The Bank of Namibia has granted Access Bank a provisional license to open a commercial bank in the Southern Africa country.
The company announced this to investors and the Nigerian Exchange Limited (NGX), indicating that Access Bank’s operations in Namibia are expected to boost the country’s local economy.
Commenting on the development, Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, said the move aligns with the bank’s broader ambition to build a strong global franchise.
“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,” Ogbonna stated.
With existing operations in Angola, Botswana, Mozambique, South Africa, and Zambia, Access Bank is well-positioned to provide stakeholders with seamless access to diverse opportunities for expansion and collaboration across the region.
The bank’s entry into the Namibian market is expected to unlock new opportunities for businesses and individuals, driving innovation, empowering communities, and contributing to the region’s prosperity.
Ogbonna expressed optimism about the potential benefits for Access Bank’s shareholders and customers. “We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups.”
Access Bank’s expansion into Namibia reflects its strategic focus on becoming the financial gateway to Africa. Earlier this year, the bank announced an agreement to acquire the National Bank of Kenya from KCB Group, further solidifying its presence in East Africa.
In Namibia, Access Bank will compete with established banks such as Bank Windhoek, First National Bank (FNB), Standard Bank Namibia, Nedbank Namibia, and Letshego Bank Namibia.
Through this expansion, Access Holdings is steadily cementing its status as a leading commercial bank in African. In the upcoming months, the bank will be working to complete the requirements needed in order to receive the final license, and it will keep the market updated.
