Notable Nigerian lender, Access Bank Plc, has received a provisional licence to commence commercial banking operations in Namibia.
A statement from the company said this is part of its expansion drive into the Southern African region, which it said has prospects and is crucial to its ambition to become the first banking choice for the continent.
Access Bank said its operations in Namibia are expected to stimulate the local economy and strengthen its position as a leading regional player.
With existing operations in Southern Africa—Angola, Botswana, Mozambique, South Africa, and Zambia—the lender stated that it is well-positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.
The chief executive of Access Bank, Mr Roosevelt Ogbonna, expressed confidence that the bank’s entry into the Namibian market would yield positive results, adding that the management will be working in the coming months to fulfil the conditions precedent to the grant of a final licence.
“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,” Mr Ogbonna said in the statement.
“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.
