Access Bank Plc Review of Operations and Performance

Access Bank Plc has been a major player in the Nigerian banking sector since its inception in 1989. The bank has undergone significant transformations over the years, including its merger with Intercontinental Bank in 2012.

Access Bank Plc has a strong presence in Africa, with operations in 12 countries across the continent. This expansion has enabled the bank to tap into new markets and increase its customer base.

The bank has also made significant investments in technology, including the introduction of mobile banking services and online platforms. This has improved customer convenience and enabled the bank to reach a wider audience.

Access Bank Plc has a diverse range of products and services, including corporate and retail banking, investment banking, and treasury services.

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Access Bank plc has a significant presence in Africa, with plans to expand into eight new countries in early 2021. The bank aims to benefit from a continent-wide free trade agreement.

These new markets include Morocco, Algeria, Egypt, Côte d'Ivoire, Senegal, Angola, Namibia, and Ethiopia. This expansion will extend the bank's international presence to 18 countries.

The bank already has a strong presence in Africa, with subsidiaries in several countries. Here's a list of some of the countries where Access Bank has a presence:

Access Bank has ambitious plans for African expansion, targeting eight new countries to tap into the continent's free trade agreement. These countries include Morocco, Algeria, Egypt, Côte d'Ivoire, Senegal, Angola, Namibia, and Ethiopia, which would bring the bank's international presence to 18 countries.

The bank aims to establish offices in some of these countries, while partnering with existing banks in others to leverage its digital platforms and provide services to clients. This strategic approach will enable the bank to expand its reach and offerings across the continent.

Access Bank has already made significant inroads in Africa, with a presence in 18 countries. Here are some of the countries where the bank has a strong presence:

This list showcases the bank's extensive presence in Africa, with operations in 17 countries.

Access Bank Group has a significant presence in Nigeria, with its headquarters located in Lagos. The banking group has relocated its headquarters to Access Tower, 14/15, Prince Alaba Oniru Road, Oniru, Lagos, Nigeria, as of February 2020.

The geographical coordinates of the banking group's headquarters are 06°26'00.0"N, 03°26'36.0"E (Latitude: 6.433459, Longitude: 3.445069).

This new location marks a significant shift for the banking group, which was previously located at Plot 999c, Danmole Street, Off Adeola Odeku/Idejo Street, Victoria Island, Lagos, Nigeria.

Access Bank plc has a strong commitment to Corporate Social Responsibility (CSR). In October 2024, the bank launched a platform called The Power of 100 Africa initiative to celebrate women across Africa who have blazed trails in education, business, technology, healthcare, social work and other important sectors of the economy.

This initiative is a testament to the bank's dedication to empowering women and promoting their contributions to society. The Power of 100 Africa aims to recognize and amplify the achievements of these trailblazing women, inspiring a new generation of leaders and changemakers.

Access Bank plc has consistently demonstrated strong financial performance over the years. The bank's revenue has grown significantly, reaching a high of ₦1.1 trillion in 2020.

The bank's profitability is a key indicator of its financial performance, and Access Bank plc has shown impressive profitability margins. In 2020, the bank's profit before tax was ₦193 billion.

The bank's financial performance is also reflected in its asset base, which has grown steadily over the years. As of 2020, the bank's total assets stood at ₦9.7 trillion.

Access Bank has poor network ability, making online transactions and access to accounts frustrating.

Impromptu debits can be a major issue, causing unexpected charges to your account.

Online access can be slow and cumbersome, feeling like a website from 2005.

PLC Bank's online banking system doesn't communicate with its mortgage arm, making it difficult to manage mortgage payments.

Customer Service has long wait times, often 60 minutes or more, even on a good day.

The red tape script from representatives can be overwhelming and unhelpful.

Access Bank has received praise for meeting the Central Bank of Nigeria's N500 billion recapitalization requirement, but some customers have reported issues with delayed money reflection in their accounts.

The bank's Rights Issue, which raised N351 billion, was successful and exceeded the regulatory minimum requirement by N100 billion. However, a customer in South Africa reported that a transfer from their Access Bank account to a Mukuru card took five days to reflect, and they are still waiting for it to be updated.

Access Bank's online access can be slow and cumbersome, and customers have reported issues with the website's functionality. The bank's online banking access also doesn't communicate with its mortgage arm, making it difficult for customers to access information about their mortgage payments.

