Access Bank Plc, Nigeria’s biggest lender plans to generate as much as 30% profit outside Nigeria (its home market). The Bank expects its African subsidiaries and its UK unit to account for 25-30% of its profit before tax in the next 3-5 years.
Access Bank, one of Nigeria’s biggest lender based in Lagos plans diversifying outside its core operations and expanding across Africa in an attempt to boost revenue after the Covid-19 pandemic.
The bank plans to grow by 10% this year to support clients whose businesses were affected due to the impact of the pandemic like the telecom and health companies. In addition, the bank is looking at transitioning to a holding financial institution this year which will enable it open subsidiaries in insurance brokerage and payements.