking, yet examples like this show the risks of digital banking failures.

In a statement, Access Bank said it would thoroughly investigate the incident and offered its condolences to the family. They stressed the stability and security of their mobile banking technology but said there was potential for improvement.

Read also: OPay’s valuation nears $3 billion as Nigeria’s digital payments surges

After the event, some customers said they were sceptical and annoyed about how much the banking system relied on technology. For digital banking, many people want better backup plans.

This terrible case shows how technology can significantly affect people’s lives in life-threatening situations. Today’s digital innovations have made banking more accessible and faster, but they also bring serious risks that must be balanced out.

After losing his daughter, He hopes his story will encourage banks and authorities to rethink digital banking and prioritise reliability and accessibility, especially in life-threatening situations.

May 7, 2024
Konga, Access Bank to offer 50% discount to shoppers

An innovative partnership between Access Bank and Konga.com, the top e-commerce platform in Nigeria, is about to change the way customers shop forever.

Thanks to this partnership, customers who pay with their Access bank cards on Konga will get a whopping 50% off their total purchase price, up to a maximum of N5000.

With this amazing sale, customers can shop a wide variety of products from the Konga website, including apparel, electronics, home goods, and more.

By taking advantage of this limited-time offer, consumers can enhance their shopping experience by saving a tonne of money with no effort at all.

Access Bank continues to provide its valued customers with unmatched benefits, and this offer is just one more example of that.

Read also: Access Bank issues Nigeria’s first AfriGO card

By collaborating with Konga, Access Bank empowers customers to make more informed purchases while enjoying steep discounts on their beloved items.

Thanks to this partnership, Konga customers have a once-in-a-lifetime chance to go on a shopping binge. Customers can take advantage of Access Bank’s generous discount offer to shop for Konga’s extensive product selection and get amazing deals on top-notch items.

Konga has a wide variety of products for every need, including modern electronics, fashionable clothing, and basic home necessities. Shoppers can get more out of their money and enjoy the time they spend shopping online with the extra perk of Access Bank’s exclusive discount.

Seize this thrilling opportunity while you still can! Take advantage of this opportunity and explore Konga’s enormous sales with your Access Bank card. Anyone can obtain an Access bank card at any of their branches if they do not already have one. The possibilities are limitless, and the savings are substantial, with 50% off your cart value.

Konga Milestones

Konga solidified its hold on the market by being named Hewlett-Packard’s Top Retailer in the Supplies Category at the just-ended Retail Bootcamp. It happened in the beginning of February of 2024.

The Radisson Blu Anchorage Hotel in Victoria Island, Lagos, was the site of the two-day event, which provided a lively setting for networking, information sharing, and thought-provoking conversations.

Attendees of the HP Retail Bootcamp were able to network with influential figures in Nigeria’s retail scene and discuss potential new approaches to enhancing the country’s retail sector.

The recognition as the Leading Supplier in the Supplies Category is evidence of Konga’s unwavering commitment to providing exceptional service, pushing innovation, and prioritising customer happiness.

By reimagining the retail landscape and setting new standards for success, Konga—a major partner of HP—continues to use innovative technology, strategic alliances, and a focus on customers.

Konga to introduce 24-hour buyers and sellers TV channel

Konga’s customer service

After Zinox Group bought Konga out of Naspers in a massive deal in 2018, the new owners poured millions of dollars and years of expertise into making the company the top composite eCommerce group in Africa across multiple verticals, as far as we can tell from the available facts. Konga has been a source of great pride for African corporations since its foundation.

During the Yuletide season, Konga launched a promo to award 3 lucky winners up to 100,000 naira every day from 1st to 31st December 2024. The announcement of an intended launch of an authorised online store for Apple products such as MacBook, iPhone, iPad, iPod, Apple Watch and other accessories followed this.

All these efforts continue to instil the dominance of Konga in the ecommerce space.

February 23, 2024
Access Bank to shower customers with millions of gifts in new campaign

Access Bank, the premier financial institution in Nigeria and one with a presence around the world, is getting ready to shower both its current and prospective customers with millions of naira and enticing gifts.

