Breaking: Access Bank secures Namibia license, expanding African footprint

Access Bank, Nigeria's biggest bank by assets, has secured a provisional banking license from the Central Bank of Namibia (BON), marking a significant step in its ongoing expansion across the African continent. Effective October 4, 2024, the permit grants Access Bank the authority to conduct banking operations in Namibia for six months.

The Bank has yet to respond to requests for comments. However, people familiar with the events said the deal has been in the works for some time.

The move aligns with Access Bank's broader strategy to diversify its revenue streams and capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA). The bank has outlined plans to expand its operations to 26 countries over the next five years, including new markets in the United States, France, Hong Kong, Malta, and several African nations.

Namibia, with its sizable banking sector and growing economy, offers a promising market for Access Bank. The country's four major commercial banks – FNB Namibia, Bank Windhoek, Nedbank Namibia and Standard Bank Namibia – hold assets totalling N$166.3 billion ($9.47 billion), representing a significant portion of its GDP. Access Bank's entry into the Namibian market positions it to compete for a share of the financial services market.

This latest expansion comes on the heels of Access Bank's acquisition of ARM Pensions earlier this year. The acquisition added ₦3 trillion in assets and a customer base of 2 million retirement savings account holders to the bank's portfolio, further solidifying its position as a leading financial services provider on the continent.