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Access Bank repositions digital payment to reap AfCFTA gains

Published

6 years ago

February 1, 2021

Access Bank will be leveraging on its spread across the African continent and deep investment in technology to reap gains coming from the African Continental Free Trade Agreement (AfCTA).

The AfCTA trade bloc offers a potential market of over 1.3 billion people and a Gross Domestic Product size of over $3 trillion. According to The United Nations Conference on Trade and Development (UNCTAD), there is the potential for intra-African trade to rise to 15.5 per cent as a share of total African trade by 2022 compared with 10.2 per cent from 2010.

For many businesses, securing a seat at the stable ensures that Nigerians can influence negotiations and protect national interests.

While the agreement is not a silver bullet, due to structural barriers to trade, Group Managing Director, Access Bank Plc, Herbert Wigwe, said he saw many benefits to his bank and the various African economies within the AfCTA deal.

In a report titled: ‘Realigning for Growth’ released by the bank, Wigwe said Access Bank would be optimizing and taking maximum gain of the trade agreement by repositioning its operations and payment platforms to serve more customers across the continent.

He said Access Bank Group has consistently delivered growth and created value over time and has the largest customer base in Africa, with a significant share of digitally active clients. The bank is also becoming an aggregator in Africa by building a global payments gateway, offering holistic trade finance support and offering correspondent banking services.

It is also focusing on key markets to support regional trade by targeting new opportunity markets and positioning the bank as a trade and payments gateway to the world.

He identified eight African countries for a potential expansion as it seeks to benefit from the opportunities presented by the AfCFTA.

The bank already operates in 12 countries following a series of acquisitions spanning from Kenya to Nigeria. The markets of interest are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia, according to an online presentation emailed by the Lagos-based lender.

It will also use its London-based unit as an “anchor for growth” to expand representative offices in countries such as India, Lebanon and China, Wigwe disclosed.

The African trade pact aims to bolster intra-regional commerce by lowering or eliminating cross-border tariffs, facilitating the movement of capital and people, promoting investment and paving the way for the establishment of a continental-wide customs union.

Access Bank plans to eventually expand into 22 African countries to cushion challenges in some markets, diversify earnings and take advantage of growth opportunities in the region.

The lender, which is looking to transition to a holding company this year, plans to open subsidiaries in insurance brokerage, consumer lending and agency banking as well as payments to boost revenue, Wigwe added.

The bank is equally transforming payments and remittances using cheap forex from international remittances to feed trade, leveraging AccessAfrica connections to wallets and payment platforms.

It is also building on partnerships with financial investors, Development Finance Institutions, among others and providing strategic support to protect and grow partners’ value.

Continuing, he said the bank has continued to deliver strong results and is focused on generating sustainable revenue across all income lines.

“The bank’s gross revenue grew 26 per cent to N592.8 billion (from nine-months 2018 to nine-months 2020 with steady growth across all income lines. Strong and diversified revenue growth has been driven by expansive retail banking growth and increased velocity of transactions, optimising value chain of wholesale banking customers, credit growth engine, prioritizing margin growth through efficiencies and delighting customers at every digital payment touchpoint,” Wigwe said.

The bank chief explained that with the growth of its operations, the lender has maintained a focus on efficiency in the last three quarters through sustainable cost to income ratio of 50 to 55 per cent given investments in digital and growth over the next two years.

“Access Bank is driving Group revenue growth through retail expansion with the bank’s retail banking business grown consistently across all income lines, driven by strong focus on consumer lending, payments and remittances, digitization of customer journeys, and customer acquisition at scale”.

“We have maintained strong capital levels despite investments for growth, accumulating capital over time. Opportunities for growth will be supported by a digital strategy that will set us apart as a clear-cut digital leader. Our Africa expansion strategy is deliberate and disciplined, with a targeted focus and approach, supported by key enablers,” Wigwe added.

The tier-1 bank is also taking advantage of the expansion strategy to diversify its earnings and risk. It said Nigeria will remain its largest market countries of presence targeting an impactful presence, reaping economies of scale, and leveraging digital and access to cheap funding sources.

Across Africa, there is an opportunity for Access bank to expand to high-potential markets.

Its Holding Company (HoldCo) will consist of four subsidiaries which include the Access Bank Group, Payments business, consumer lending and agency banking as well as insurance brokerage.

“We will therefore reorganise to capture these opportunities by transitioning to a HoldCo structure. Through this reorganisation, we will create new product revenues without taking additional risk for the enterprise, ensure diversification of earnings, and support outside of Africa expansion,” he said.

“Access Bank Group will consist of Nigeria, Africa and International subsidiaries while the Payments subsidiary will leverage the strong suite of the Bank’s assets. The Consumer Lending business has seen greater than 60 per cent growth in digital lending volume and value while the Insurance subsidiary will adopt a dynamic and creative approach to deliver value-added services focused to meet customer insurance needs,” he stated.

