Access Holdings: Catalyst for Economic Development in Nigeria and Africa

Nestled at the forefront of Africa’s economic evolution, Access Holdings Plc, the parent company of Access Bank, blazes the trail of progress and transformation across Nigeria and the continent. Established in 2022, Access Holdings Plc has evolved into a leading multinational financial services group offering services in commercial banking, lending, payment, insurance, and asset management services.

Through bold strides in education, pioneering digital transformation, and steadfast financial prowess, Access Holdings emerges as a crucial force driving economic development and fortifying resilience in Africa.

Driving Digital Transformation

Access Holdings leads digital transformation in the financial sector, leveraging technologies like blockchain, data science, AI, and ML for significant growth. Recognized as the ‘Best Digital Bank in Africa’ by Asian Banker, Access Bank, one of Access Holdings' verticals, employed advanced analytics, cloud computing, AI, machine learning, and robotics to reform operations and drive performance.

To ensure secure and seamless services, Access Holdings has invested heavily in technological advancements and cybersecurity. In 2023, Access Bank reported losses of ₦6.15 billion from fraud and forgery, up from ₦1.44 billion the previous year. On the heels of this negative turn of events, the need to tighten cybersecurity became more paramount, and Access Holdings is committed to protecting its operations and ensuring the safety of its customers' transactions, hence the heavy investment in counter-cybersecurity measures.

Products Innovation

Access Holdings positions itself as a one-stop shop for all financial services through its diverse verticals. The Access More app provides a superior mobile banking experience to over 40 million customers, extending its reach across several African countries. Access Africa, another innovative solution, streamlines international payments, promoting seamless cross-border digital interaction.

Innovations like FacePay, a biometric payment solution, and PrimusPlus, a corporate payments web application, further enhance financial service delivery. The 901 USSD platform allows customers to conduct transactions without internet access, emphasizing Access Holdings' commitment to convenience and security in banking across Africa. By integrating these diverse financial products and services, Access Holdings ensures comprehensive and accessible financial solutions for all its customers, reinforcing its role as a leading financial services provider on the continent.

Championing Education for Africa's Development

Access Holdings is committed to improving education across Africa, aligning with the 2024 Africa Day theme of building resilient education systems. This theme highlights the need for reforms to prepare future generations for 21st-century challenges. Access Holdings addresses these challenges through initiatives like the Access Bank/UNICEF Charity Shield Polo Tournament, which promotes child welfare and supports underprivileged children.

Africa's educational landscape faces significant challenges. In 2023, over a quarter of school-age children in Africa were out of school, and 90 percent of children couldn't read or write by age ten, according to UNESCO and the African Union. Access Holdings actively addresses these issues through various initiatives. The charity polo tournament, the largest in Africa, has raised over N700 million in the past seven years to build schools and provide social amenities, demonstrating Access Bank’s commitment to supporting underprivileged communities.

In a significant corporate initiative, Access Bank, part of Access Holdings, has partnered with Kidpreneur Africa to launch "Project Educate Me." This program aims to empower 15,000 primary and secondary schoolchildren, including children in internally displaced persons (IDP) camps and underserved youth, with essential education and life skills. This partnership underscores Access Holdings' dedication to addressing the educational needs of vulnerable populations in Nigeria. By investing in education, Access Holdings contributes to creating a skilled workforce, fostering social stability, and reducing inequality, thereby laying the groundwork for a prosperous and resilient Africa.

Entrepreneurship and SMEs Growth

Access Holdings significantly contributes to job creation in Africa, employing over 30,000 people across multiple countries, including Nigeria, Kenya, Zambia, and Ghana, as reported in their 2023 annual report. This extensive workforce not only supports the bank's operations but also promotes economic stability and growth in these regions.

The Diamond Business Advantage (DBA) program, launched after Access Bank's merger with Diamond Bank, has supported over 100,000 SMEs across Africa. This initiative provides financial products such as loans, overdrafts, and credit facilities, along with advisory services to enhance business growth and sustainability.

Access Holdings' commitment to entrepreneurship is highlighted by projects like the Access Bank Womenpreneur Pitch-A-Ton, which supports female entrepreneurs across Africa. This program offers women-owned businesses access to funding, training, and mentorship, promoting women's economic empowerment and fostering sustainable enterprise growth.

Over the past 17 years, Access Holding’s through Access Bank has consistently demonstrated its commitment to women's economic empowerment, expending over ₦246.46 billion in financing for 3,145,319 women. Additionally, Access Bank celebrates its customers through the Diamond Extra initiative. In its 16th edition, Access Bank awarded various material and cash prizes amounting to N200 million. Since its inception, the Diamond Extra initiative has rewarded over 26,000 customers with an outstanding sum of 6.5 billion Naira.

Access Bank has also strengthened its development banking desk to drive sustainable development in Nigeria and across the African continent. This initiative aims to provide support and financing for non-profit organizations and businesses, promoting financial inclusion and fostering economic growth.

Through its initiatives and those of its verticals, Access Holdings continues to align with its vision of sustainable growth and inclusive prosperity, contributing to broader economic development goals in Nigeria and Africa. By focusing on SME development, Access Holdings stimulates local economies and drives innovation within the SME sector, aligning with its vision of sustainable growth and inclusive prosperity, and contributing to broader economic development goals in Nigeria and Africa.

Infrastructure Development

Access Holdings demonstrates its commitment to community development and economic growth through various initiatives aimed at improving infrastructure and driving economic development across Africa. One of the cornerstone projects in this effort is their $300 million pledge over 20 years in partnership with the Aig-Imoukhuede Foundation. This transformative initiative aims to fund major government projects across Africa, enhancing infrastructure, creating jobs, and improving public services.

Infrastructure development is crucial for economic growth in Africa. The African Development Bank notes that inadequate infrastructure reduces productivity by about 40% and cuts business efficiency by 50%. Access Holdings' significant financial commitment addresses these gaps, supporting projects that improve transportation, energy, and healthcare infrastructure. These investments are pivotal in driving economic transformation and social development across the continent.

Access Holdings' infrastructure projects extend beyond just funding. They are actively involved in the execution and monitoring of these projects to ensure that they meet the highest standards and deliver tangible benefits to local communities.

These impact initiatives underscore Access Holdings' role as a catalyst for economic development in Nigeria and Africa. By integrating sustainability into its core operations, promoting social responsibility, and supporting community-driven projects, Access Holdings continues to set a precedent for responsible corporate citizenship and sustainable growth in the region.

Access Holdings is fostering growth and resilience in the African economy through its commitment to becoming Africa’s gateway to the world. As the company pursues its strategic objectives, it remains dedicated to driving sustainable growth, enhancing shareholder value, and delivering exceptional financial services. By championing education, embracing digital transformation, and contributing significantly to environmental sustainability and community welfare, Access Holdings is pivotal in shaping the future of the African economy and bridging the continent with global markets.

Moreover, Access Holdings' substantial investments in infrastructure and economic development serve as a commendable model for other corporate entities seeking to contribute meaningfully to Nigeria's advancement and Africa's overall growth trajectory. By prioritizing sustainable practices and inclusive development, Access Holdings exemplifies the potential for corporate leadership to drive positive change on a continent-wide scale.

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