Access Bank Plc on Monday launched a new five-year strategy with an ambitious plan to become ‘Africa’s Gateway to the World.’
The new strategy has six strategic levers which are; digitally led; retail banking growth and consolidation in wholesale markets; customer focused analytics driven, with robust risk management; strong global collaboration in key gateway markets and the creation of a universal payments gateway.
According to the bank, the new five-year strategy will accelerate its growth story to position Access Bank as the No. 1 Nigerian bank by 2022 and create a Universal Payments Gateway to dominate international trade and inter-African payments.
To deliver the transformation, Access Bank will adopt a new organisational structure. The retail bank will have a customer segment focus, driven by digital and payments. The corporate bank will build deep sector expertise and deploy global relationship managers. Access Bank’s subsidiaries will be organised around strategic clusters, with strong collaboration between them to secure trade finance and correspondent banking. The bank’s transformation programme will be underpinned by robust risk management together with high levels of automation to enhance the compliance and risk functions and drive customer insights.
Launching the new five-year strategy, Group Managing Director of Access Bank, Herbert Wigwe, said: “Five years ago we set the ambitious goal to attain top three positionsin our chosen markets. Today, we are a strong, diversified institution with a consolidated top tier position in our sector. We are setting out a new and ambitious five-year strategy which will put Access Bank at the forefront of Africa’s changing financial landscape by creating a Universal Payments Gateway to dominate international trade and inter-African payments.
“Our strategy will mean that by 2022, millions of people will have access to banking services for the first time. Customers will make payments and transfers when and how they need to. Businesses will be able to trade in new markets and invest in new technology.
“We recognise that we have a vital role to play in growing Nigeria, our largest market. Our global footprint is also changing and growing. As a result of our strategy, we will be in the Africa corridor trade hubs and the global gateway markets within five years.
This next phase of our transformation journey will deliver our most ambitious goal yet – a bank that is digital, innovative and nimble. A bank underpinned by the highest standards of risk and compliance. A bank that serves Africa and the world. Our ambition is to become Africa’s Gateway to the World.”