Access Bank Expands Into Namibia With Provisional License

Access Holdings Plc has announced that its flagship subsidiary, Access Bank Plc, has received a provisional license from the Bank of Namibia to launch a commercial bank in the country. This development was disclosed in a notice filed with the Nigerian Exchange Limited on Monday, as expressed by Roosevelt Ogbonna, the Managing Director and Chief Executive Officer of Access Bank Plc.

Ogbonna highlighted the significance of this expansion, stating, “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. It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion, thereby empowering many to achieve their dreams.”

He added that Access Bank’s operations in Namibia are expected to stimulate the local economy and strengthen its position as a leading regional player. The bank currently has operations in several Southern African countries, including Angola, Botswana, Mozambique, South Africa, and Zambia. It aims to provide stakeholders with seamless access to diverse opportunities for expansion and collaboration.

The entry into the Namibian market is viewed as a vital step in Access Bank’s broader ambition to build a strong global franchise and unlock new opportunities for businesses and individuals. Ogbonna expressed the bank’s eagerness to engage with local stakeholders to drive innovation and contribute to community empowerment and regional prosperity.

The strategic move aligns with Access Bank’s vision to serve as a financial gateway to Africa, enhancing trade and financial inclusion across the continent. The bank is also in the process of expanding its influence in East Africa through a binding agreement to acquire the National Bank of Kenya Limited from KCB Group Plc.

In Namibia, Access Bank will face competition from established players such as Bank Windhoek, First National Bank (FNB), Standard Bank Namibia, Nedbank Namibia, and Letshego Bank Namibia. This expansion is seen as a pivotal move to bolster Access Bank’s operational scope and service offerings within the region.