Yemisi Izuora
Access Bank, is making significant investment strides in countries in Africa, as it reportedly announced plans to debut in Morocco as part of its pan-African expansion.
The Bank is the first in Nigeria to surpass the Central Bank of Nigeria (CBN) capital requirement target, raising $228 million in a rights issue of 17.8 billion ordinary shares.
Access Bank seeks to dominate the African market According to reports as the capital raise has put Access Bank’s share at N600 billion or $387.4 million, representing 20 per cent more than the minimum requirement for banks in Nigeria with international operations.
According to Morocco World News, Access Bank has secured approvals from the CBN and the Securities and Exchange Commission (SEC) for the fundraising.
The investment in Morocco is part of the bank’s broader strategy to double its international assets by 2027 as it considers Morocco as a strategic gateway between Sub-Saharan Africa and Europe, placing it as an essential platform for boosting South-South economic exchanges.
The move according to report is part of Access Bank’s broader $1.5 billion fundraising plan, which aims to support its expansion into North Africa, Egypt, and the US.
The bank has already committed to continental growth via recent acquisitions, including Standard Chartered Bank’s operations in Angola and Sierra Leone. It also expects approval from the Central Bank of Kenya (CBK) to acquire Kenya’s Commercial Bank’s share in the National Bank of Kenya, which may be concluded by March 2025.
Access Bank maintains a prominent presence in Africa and beyond. It operates in 24 countries across three continents, with over 700 branches and service points, serving about 60 million customers.
Access Bank’s shares have maintained strong performance, increasing 6.7 per cent in Lagos in 2024 after doubling in value in 2023.