Access Bank to Establish Operations in Morocco Amid Pan-African Expansion
Access Bank, one of Nigeria’s largest banks by assets, has announced plans to set up operations in Morocco as part of its ambitious pan-African expansion strategy. This move comes after the bank successfully raised $228 million through a rights issue of 17.8 billion ordinary shares, making it the first Nigerian bank to surpass the Central Bank of Nigeria (CBN)’s capital requirement target.
The capital raise has elevated Access Bank’s total share capital to ₦600 billion (approximately $387.4 million), exceeding the CBN’s international bank capital requirement by 20%. The Morocco World News confirmed that Access Bank has secured the necessary approvals from the CBN and the Securities and Exchange Commission (SEC) for this fundraising initiative.
The bank views Morocco as a strategic gateway linking Sub-Saharan Africa and Europe, making it an essential hub for facilitating South-South economic exchanges. The foray into Morocco is part of Access Bank’s broader $1.5 billion fundraising plan to support its expansion into North Africa, Egypt, and the United States.
Recent acquisitions underline Access Bank’s commitment to growth across the continent, including Standard Chartered Bank’s operations in Angola and Sierra Leone. Additionally, the bank expects approval from the Central Bank of Kenya (CBK) by March 2025 to acquire Kenya Commercial Bank’s stake in the National Bank of Kenya.
Access Bank aims to double its international assets by 2027, solidifying its position as a leader in pan-African banking.