The customer service experience at Access Bank can be frustrating, with some customers reporting long wait times and difficulty getting their issues resolved. However, the bank's success in meeting the recapitalization requirement is a testament to its resilience and ability to adapt to changing circumstances.

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Access Bank plc has been actively involved in recapitalization efforts to meet the Central Bank of Nigeria's (CBN) requirements. The bank became the first financial institution to meet the CBN's N500 billion new minimum capital requirements for commercial banks with international authorization.

Access Bank successfully raised N351 billion through a rights issue, increasing its share capital to N600 billion. This exceeded the CBN's threshold of N500 billion by N100 billion. The rights issue was facilitated by the NGX E-offer platform, providing a seamless experience for shareholders.

The bank's chairman, Aigboje Aig-Imoukhuede, acknowledged the support of the CBN and the Securities and Exchange Commission in ensuring the integrity and efficacy of the rights issue exercise. He also highlighted the bank's resilience in raising billions of dollars in capital to meet successive CBN recapitalisation directives since 2004.

Access Bank has also been involved in strategic acquisitions to expand its operations. In 2018, the bank merged with Diamond Bank, retaining the name Access Bank Nigeria. More recently, the bank signed binding contracts to acquire National Bank of Kenya, a subsidiary of the Kenya Commercial Bank Group.

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Access bank Nigeria refused to increase a customer's transfer limit and had poor communication, often not picking up calls.

This can be frustrating for customers who are in need of assistance.

Access bank's initial refusal to increase the transfer limit left the customer with a rating of -100/100.

However, the bank later attended to the customer's request and increased the limit in under 24 hours, resulting in a 100/100 rating.

The customer thanked the great team who attended to them, indicating a positive outcome.

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Access Bank has become the first financial institution to meet the Central Bank of Nigeria's (CBN) N500 billion new minimum capital requirements for commercial banks with international authorization.

This milestone was achieved well ahead of the March 2026 deadline, and it's a testament to the bank's resilience and adaptability. Access Bank successfully raised N351 billion through a rights issue, increasing its share capital to N600 billion.

The rights issue was priced at N19.75 per share, and it included a share offering of 17,772,612,811 Ordinary Shares at 50 Kobo each. This move exceeded the CBN's threshold of N500 billion by N100 billion.

Access Holdings Chairman, Aigboje Aig-Imoukhuede, CFR, expressed his delight at the bank's achievement, stating that they were pleased to be the first to "breast the tape." The success of the rights issue demonstrates the resilience of Nigeria's capital market.

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Access Bank Group has been actively involved in strategic acquisitions to expand its presence in Africa. In 2018, it merged with Diamond Bank, another Nigerian commercial bank, retaining the name Access Bank Nigeria.

The merger was completed in March 2019, and the combined bank now accounts for approximately 75 percent of the group's assets. This acquisition has significantly strengthened Access Bank's position in Nigeria.

In 2023, Access Bank Group reached binding agreements with Standard Chartered Plc to acquire its shareholding in subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone. Access will also buy Standard Chartered's consumer, private & business banking business in Tanzania.

The deal requires regulatory approval in the United Kingdom, Nigeria, and each of the five respective subsidiary domiciles. Completion of the acquisition is expected during the second half of 2024.

In March 2024, Access Bank Group signed binding contracts to acquire National Bank of Kenya, a subsidiary of the Kenya Commercial Bank Group. The transaction requires regulatory approval in Kenya and Nigeria and is expected to conclude in Q4 2024.

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Access Bank's Garden branch is a disappointment, with staff taking over 45 minutes to complete a simple withdrawal.

The staff's lack of knowledge and understanding of their roles is a major issue, extending from the reception to the branch manager.

A customer had to wait for over 45 minutes just for a withdrawal, highlighting the inefficiencies in the branch.

The customer service representative was rude and uneducated, failing to provide the necessary information and making the experience even worse.

Access Bank needs to educate its staff and ensure they understand their roles, as well as improve customer service standards.

The bank should take a closer look at its hiring practices to avoid employing people who are not suitable for customer-facing roles.

The customer service representative's behavior was unacceptable and reflects poorly on the bank's customer service standards.

This incident highlights the need for Access Bank to retrain its staff and improve its overall customer service experience.