Access Bank CEO speaks on entry into South Africa’s banking sector

Access Bank, a Nigerian lender, recently announced its approval from the South African Reserve Bank to acquire a controlling interest in South Africa-based Grobank Limited. This strategic move marks Access Bank's aspiration to become Africa's gateway to the world. The Group Managing Director and CEO of Access Bank, Herbert Wigwe, discussed the exciting developments in a recent CNBC Africa interview. The acquisition includes a full retail banking license, enabling Access Bank to conduct retail banking activities and expand its services in South Africa and other regions. With a focus on wholesale banking, trade finance, and payment solutions, Access Bank aims to capitalize on the vast opportunities in the African market. The bank plans to leverage its trade finance expertise to support SMEs and facilitate trade across the continent. The collaboration with Grobank presents a significant opportunity to enhance trade finance capabilities and drive economic growth within South Africa and beyond. Herbert Wigwe expressed optimism about the potential for growth and emphasized the importance of financial inclusion in driving economic development. In addition to the expansion into South Africa, Access Bank is actively exploring opportunities in the Nigerian market. With a strong focus on retail banking and digital innovation, the bank is committed to serving a growing customer base and promoting financial inclusion. Despite the rise of fintechs and digital banking solutions, Wigwe highlighted the enduring relevance of traditional brick-and-mortar banks and emphasized the need for a balanced approach to innovation and traditional banking services. Access Bank's investment in Grobank signals its long-term commitment to sustainable growth and financial inclusion in Africa. As the first Nigerian bank to enter the South African banking sector, Access Bank is poised to drive economic development and strengthen trade ties within the continent. The bank's strategic focus on trade finance, retail banking, and digital innovation positions it as a key player in Africa's evolving financial landscape. With a vision to become Africa's gateway to the world, Access Bank is paving the way for enhanced economic cooperation and growth across the continent.