According to a statement released by the bank, the promotion with the name “Xtrawins, Transact and Win” which began on October 1, continues until December 31, 2023.

Recently, during the inauguration of the campaign at the bank’s main office, Njideka Esomeju, Group main, Consumer Banking, Access Bank, stated that the campaign’s objective was to express gratitude to customers for their continued business, which was in keeping with the Bank’s reward programme objectives. She was speaking to members of the press at the event. She went on to say that “this campaign focuses on expressing gratitude to our valued customers for their patronage, especially as we have seen a significant rise in engagement and the use of exciting features and services on the AccessMore mobile app.” She went on to say that “this campaign focuses on expressing gratitude to our valued customers for their patronage.”

Read also: Access Bank launches custody services for safekeeping of financial assets

What does Access Bank have in store for its customers?

Access bank will reward lucky active customers with up to N250,000 apiece in its weekly or monthly jackpot when they perform 5 transactions or more using the AccessMore app or our USSD code *901#. This is in the spirit of the holiday season, and Access Bank wants to show appreciation for its loyal consumers. When they use the Accessmore app to pay for their electricity and cable TV bills, they won’t be charged anything extra. This perk is included free of charge. Even more interesting is the fact that customers will receive a cashback of N10,000 if they use the app to book a flight.

Customers can hire vetted professionals such as accountants and lawyers, as well as artisans such as tailors and mechanics, to take care of their needs with just a click on the ‘Hire-a-Pro’ button on the AccessMore app, which the bank provides. This is one of the many exciting features that the bank provides for its customers. Access bank’s instant USD to FX conversions can help you eliminate the risk of security breaches and counterfeit currency if you want to eliminate these risks. Its thrift or ‘Esusu’ option helps you attain that target savings with friends and family, and it also provides a wide variety of lifestyle elements for your convenience and enjoyment for a more fulfilling experience overall.

Access Bank, MFS Africa to facilitate international money transfer in Africa

Access Bank’s executive remarks

Access Bank’s Head of the Consumer Banking Unit, Adaeze Umeh, offered some additional commentary on the campaign by saying the following: “The ember months are here, and the season provides us with another opportunity to appreciate our customers for their loyalty and support for the bank. We value our customers and non-customers who depend on our services to carry out seamless banking activities, and we wish them the very best of the season. Just fund and transact on your account and stand a chance to be rewarded,’’ Adaeze concluded.

Access Bank is the most successful retail bank in Nigeria, boasting more than 60 million customers and over 600 branches around the country. The bank provides goods and services that are adapted to meet the needs and lifestyles of all Nigerians, regardless of their age or demographic characteristics.

October 30, 2023
Access Bank launches custody services for safekeeping of financial assets

Access Bank, one of the major financial institutions in Africa, has announced the debut of its custody services, which will provide its prized customers with safekeeping and servicing of their financial assets.

Following the receipt of regulatory licences in December 2022 from both the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), the company has decided to expand into providing custody services.

Access Bank’s vision is to become the gateway bank into African markets, and the provision of custody services is a critical component of the bank’s ongoing growth and expansion strategy. Custody services also connect with the bank’s purpose.

Customers’ funds will be held in a separate location from the Bank’s proprietary assets thanks to the establishment of a nominee business called Access Investor Services Nominee Limited, which will guarantee the highest possible level of safety and protection for those assets.

Read also: Access Bank rewards its DiamondXtra Digital accounts customers

Remarks from Access bank’s CEO and others

Ogbonna Roosevelt, Managing Director and CEO of Access Bank, offered the following statement in response to the recent development:

“The launch of custody services represents a milestone in our mission to consolidate our strong franchise in corporate and investment banking.”

“We are committed to providing Alpha-suite services to our corporate customers, including financial institutions – both bank and non-bank, local, and foreign. As we expand our clientele in this space, we aim to be the preferred partner for businesses looking to access international markets through strategic partnerships.”

