Access Bank secures US$280m investment from DFC to support SMEs

NIGERIA – DFC, the U.S. International Development Finance Corporation, is set to invest US$280 million in Access Bank in Nigeria alongside Access Bank Managing Director Roosevelt Ogbonna. The loan will help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses. “DFC’s investment…

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Centum Investment to sell its 83.4% stake in Sidian Bank to Access Bank

KENYA – Access Bank Plc, a Nigerian multinational commercial bank, has entered into an agreement to acquire the entire 83.4 percent equity stake held by Centum Investment Plc, a Kenyan-based investment company, in Sidian Bank Ltd, for the sum of US$37 million. Access Bank, in a statement, said that the purchase consideration includes the price to book multiple of 1.1x…

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Credrails partners with Access Bank to foster the future of finance in Africa

AFRICA – Financial infrastructure startup Credrails has partnered with Access bank to develop open finance rails that will dramatically improve the experience of banking customers across the continent. Founded in 2020, Credrails delivers the infrastructure that connects bank, mobile money, and offline data into a single API to power the next generation of fintech solutions. The start-up’s API gives developers…

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Access Bank posts US$35.76m profit before tax for the first half of the year

GHANA – Access Bank, a financial services provider, has recorded an impressive growth in its financial performance for the first half of the year. It recorded a net interest income growth from GH¢188 million (US$31.13m) to GH¢218 million (US$36.09m), while profit before tax grew from GH¢193 million (US$31.95m) to GH¢216 million (US$35.76m) year-on-year. The strong performance represents a 16 and…

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Access bank launches the third edition of ‘Womenpreneur Pitch-a-ton Africa’

NIGERIA – Access Bank Plc has unveiled the third edition of its ‘Womenpreneur Pitch-a-ton Africa’ programme in a bid to empower female entrepreneurs. The programme was designed to provide female owned businesses across Africa an opportunity to access finance, world-class business training as well as mentoring opportunities. The programme was also designed to create an enabling environment for female entrepreneurs…

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Access Bank officially launches its operations in South Africa

SOUTH AFRICA – Access Bank has marked the official launch of Access Bank South Africa and another step in furthering Access Bank Plc’s footprint across the continent. Access Bank Chief Executive Officer Herbert Wigwe said in a statement that the Southern African Development Community represented the strongest economy in Africa. The Nigerian multinational commercial bank acquired agricultural bank Grobank in…

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Access Bank launches DBA to increase its digital loans for young entrepreneurs

NIGERIA – Access Bank has launched the Diamond Business Advantage (DBA) lite, in a bid to increase its digital loans and enhance access to finance for young entrepreneurs. The bank said the product which is targeted at the youths was designed to add value to micro, small and medium scale enterprises (MSMEs). According to the bank’s Executive Director, Victor Etuokwu,…

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Nigeria’s Access Bank set to buy controlling stake in African Banking Corporation of Botswana

NIGERIA – Access Bank, Nigeria’s biggest lender, has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after acquiring a South African bank. The Nigerian bank will acquire just over 78% of BancABC Botswana for an undisclosed cash sum of around 1.13 times book value as well as a two-year deferred payment, Atlas…

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Nigeria’s Access Bank receives approval to acquire South Africa’s Grobank Limited

NIGERIA – Access Bank, a multinational commercial bank, has received approval to acquire South African lender, Grobank Limited. The regulatory support will see the Nigerian bank purchase one of several financial institutions it plans to take over for the acquisition of new clients. The Herbert Wigwe-led bank plans to wrap up the deal with Grobank by the second quarter of…

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Access Bank completes acquisition of Cavmont Bank Zambia

ZAMBIA – The management of Access Bank Plc has announced that its Zambian subsidiary has completed the acquisition of Cavmont Bank Limited. The bank said the acquisition followed the fulfilment of key conditions, including regulatory approvals. Access bank made this known in a disclosure notice sent to the Nigerian Stock Exchange (NSE). In July 2020, Access Bank in Nigeria announced…

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