Access Bank secures license to establish operations in Namibia

• Published On: 07 October 2024 at 18:37

In order to establish a bank in the country of Namibia, which is located in Southern Africa, Access Bank has been granted a provisional license by the regulatory authorities in that country.

The announcement was made as part of a statement that was sent to the Nigerian Stock Exchange on Monday. The statement was signed by Olakunle Aderinokun, who is the Head of Media Relations for the bank.

The commercial banking operations that Access Bank will be conducting in Namibia will, according to the bank, make a positive contribution to the economy of the country.

As a result of the bank's well-established presence in Southern Africa, which includes countries such as Angola, Botswana, Mozambique, South Africa, and Zambia, it is in a strong position to provide stakeholders with unhindered access to a wide range of opportunities for expansion and collaboration across the region.

Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank PLC, emphasized the significance of the expansion into Namibia as a significant step toward bolstering intra-African trade and establishing a robust banking network throughout Southern Africa.

He pointed out that the bank's entry into the Namibian market is in line with its goals of expanding its operations on a global scale, which will result in the creation of new opportunities for individuals and businesses alike, while also fostering the growth of the community.

Ogbonna expressed confidence that these investments would enhance the long-term value of the bank for shareholders, customers, and other stakeholders, thereby reinforcing Access Bank's commitment to actively fostering economic growth throughout 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." This expansion is a significant step towards establishing a railroad in Namibia. Our dedication to constructing a robust banking network in Southern Africa is strengthened as a result of this. Our goal is to bring about shared prosperity and to advance financial inclusion, which will ultimately enable many people to realize their dreams.

"Our entry into the Namibian market also represents a pivotal step in our larger ambition to build a strong global franchise, and it will unlock new opportunities for businesses as well as individuals," the company said. The formation of partnerships with local stakeholders is something that we are looking forward to in order to foster innovation, empower communities, and make a significant contribution to the economic growth of the region

The expansion of Access Bank into Namibia is a component of the bank's overall strategy to establish itself as a financial gateway to Africa and to strengthen its presence in the banking sector of the continent.

Earlier in the year, the financial institution made a significant announcement regarding the acquisition of the National Bank of Kenya from KCB Group.

A legally binding agreement was reached between Access Bank and KCB Group Plc, which is based in Kenya, for the purpose of acquiring the entire issued share capital of National Bank of Kenya Limited.

This particular transaction is being facilitated by KCB, which is the parent company of KCB Bank Ltd., which is the largest commercial bank in Kenya. This move is in line with Access Bank's strategic expansion plans, which are aimed at strengthening the bank's position in the Kenyan market and driving growth throughout the region.