Access Investor Services is now officially open for business and has already begun signing up new clients. Bunmi Arowosafe, who is the Head of Access Investor Services (AIS), has expressed optimism about the possibilities, noting that:

“Our customers will benefit from the natural drive that defines the Access brand – leadership, passion for customers, excellence, innovation, and professionalism.”

“We have implemented a comprehensive and robust custody and settlement application that ensures a high level of straight-through processing (STP). Customers can expect a secure communication channel and all-around access to view holdings and track instructions. Moreover, our enhanced IT capability within the Access ecosystem will further augment our custody services.”

Access Investor Services is now officially open for business and has already begun signing up new clients. The Chief Executive of Access InAccess Investor Services provides a full range of custody services to its clients. These services include securities processing, transaction settlement, treasury and liquidity management, and multi-market services. These services are provided through Access Investor Services’ companies and established partnerships.

This growth signifies yet another step towards realising the purpose of Access Bank, which is to deliver great financial solutions and unequalled access to markets for customers located both within the United States and internationally.

Access Bank launches Womenpreneur Pitch-a-Tonne Season 5

About Access Bank

Access Bank Group is the parent company of Access Bank plc, also known simply as Access Bank. Access Bank plc operates as a multinational commercial bank in Nigeria. The nation’s primary banking supervisor, the Central Bank of Nigeria, has granted it a licence to operate.

They began as a corporate bank, but in 2012 they began offering personal and business banking services as well. On April 1, 2019, Access Bank and Diamond Bank completed their merger. Following the completion of its merger with Diamond Bank, Access Bank revealed its new logo, which marked the beginning of a new banking organisation that was significantly larger than before.

In 2021, the bank will have employed more than 28,000 individuals.

As a result of the merger, Access Bank plc is now the largest bank in Africa in terms of customer base, and it is also the largest bank in Nigeria in terms of asset size. It has more than 42 million customers.

Access Bank plc has subsidiaries in Mozambique, Zambia, Congo, Sierra Leone, Rwanda, Gambia, Ghana, Kenya, South Africa, and the United Kingdom as of September 2021. These subsidiaries are in addition to Access Bank plc’s presence in Nigeria. In addition, the Access Bank Group operates representative offices in the countries of China, India, Lebanon, and the United Arab Emirates.

The bank had an asset base that was greater than US $25.5 billion (NGN: 10,055 trillion) as of the end of June 2021, and the value of its shareholders’ equity was roughly US$1.87 billion (NGN: 775 billion).

August 18, 2023
Access Bank launches Womenpreneur Pitch-a-Tonne Season 5

Access Bank plc has kicked off the W project, Womenpreneur Pitch-a-Tonne Season 5.

The W Initiative aims to inspire, connect, and empower women while building on Access Bank’s goal to be the bank of choice for women in the markets and communities it serves.

This is why the Womenpreneur Pitch-a-Tonne scheme, which is run by the Bank, aims to teach financial and business skills to female entrepreneurs.

The goal of the programme is to give African businesses run by women access to financing, world-class business training, and mentoring opportunities.

Abiodun Olubitan, Group Head of W Initiative, said, “This plan is meant to make it easier for female entrepreneurs to grow their businesses.

Access Bank has been a major supporter of women’s economic empowerment in Africa. This is the main reason for the ‘W’ Initiative, which focuses on the women’s economy, especially in the areas of financing, building women’s skills, and creating networking opportunities for women.”

Read also: SC Women in Tech grants $50,000 to three Saudi female-led startups

The Womenpreneur Pitch-a-Tonne programme, which started in 2019, is the first programme of its kind to help women in business. It is part of Access Bank’s W Initiative. In its first year, the programme gave 50 women businesses in Nigeria a free mini-MBA certificate, and the top three applicants received grants totaling N9 million.

Together with the International Finance Corporation (IFC, which is part of the World Bank Group), it did this. After that, the programme was made available in 10 other African countries where Access Bank’s W project was active.

Since then, the programme has given Mini-MBAs to more than 300 African women business owners. This year is the fifth season of the programme. The goal is to give 120 more women businesses in Nigeria a mini-MBA and give WSMEs grants worth over N17 million.

