Access Bank Plc has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in Namibia.
Access Bank made this known in a statement on Monday, October 7, 2024.
Speaking on the development, the Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, 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.”
Access Bank further noted that its operations in Namibia would 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 bank stated that it is well-positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.
The bank noted that it would be working in the coming months to fulfil the conditions precedent to the grant of final licence and will keep the market informed.
