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Access Bank's consumer focused retail strategy, a driving force in Africa's financial scene

Access Bank has been driving its revenue growth through retail expansion, driven by a strong focus on consumer lending, payments and remittances, as well as customer acquisition at scale, writes
It is no secret that achieving revenue growth in an earnings-constrained and ever-increasing competitive environment remains a major challenge for traditional banks globally.
The situation was further worsened by the outbreak of the COVID-19 pandemic which has also led to an increased incursion by financial technology (fintech) players into the financial services segment.
According to a report by Deloitte, a global professional services firm, as the low interest rate regime and new regulations continue to strangle traditional sources of risk-based and fee income, many once-attractive customer relationships are generating less revenue, causing some to become unprofitable. ....

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Overcoming the Headwinds

Goddy Egene writes that Access Bank overcame the rigours of merging with Diamond Bank, survived the headwinds in 2020, to record an improved bottom-line and declared higher dividend
Last year when the Covid-19 pandemic was ravaging the world, investors in Nigeria were highly apprehensive over what would become of their investments at the end of the year. The lockdown that brought economic activities to halt further raised the anxiety among many. It was expected that the performance of companies would be impacted negatively and thus, returns on investments would equally be affected. However, most of the companies, including banks, have shown resilience and delivered improved results despite the challenging operating environment. ....

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As Access Drives Revenue Growth through Retail Banking

Focus
Access Bank has been driving its revenue growth through retail expansion, driven by a strong focus on consumer lending, payments and remittances, as well as customer acquisition at scale, writes Obinna Chima
It is no secret that achieving revenue growth in an earnings-constrained and ever-increasing competitive environment remains a major challenge for traditional banks globally.
The situation was further worsened by the outbreak of the COVID-19 pandemic which has also led to an increased incursion by financial technology (fintech) players into the financial services segment.
According to a report by Deloitte, a global professional services firm, as the low interest rate regime and new regulations continue to strangle traditional sources of risk-based and fee income, many once-attractive customer relationships are generating less revenue, causing some to become unprofitable. ....

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Access Bank Grows Profit to N126bn, Recommends 55k Final Dividend

By Goddy Egene
Access Bank Plc has recorded positive results despite a challenging economic and regulatory landscape in 2020, the bank’s audited financial statement has shown.
The bank recorded gross earnings of N764.7 billion, up by 14 per cent from N666.8 billion in 2019.
Profit before tax grew by 13 per cent to N125.9 billion from N111.9 billion, despite the high cost of operating the enlarged franchise and the increase in net impairment charge of near N43 billion arising principally from a Structured Trade Finance(STF) portfolio in the Access Bank UK.
According to the bank, the STF impairment is one-off/COVID related and recoverable over the next 12-18 months against insurance cover from world class insurers. ....

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Access Bank Realigns for Growth, Digs Deeper into Global Market

BUSINESS/MONEY
Recently, Access Bank Plc engaged its investors on its ambitious plans to further cement its hold on Nigerian, African and global markets at a period when other Nigerian players are still grappling with the challenges of COVID-19 on business and economy. In this report, Festus Akanbi examines the plans laid before investors and finance industry operators
It is indeed a tough time for all the sectors of the economy globally. In Nigeria, it is tougher for service providers, who have to endure the growing customers’ frustration amidst a biting economic recession. And for the Nigerian banks, and other providers of essential customer-driven products and services, the pressure is in many folds, no thanks to the devastating effects of COVID-19 which are forcing government and private sector operators to keep adjusting their plans and processes. ....

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