Initial Criteria and Eligibility

A personal or business Access Bank account number is required of the applicant.

A minimum of 50% of the applicant’s business must be owned by women.

The age range for applicants is 18 to 55.

The applicant’s company must have been in operation for at least a year.

Application forms must be filled out and submitted by the applicant.

Standard Chartered Bank begins women in tech program in SA

Stage two

A one-minute video pitch about the business is required from the applicant.

The applicant needs to be an Access Bank Business customer.

The applicant’s business has to be authorized.

Benefits of the Womenpreneur Pitch-a-Tonne Season 5

Mini-MBA with up to N5 million in grants, IFC-certified.

August 11, 2023, is the deadline for submissions.

July 4, 2023
Access Bank rewards its DiamondXtra Digital accounts customers

Access Bank, a leading retail bank, is offering cash prizes to customers who open DiamondXtra Digital accounts. This is done in an effort to encourage customers to conduct financial transactions and savings online.

The promotion that will run from April 3, 2023, to April 30, 2023, is intended to fulfil the company’s promise to compensate Nigerians for their commitment to the nation’s largest financial institution and their decision to continue saving money there.

Njideka Esomeju, Group Head of Consumer Banking for Access Bank, emphasised to reporters at the bank’s headquarters in Lagos that the bank’s customers continue to receive the highest priority.

“We are all about providing customer-focused solutions to serve the needs of our customers in real time, encouraging them to imbibe the savings culture to be able to achieve their dreams.

Esomeju explained that “We have also continued to evolve and offer various digital services and propositions that our customers would need and find most useful at this time, hence the DiamondXtra Digital.”

It will only take you two minutes to sign up for the DiamondXtra Digital campaign, which is available to both new and existing account holders.

Customers are required to fund their accounts with a minimum of N2000 or more and complete a minimum of 5 transactions or more utilising the AccessMore app, the USSD code *901#, or debit cards in order to qualify for the promotional offer.

Read also: Access Bank issues Nigeria’s first AfriGO card

What Access Bank is Offering

The first two hundred customers who sign up for an account will each receive a cash reward of one thousand naira within twenty-four hours. In addition, the first ten customers who make the most digital transactions will be profiled and considered for a business grant of one hundred thousand naira each, in addition to other cash prizes.

One of the creative solutions that have been developed to meet the requirements of residents all over the country and acknowledge their commitment is DiamondXtra Digital.

According to Esomeju, in this age of digital technology, customers require value-added propositions that will save them time and money, ensure the safety of their financial dealings, and allow them to conduct business easily from any location and at any time.

Access Bank, MFS Africa to facilitate international money transfer in Africa

Previous Development by Access Bank

A week ago, Access Bank, which is the commercial banking unit of Access Holdings Plc, received $300 million as capital investment from the parent company to advance its expansion within Africa.

According to a statement released by Access Holdings, “The investment takes the form of a Tier 1 capital qualifying mandatory convertible instrument and is expected to improve the bank’s shareholders’ funds and total ratios.”

In addition, the investment has received approval from the Central Bank of Nigeria.

In the pursuit of its strategy to be “Africa’s gateway to the world,” Access Holdings is currently entering fresh markets on the continent and expanding out into new businesses, both of which are permitted by the holding company licence it holds.

Simply click HERE or dial *901*5# to get your DiamondXtra Digital account up and running in under two minutes. The more money you put away in savings, the more points you’ll earn in the campaign. The aforementioned terms and conditions apply.

April 13, 2023
Access Bank, MFS Africa to facilitate international money transfer in Africa

MFS Africa, an African digital payment network, has partnered with the Access Bank of Nigeria to expand the number of remittance corridors available through AccessAfrica.

AccessAfrica is a payments system designed to facilitate global payments conducted from person to person (P2P), business to person (B2P), person to business (P2B), government to person (G2P), and any other payment activities or flows.

Benefits Of the Partnership

The partnership will enable streamlined transfers for AccessAfrica customers while also enabling real-time, cost-effective cross-border payments for individuals and businesses who want to send financial support to their families abroad or facilitate trade transactions.

