Access Bank has secured a provisional license from regulatory authorities in Namibia to establish a banking presence in the Southern African nation.
The announcement was made in a statement on the NGX, signed by Olakunle Aderinokun, the Head of Media Relations, highlighting that the introduction of commercial banking operations in Namibia is expected to enhance the local economy.
The bank emphasized that its established operations in Southern Africa—including Angola, Botswana, Mozambique, South Africa, and Zambia—position it well to offer stakeholders seamless access to a variety of expansion and collaboration opportunities throughout the region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, characterized the move into Namibia as a significant advancement in promoting intra-African trade and developing a robust banking network across Southern Africa.
He noted that entering the Namibian market is in line with the bank’s global growth strategy, presenting new opportunities for both businesses and individuals while fostering community development. Ogbonna expressed optimism that these investments would enhance the bank’s long-term value for shareholders, customers, and other stakeholders.
He remarked, “This expansion marks a crucial milestone in establishing a framework for intra-African trade within the Southern African region, Africa, and beyond. It reinforces our dedication to creating a strong Southern African banking network that promotes shared prosperity and advances financial inclusion, empowering many to realize their aspirations.”
“Our entry into the Namibian market is also a critical step in our overarching goal to develop a strong global franchise, unlocking new opportunities for businesses and individuals. We are eager to collaborate with local stakeholders to drive innovation, empower communities, and make a meaningful contribution to the region's prosperity.”
Access Bank's entry into Namibia is a key component of its strategy to establish itself as a financial hub in Africa and significantly influence the continent's banking landscape.
Earlier this year, the bank revealed its intention to acquire the National Bank of Kenya from KCB Group. Access Bank has entered into a binding agreement with KCB Group Plc, based in Kenya, to purchase the entire issued share capital of National Bank of Kenya Limited.
KCB, which is the parent company of KCB Bank Ltd, the largest commercial bank in Kenya, is facilitating this acquisition. Access Bank emphasized that this initiative is in line with its strategic growth objectives, aimed at enhancing its presence in the Kenyan market.
By entering the Namibian market, Access Bank will face competition from prominent industry players, including Bank Windhoek, First National Bank (FNB), Standard Bank Namibia, Nedbank Namibia, and Letshego Bank Namibia.