For instance, Access Bank is in partnership with Coronation Insurance to offer insurance products to the Bank’s customers. Access Bank-Coronation Insurance bancassurance is already available in Nigeria and Ghana.

Access Insurance Brokerage would adopt a dynamic and creative approach to provide a value- added insurance broking services focused to meeting customers’ insurance protection needs.

The bank says it recognises its unique role in preserving the environment in which we operate as well as positively impacting the society through responsible investing.

The AfCFTA plans to ease non-tariff barriers to trade on the continent, such as the reduction of red tape (which improves the time to export and import), removal of quotas and licenses, and easing of rules of origin, among others.

Also, it is expected that the agreement would lead to cheaper consumer goods prices which will drive improved wellbeing and promote access to cheaper intermediate goods for the industrial sector.

There is also the case for economies of scale as firms try to sell to the bigger African market, leading to increased efficiency. The last benefit is that countries would be more committed to industrialization to really benefit from the bigger African market as exports in much of Africa is currently primary commodities.

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ZENITH BANK TO BRING GLOBAL TRADE LEADERS TOGETHER AT 10TH INTERNATIONAL TRADE SEMINAR ON NON-OIL EXPORTS

Published

13 hours ago

August 18, 2026

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Zenith Bank Plc will host the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, bringing together leading policymakers, regulators, exporters, manufacturers, investors and other key stakeholders to explore practical strategies for unlocking value and accelerating growth in Nigeria’s non-oil export sector.

Themed “Unlocking Value and Harnessing Growth in Non-Oil Export”, the virtual seminar will examine how Nigeria can move beyond exporting raw commodities to build globally competitive value chains, expand market access, strengthen trade infrastructure and financing, and deepen the contribution of non-oil exports to sustainable economic growth.

The high-level event will feature an impressive line-up of guest speakers, including the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, H.E. Wamkele Mene; the Chief Executive Officer of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby; and the immediate past President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah.

The seminar will also convene leading voices from the public and private sectors in two panel discussions. The first panel, dedicated to public sector perspectives, will bring together key stakeholders driving Nigeria’s trade, export, investment and economic development agenda. It will feature the Managing Director/Chief Executive of the Nigerian Export-Import Bank (NEXIM Bank), Mr Abba Bello; the Comptroller-General of the Nigeria Customs Service, Mr Adewale Adeniyi; the Director, Trade and Exchange Department, Central Bank of Nigeria, Ms Aderinola Shonekan; the Executive Secretary/Chief Executive Officer of the Nigerian Investment Promotion Commission (NIPC), Mrs Aisha Rimi; and the Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mrs Nonye Ayeni.

The second panel, focused on private sector perspectives, will feature the Managing Director/Chief Executive Officer of Starlink Global & Ideal Limited, Alhaji Adeniji Adeyemi; the Group Executive Director, Dangote Group, Alhaji Sada Ladan-Baki; Senior Consultant at 3T Impex Trade Centre, Mr Bamidele Ayemibo; the Managing Director of Terra Aqua Environmental Consultancy Nigeria Limited, Alhaji Mobolaji Salako; the Managing Director/Chief Executive Officer of RMM Global, Mr Ramzi Taher; and the Managing Director/Chief Executive Officer of Lelook Nigeria Limited, Chief Mrs Chinwe Ezenwa.

The discussions will offer practical perspectives on trade facilitation, export financing, customs and port efficiency, regulation, market access, and the competitiveness of Nigerian businesses in regional and global markets.

A key focus of the seminar will be the African Continental Free Trade Area and its potential to open up a larger market for Nigerian goods and services while deepening intra-African trade. With the AfCFTA offering businesses access to a market of more than one billion people, the discussions will examine how Nigerian enterprises can leverage regional integration, build competitive value chains and seize emerging opportunities across the continent.

Zenith Bank has consistently championed conversations around trade and economic development. It remains at the forefront of efforts to support businesses seeking to participate more effectively in regional and international commerce. The Bank has also partnered with the AfCFTA Secretariat on initiatives to facilitate cross-border trade and expand access to opportunities across Africa.

Now in its 10th edition, the Zenith Bank International Trade Seminar has evolved into a leading platform for high-level dialogue on Nigeria’s trade and export ecosystem. Over the years, the seminar has brought together government, regulators, businesses, financial institutions, and other stakeholders to examine emerging trends, identify challenges, and proffer practical solutions to strengthen Nigeria’s position in global commerce.

The 2026 edition will build on this legacy, convening some of the most influential voices shaping Nigeria’s trade, investment and economic landscape around one critical question: how can Nigeria unlock greater value from its non-oil exports and translate its vast productive potential into sustainable economic growth?