This will be possible because of the partnership’s ability to enable real-time, cross-border payments. With MFS Africa partners, users of AccessAfrica will also have the ability to accept payments from locations all over the world.

Read also: EziPay, MFS Africa Collaborate to aid Remittances in Africa

Robert Giles, Senior Banking Advisor for Retail at MFS Africa and Access Bank commented on the partnership as follows: “This partnership builds on the existing cross-border payment infrastructure by Access Bank and would facilitate payments to more African corridors, increasing the number of countries to which we can send instant payments through Access Africa.

“Through our cooperation with MFS Africa and access to hundreds of millions of people in the new markets, we will be able to assist our clients in paying and being paid, thus encouraging more economic inclusion through commerce and assisting families who are separated by international borders.”

The most important aspect of this is that it moves us closer to our goal of becoming “Africa’s door to the world” and democratising access to payment platforms by making them more accessible, secure, and dependable.

More On The Access Bank and MFS Africa Partnership

“The agreement reaffirms MFS Africa’s commitment to reducing the significance of borders for individuals and organisations across the continent, which will eventually promote financial inclusion. Because of this partnership, we will be able to extend the reach of our Access instant outbound remittance service to potentially 400 million mobile wallets and more than 130 banks in over 35 African countries.

This will make it possible for thousands of people and businesses all over the continent to receive payments in real-time from Nigeria, as well as improve the convenience of trade with neighbouring countries and further afield. MFS Africa’s primary mission has always been to contribute to the economic growth of the African continent by providing financial services that are both environmentally responsible and easily accessible.

AfDB signs $525,000 deal with Africa Fintech Network

According to Dare Okoudjou, Chief Executive Officer of MFS Africa, forming a partnership with Access Bank, which shares this culture, made perfect sense.

The International Fund for Agricultural Development (IFAD) estimates that migrant workers sent over US$95 billion to and within Africa in 2021. As a result, over 200 million family members, the vast majority of whom live in rural areas, benefited from these financial transfers. Access Bank will be able to transmit remittances and payments to MFS Africa’s footprint of more than 400 million mobile money wallets and more than 200 million bank accounts across more than 35 African markets once it gains access to the hub operated by MFS Africa.

April 10, 2023
Access Bank issues Nigeria’s first AfriGO card

Access Bank has become the first financial institution in Nigeria to successfully issue the first live card of Nigeria’s national card programme, the AfriGO Card. The card system was developed by AfriGOpay, a financial services company linked with the Nigeria Inter-Bank Settlement System (NIBSS), to suit the requirements of the Nigerian payment industry.

The Nigerian Interbank Settlement System (NIBSS) and the Central Bank of Nigeria (CBN) support the strategy, which aims to provide new solutions to consumers of financial services in Nigeria, Africa, and international markets.

AfriGO is a major development in the fast-growing payments industry.

Access Bank claims that with AfriGO, it would be able to give consumers valuable card features, comprehensive loyalty rewards, and a compelling incentive to use electronic payments rather than cash.

Read also: Access Bank to Acquire Angola-based Finibanco Majority Stake

Access Bank makes the first move

Access Bank, Nigeria’s largest retail bank with over 60 million customers, is the first financial institution in Nigeria to successfully issue the first live card of Nigeria’s national card programme, AfriGO, Access Bank’s Deputy Managing Director for Retail Banking, Mr. Victor Etuokwu, said.

“The AfriGO Card has extra advantages because it was created to aid in the development of Nigeria’s payment ecosystem, supporting more specialized payment services.”

“It will boost payment security, financial involvement, data sovereignty, foreign exchange independence, and other benefits for Nigerians.” He said cardholders will benefit from more affordable and flexible payment options.

The card runs locally and was created for Nigeria’s particular needs, according to Access Bank’s senior retail adviser, Robert Giles. Beginning on March 14, 2023, the bank began keeping track of successful purchases at PoS and ATMs.

The development is regarded as a crucial turning point for Nigeria’s national payment system, where the demand for cash is at an all-time high.

