Access Bank, Nigeria’s largest bank by assets, is eyeing expanding its operations to Morocco, North Africa. This move comes shortly after announcing that it has met and surpassed the minimum share capital amount set by the CBN with a current share capital of ₦600 billion.
Access Bank currently has a substantial presence across Africa and beyond, operating in 24 markets across three continents, with over 700 branches and service points and more than 60 million customers worldwide.
In Q3, Access Holdings reported strong financial results. Here are the highlights.
- Total Assets: Increased to N41.1 trillion ($27 billion), demonstrating significant growth.
- Shareholders’ Equity: Rose to N3.3 trillion ($2.1 billion), reflecting strong financial health.
- Gross Revenue: Grew dramatically over the first nine months of 2024, with a 114.5% increase year-on-year from N1.6 trillion ($1 billion) to N3.4 trillion ($2.2 billion).
Strategic Expansion: Access Bank’s Push into Morocco and Beyond
The expansion into Morocco is part of Access Bank’s broader strategy to double its international assets by 2027.
Currently, Access Holdings is undergoing a $1.5 billion fundraising strategy aimed at facilitating the bank’s expansion into different markets including Morocco, Egypt and the United States.
Morocco has a well-structured banking sector with a market volume of US$12.63bn and it serves as a strategic link between Sub-Saharan Africa and Europe, enhancing South-South economic interactions. The kingdom’s unique position as a bridge between Africa, Europe, and the Middle East offers Access Bank a gateway to expand its influence in North Africa.
The move into Moroccan markets is primarily to strengthen the bank’s international presence and diversify beyond its established markets. The bank also seeks to facilitate international trade within and outside of Africa. By expanding to markets that facilitate cross-border trades, it seeks to be the choice bank to provide payments and other financial services that such markets would need.
In 2024, Access Bank intensified its expansion efforts. The bank acquired Standard Chartered Bank’s operations in Angola, Sierra Leone, and South Africa’s Bidvest, and also expanded into Hong Kong and Malta. These moves highlight Access Bank’s ambition to be a leading bank globally.
The bank is also currently waiting on the Central Bank of Kenya for the final approval of its proposed acquisition of Kenya Commercial Bank’s stake in the National Bank of Kenya, with the transaction expected to be finalised by March 2025.
