Access Holdings, the parent company of Access Bank, has secured a provisional licence to open a commercial bank in Namibia, expanding its reach across the Southern African region.

This was disclosed in a statement from the company’s secretary, Sunday Ekwochi, sent to Peoples Gazette on Monday, October 7.

Access Bank’s managing director and CEO, Roosevelt Ogbonna, hailed the move as evidence of the bank’s commitment to “build a strong global franchise” and open up “new opportunities for businesses and individuals alike.”

“This 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. 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,” the statement cited Mr Ogbonna as saying.

“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,” he added.

Mr Ogbonna expressed optimism in exploring partnerships with like-minded Namibian stakeholders to boost the region’s economy.

“We look forward to partnering with local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region,” stated the CEO of Access Bank Plc.

The Namibian market will add to Access Holdings’ growing list of operations in Southern Africa, where countries like Angola, Botswana, Mozambique, South Africa, and Zambia have already issued licences to the bank.

With Namibia on the list, Access Holdings was gradually cementing its status as a leading commercial bank in the African region.

Access Bank’s shareholders and customers, according to Mr Ogbonna, will benefit from its  Namibian market.

“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,” the top banker said.