More facts have continued to emerge following the recent official flag off of the latest entrant to the nation’s holding corporation market.
Otherwise, the new born in the African financial market, Access Corporation has opened up on seven key strategic enablers structured to drive its continental ambition to fruition in the shortest time possible.
Explaining to the public at a presentation in Lagos recently, the financial powerhouse averred that Access Corporation has unveiled a new five-year strategic plan, in which it outlined plans to deepen financial services across Africa and extend its services to the continent’s large unbanked population. Access Holdco to be powered by 7 strategic enablers—Wigwe
Besides, in a tweet, the CEO of Access Holdings Plc, traded as Access Corporation, Mr. Herbert Wigwe said “As we unveil our strategic plan for the years 2023-2027, I am excited about the opportunities that lie ahead. We have a clear vision for growth and innovation that will drive our success in the years to come.”
According to the lead document on the presentation sighted by Business Hilights in Lagos, “Access Corporation’s ambitions will be supported by seven key enablers. These enablers will ensure Access executes seamlessly, becoming a top five financial services institution in the continent by the end of the strategic cycle in terms of revenues, asset base and on a balanced scorecard basis.
“Access will create a high-performance organisation with a strong bench of talent who are the best African leaders with capabilities to deliver the corporation’s future aspirations,” it projected.
Also, the Holdco’s expansion strategy would be deliberate and disciplined, focusing on five key principles, adding that “Access Corporation has consistently outperformed the market on the growth of key metrics. We have focused on generating sustainable revenue across all income lines. We have maintained and continue to carry forward a residual dividend policy which ensures we keep our investors in mind as well as provide sufficient capital to fund investment and growth, maintaining a sustainable dividend policy,” it stated.
The document also noted amongst other things that “Access would be in the eye of the storm, having transformed to become a leading financial and ecosystem player, with its core business as the foundation
“The banking group would act as a nexus to drive transformation for the corporation, while its retail banking arm aims to evolve into a digital sales and service provider by 2027.
Also, its wholesale bank unit would consolidate gains while transforming operating model, just as it business bank unit would be the preeminent SME financial services provider.
“The bank will evolve into a leader in international trade facilitation within Africa. Access Corporation will be supported by strong objectives across seven enablers,” it added, noting further that “By 2027, we expect the Nigeria Bank to be contributing about 52 per cent of revenues compared to about 82 per cent (nine- month 2022). The new verticals will also be contributing about 12 per cent of total revenues, as revenues from African subsidiaries are expected to double over the next five years.
“Profit Before Tax contributions from Nigeria bank is expected to reduce from about 63 per cent (9M’22) to about 33 per cent, while the new verticals are expected to contribute about 19 per cent of the profitability by 2027, while African Subsidiaries will contribute about 20 per cent as our footprint grows across the continent,” it stated.
“By 2027, we expect the Nigeria Bank to be contributing about 52 per cent of revenues compared to about 82 per cent (nine- month 2022). The new verticals will also be contributing about 12 per cent of total revenues, as revenues from African subsidiaries is expected to double over the next five years.
“Profit Before Tax contributions from Nigeria bank is expected to reduce from about 63 per cent (9M’22) to about 33 per cent, while the new verticals are expected to contribute about 19 per cent of the profitability by 2027, while African Subsidiaries will contribute about 20 per cent as our footprint grows across the continent,” it stated.
According to Access Corporation, “by the end of 2027, it expects to have presence in at least 26 countries and in at least three organisations for Economic Co-operation and Development (OECD) countries supporting trade (United Kingdom, France & United States of America).
The Holdco also projected that its customer acquisition drive would hit 100 million for the Retail Business by 2027 and would continue as it migrates majority of customers to digital platforms by 2027 across all touchpoints.
“Our primary focus on trade is to leverage established presence across trade and financial hubs across the world to continue driving trade outputs. Presence in London, Dubai, Hong Kong, Lebanon, Beijing, Mumbai etc. and extensive footprint across the continent,” it added.
“The institution has transitioned to a Holdco with five verticals to capture the opportunities the African market. Access has positioned itself to be at the centre of financial flows on the continent – trade, expanding and deepening financial services and serving corporates with excellence – creating a self- sustaining ecosystem.