Domestic card benefits

Domestic card scheme ownership minimizes foreign exchange demand and transaction costs. It will also help us engage with local fintechs and payment providers to build AfriGO solutions that address client pain points.

“The payments landscape in Nigeria has continued to change via seamless and convenient real-time electronic payment solutions driven by innovation and advancement in technology,” said Premier Oiwoh, MD/CEO of NIBSS.

“The launch of our national domestic card system, AfriGO, is highly opportune; it will promote our financial inclusion goals among many other benefits, and we are thrilled that Access Bank is the first bank in Nigeria to issue AfriGO cards to its customers.”

“Access Bank has proven its much-needed commitment to financial inclusion, and we urge other financial institutions to begin issuing AfriGO for easier and more seamless payments for all Nigerians, regardless of region or financial status.”

NIBSS Executive Director Ms Aminu Maida remarked, “With technology improvements, there are more possibilities for payments, and the recently created national domestic card system, AfriGO, gives us certain comfort in all financial transactions.” We’re glad Access Bank is the first to recognise AfriGO’s significance to the Nigerian financial sector.

Nigerian digital bank Alat invites entries for ‘Re-imagine’ project to boost ICT talents

CBN explains the National Domestic Card

To improve Nigerian payments and compete with MasterCard and Visa, CBN announced the National Domestic Card on January 26, 2023. The card would be used for payments and foreign currency, according to the central bank.

Despite the CBN’s claims that Nigerians can keep their bank-issued debit cards, many regard the recent action as replacing them. The Domestic Card Scheme by the Central Bank of Nigeria (CBN) is billed to commence on January 16, 2023.

The CBN stated the programme would unify Nigerian payments and bring in the unbanked in cooperation with the Nigeria Inter-Bank Settlement System (NIBS). MasterCard and Visa are expected to compete with the card.

April 2, 2023
Access Bank to Acquire Angola-based Finibanco Majority Stake

Access Holdings Plc, the company that owns the most shares of Access Bank Pl, has announced that it will acquire a majority stake in the Angolan bank Finibanco. This stake will amount to 51 percent of the bank’s total stock.

Mr. Sunday Ekwochi, the company’s secretary, stated in a statement that the transaction would be completed through the purchase of existing shares that are owned by Montepio, the holding company for Banco Montepio, which is one of Portugal’s commercial banks. This information was given in response to a question about how the transaction would be done. Finibanco is a full-service commercial bank with more than 20 locations and assets worth more than $300 million. It works all over Angola.

Ekwochi says the purchase will be completed by buying existing shares from Montepio, one of Portugal’s oldest commercial banks.

Read also: Slot Partners with Samsung and Access Bank on Galaxy S22 Series device financing

The Angolan market is the sixth largest in Africa and the seventh largest in the world. It has a wide range of natural resources and a growing population, which means it has a lot of potential for the bank’s goal of expanding.

He continues that the deal helps the bank reach its goal of being Africa’s payment gateway to the rest of the world while working with other banks focused on Africa to build strong and efficient payment platforms and ecosystems to serve the region.

What to expect from Access Bank’s acquisition of Finibanco’s major stake

The planned business is expected to make a big difference in the long run to the bank’s overall growth and financial results. The deal is expected to close in the first half of 2023 after standard conditions have been met and regulatory approval has been given in Angola and Nigeria.

A standard completion audit will show that it will close at 1.0x tangible book value minus any changes that were already agreed upon. The bank has made a number of conditional agreements about this, and if the deal goes through, it is likely to increase its stake in Finibanco S.A.

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Herbert Wigwe, the group chief executive officer of the firm, asserts that “At Access, our goal is as crystal clear as it has ever been, and our drive to capture accretive possibilities both inside and outside of Nigeria is our primary strategic focus. Angola gives our shareholders a chance to take part in what we anticipate will result in a higher value upside as Africa comes into its own as a continent.

“We haven’t changed our mind about making these smart, well-planned investments to build a strong, all-encompassing platform that will be competitive, diverse, and interesting for many years to come”.

Additionally, Ekwochi said that the company would keep the market up-to-date on any new information about the deal, as it was required to do by law.

October 12, 2022