Access Corporation Plc, parent company of Access Bank Limited, has announced its intentions to raise additional capital in U.S. dollars, with the first phase expected to conclude in the first half of next year. During a media briefing at the Corporation’s Lagos headquarters, Managing Director and Chief Executive Mr. Roosevelt Ogbonna highlighted the bank’s preference for a dollar-denominated instrument, noting that recent government-issued diaspora bonds could serve as a helpful reference for the structure.
Ogbonna explained that the capital raise will likely take place in two tranches, with the Development Finance Institution (DFI) component anticipated to close first. The Corporation envisions the completion of the DFI tranche by mid-next year.
Discussing Access Corporation’s ongoing investments in innovation, Ogbonna stated, “We are investing heavily in technology to build a bank of the future,” noting a significant $80 million investment this year alone. The infrastructure upgrades are projected to support 200 million transactions per second by 2027, catering to an estimated customer base growth from 65 million today to 125 million in three years.
In addition, the Corporation is developing a platform aimed at registering all Small and Medium Enterprises (SMEs) across Africa, enabling them to access loans and facilitate cross-border trade. “We want to register every SME on the continent on one platform,” Ogbonna said, highlighting Access Bank’s commitment to supporting African businesses and promoting intra-African commerce.