Access Bank Plc has announced that it has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in the country.
This disclosure was made in a statement signed by Sunday Ekwochi, Access Holding’s Company Secretary and sighted by The Octopus News on Monday, October 7.
L to R: Oluseyi Kumapayi, Executive Director African Subsidiaries, Access Bank PLC, and Leonie Dunn, Deputy Governor, Bank of Namibia, shortly after Access Bank PLC secured Approval-in-Principle to establish Access Bank subsidiary in Namibia…recently.
Titled ‘Access Bank Secures Provisional Licence in Namibia’, the statement noted that the flagship subsidiary of Access Holdings Plc also known as ‘Access Holdings’ had achieved the enviable landmark in Namibia, adding that the new financial institution will become operational in the coming months.
Commenting on the development, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank PLC, said: “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. 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.
“Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise and will unlock new opportunities for businesses and individuals alike. We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region.
“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”
According to the statement, Access Bank’s operation in Namibia is expected to stimulate the local economy and strengthen its position as a leading regional player. It further highlighted that with existing operations in Southern Africa – Angola, Botswana, Mozambique, South Africa, and Zambia – Access Bank is well-positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.
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