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Access Bank has announced plans to evolve into a leader in international trade facilitation within the continent, through its subsidiary network.
Executive Director for African Subsidiaries, Seyi Kumapayi, said this would be done through providing seamless person to person intra-Africa funds transfer and inter-Africa trade facilitation.
Kumapayi said this on Wednesday during the stakeholders cocktail held in Zambia’s capital city, Lusaka.
He stated that in order to transform the continent, there was need for a trade and payments systems that can allow Africans to own the processes.
“Just last week we announced that we have agreed to buy an 80 percent stake in Uganda’s Finance Trust Bank limited which further strengthens our East African presence,” Kumapayi disclosed.
He stated that this comes less than six months after the bank agreed with Standard Chartered Bank to acquire its operations in Angola, Cameroon, The Gambia and Sierra Leone and its Private and Business Banking business in Tanzania.
Kumapayi said the acquisition of Cavmont and Atlas Mara Banks in Zambia was part of the plan of the bank to facilitate trade with Africa through its subsidiary network
“Our growth and scalability is important to Access Bank given our ambition, where we come from and what we want to do for our continent,” he emphasized.
Kumapayi said the bank had set itself the vision of becoming the world’s most respected African Bank through setting standards for sustainable business practices.
He stated that such business practices should begin to unleash the talents of the banks employees, deliver superior value to the customers and provide innovative solutions for the markets and communities it serves.
“This is underpinned by our driving force to transform the African financial services sector by changing the narrative of the continent and creating a globally connected community and ecosystem, inspired by Africa, for the world,” Kumapayi said.
He revealed that outside of Africa, they had a presence in the key trade corridors which connect Africa with the United Kingdom, United Arabs Emirates (UAE), China, Lebanon, France Hong Kong and India.
Kumapayi stated that this was important as it meant that the bank had a banking franchise that had not only invested in understanding its locality through the operations but had created the ability to drive trade.
Read More: Access Bank completes acquisition of second bank, Atlas Mara
Access Bank Zambia Managing Director, Lishala Situmbeko, said once Access Bank and Atlas Mara Bank are combined, the financial institution would be firmly in the top five banking groups in Zambia.
Lishala stated that it would have the largest branch network, with a presence across all provinces, enabling convenience for our customers.
“Through this merger, will play a role in Zambia’s economic recovery by building on Atlas Mara’s expansive network,” he said.
Lishala stated that it would also contribute to the public sector as well as focus on Small Medium Enterprises and making its trade finance, treasury and corporate lending expertise available in the country.
“Externally, this combination creates a larger platform to access the COMESA banking opportunity, supporting customers within the region through its network,” he added.
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