Access Holdings Plc has announced that its flagship subsidiary, Access Bank, has obtained a provisional license from the Bank of Namibia to set up a commercial bank in the country.
Gatekeepers News reports that Access Bank’s presence in Namibia is anticipated to boost the local economy and enhance its standing as a prominent player in the region, according to Sunday Ekwochi, the company’s secretary.
Commenting on the development, Roosevelt Ogbonna, Managing Director and Chief Executive Officer (CEO) of Access Bank, described the move as a milestone in the bank’s efforts to promote intra-African trade.
“This expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world,” Ogbonna said.
“It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion thereby empowering many to achieve their dreams.”
Ogbonna said Access Bank’s entry into the Namibian market aligns with the institution’s broader goal of building a strong global franchise, opening new opportunities for businesses and individuals alike.
The CEO expressed the company’s eagerness to collaborate with local stakeholders to drive innovation, empower communities, and make a significant contribution to the region’s prosperity.
“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups,” he added.
The bank also said in the coming months, it would work to fulfill the conditions required for the final licence approval and will keep the market informed.
Access Bank said with existing operations in Angola, Botswana, Mozambique, South Africa, and Zambia, it is positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.