The seminar will be held virtually and streamed live on Zoom, YouTube, Instagram, Facebook, X, and TikTok, enabling participants in Nigeria and around the world to join the conversation. Interested participants can register at www.zenithbank.com/exportsem

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Sterling Financial Grows H1 2026 Profit 20% … Balance Sheet Nears ₦5 Trillion

Published

3 weeks ago

July 30, 2026

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Sterling Financial Holdings Company Plc (“St Financial” or “the Group”) today released its unaudited results for the half-year ended 30 June 2026, posting broad-based growth across key performance indices.

The Group’s gross earnings rose 31.5% to ₦279.6 billion over the corresponding period in 2025, led by a 33.7% jump in interest income to ₦223.6 billion as the loan book expanded and asset yields improved. Net interest income climbed 41.0% to ₦137.4 billion, while non-interest income grew by 23.3% to ₦56.0 billion, supported by notable increases in fee income and other operating income lines.

Sterling Financial continued to strengthen its balance sheet with total assets expanding by 19.3% to ₦4.67 trillion, supported by a 21.1% growth in customer deposits to ₦3.62 trillion and disciplined expansion in the loan portfolio. The Group’s profit before tax (PBT) rose 21.9% to ₦55.5 billion while profit after tax (PAT) rose 20.4% to ₦50.3 billion.

Return on average equity stood at 20.6% and return on average assets improved to 2.35% from 2.05%.

Sterling Financial’s shareholders’ funds increased 27.8% to ₦547.7 billion in the period under review, primarily reflecting the ₦96.6 billion raised through a public offer of 13.8 billion ordinary shares. The Group’s share price has also appreciated over 15% from its year-opening position, reflecting renewed investor interest in the franchise ahead of the results release. Basic earnings per share stood at 77 kobo, reflecting the enlarged share base following the public offer.

The Group’s performance is anchored by its ongoing modernisation of its technology stack and operating model across its commercial (Sterling Bank), non-interest (AltBank), and wealth management (SterlingFI) arms. That work is showing up in faster service turnaround, tighter unit economics, and greater headroom to absorb rising customer activity without loosening the Group’s risk posture.

The combination of a reinforced capital base, expanding deposit franchise, and broader earnings mix leaves Sterling Financial positioned to compound growth in the second half of the year, channelling capital where it earns most and continuing to lend into the real economy.

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ZENITH BANK NAMED AFRICA’S BEST BANK & NIGERIA’S BEST BANK AT THE 2026 EUROMONEY AWARDS FOR EXCELLENCE

Published

4 weeks ago

July 23, 2026

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Zenith Bank Plc has been named “Africa’s Best Bank” and “Nigeria’s Best Bank”, the latter for the second consecutive year, at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking. The awards were presented to the Bank on Thursday, 16 July 2026, at The Peninsula London Hotel, London. This dual recognition is a testament to the Bank’s sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.

The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking. This year’s edition attracted a record of over 770 entries from world-class financial institutions including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.

Commenting on the awards, the Group Managing Director/CEO of Zenith Bank Plc, Dame Dr. AdaoraUmeoji, OON, said, “We are deeply honoured by theserecognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution. These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa.”

The GMD commended the regulators across the various jurisdictions where the Bank has footprints for the enabling regulatory environment which has supported the Bank in achieving this feat.

She dedicated the award to the Founder of Zenith Bank Plc, Jim Ovia, CFR, thanking him for his vision and excellence which have been instrumental to the Bank’s success.

Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions. In the 2025 financial year, the Bank grew gross earnings by six per cent year on year to ₦4.19 trillion and delivered profit after tax of ₦1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent. In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totaling N410.69 billion) for the 2025 financial year. This represents a 100% increase over N5.00 per share paid in 2024. The Bank has also deepened its pan-African presence and expanded trade and transaction banking capabilities to connect businesses across key markets.

Euromoney is the leading authority for global banking and financial markets, and this latest recognition adds to Zenith Bank’s growing list of local and international accolades, and further cements its position as one of Africa’s leading financial institutions.

The Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the seventeenth consecutive year in the 2026 Top 1000 World Banks Ranking, published by The Banker and “Nigeria’s Best Bank” at the EuromoneyAwards for Excellence 2025. The Bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022, and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.Further recognitions include Best Commercial Bank, Nigeria for six consecutive years from 2021 to 2026 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023, 2024 and 2026 Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for five consecutive years from 2022 to 2026 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence led to Zenith being also named the Most Valuable Banking Brand in Nigeria in The Banker’s Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 to 2025 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and 2024 to 2025. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Year 2024 by ThisDay Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.

Zenith Bank has also earned several non-financial awards, including Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024.

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