By Tony Obiechina, Abuja
The Bank of Namibia has granted a provisional license to Access Bank Plc to establish a commercial bank in the country.
This was contained in the company’s notice to the investing public and the Nigerian Exchange Limited (NGX).
According to the statement signed by the Company Secretary, Sunday Ekwochi, Access Bank’s operations in Namibia are expected to stimulate the local economy and strengthen its position as a leading regional player.
The statement reads, “Access Holdings Plc is pleased to inform the investing public and the Nigerian Exchange Ltd that its flagship subsidiary, Access Bank Plc has obtained a provisional licence from the Bank of Namibia to establish a commercial bank in Namibia”.
Commenting on the development, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank PLC, said the expansion represents an important milestone towards establishing a railroad in Namibia for intra-African trade within the Southern African region, Africa, and the rest of the world.
He said, “It cements our commitment to building a robust Southern African banking network to deliver shared prosperity and advance financial inclusion thereby empowering many to achieve their dreams.
“Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise and will unlock new opportunities for businesses and individuals alike.
“We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region.
“We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value to our shareholders, customers, and wider stakeholder groups”.
With existing operations in Southern Africa Angola, Botswana, Mozambique, South Africa, and Zambia the Bank said it is positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.
The bank will be working in the coming months to fulfil the conditions precedent to the grant of the final license and will keep the market informed.
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