Access Bank Secures Provisional License to Establish Operations in Namibia, Expanding Its Southern Africa Presence
Access Bank has obtained a provisional license from Namibian regulatory authorities to establish a bank in the Southern African nation. This was revealed in a statement on the Nigerian Exchange (NGX) signed by the bank’s Head of Media Relations, Olakunle Aderinokun. The bank’s entry into Namibia is expected to bolster the local economy through its commercial banking operations.
With an existing presence in Southern Africa, including Angola, Botswana, Mozambique, South Africa, and Zambia, Access Bank is strategically positioned to offer seamless opportunities for expansion and collaboration across the region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, highlighted this move as a crucial step toward strengthening intra-African trade and developing a robust banking network in Southern Africa. He explained that entering Namibia aligns with the bank’s global growth ambitions, offering new opportunities for businesses and individuals while fostering community development.
“This expansion marks an important milestone in creating a financial pathway in Namibia for intra-African trade and connections with the rest of the world. It reaffirms our commitment to building a strong banking network that delivers shared prosperity and promotes financial inclusion across Southern Africa, enabling many to achieve their dreams,” Ogbonna stated.
The bank’s expansion into Namibia is part of a broader strategy to build a global banking franchise and unlock new opportunities in the region. Access Bank is set to compete with established financial institutions in Namibia, such as Bank Windhoek, First National Bank (FNB), Standard Bank Namibia, Nedbank Namibia, and Letshego Bank Namibia.
Earlier this year, Access Bank also announced an agreement to acquire the National Bank of Kenya from KCB Group, further solidifying its expansion strategy across the African continent.
Source: Techeconomy
