Access Bank has obtained a provisional licence from regulatory authorities in Namibia to establish a bank in the Southern Africa country.
The company disclosed this in a statement on the NGX signed by its Head of Media Relations, Olakunle Aderinokun where it stated that commercial banking operations in Namibia will boost the country’s local economy.
The bank noted that with its existing operations in Southern Africa—including Angola, Botswana, Mozambique, South Africa, and Zambia—it is well-positioned to provide stakeholders with seamless access to various opportunities for expansion and collaboration across the region.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, described the expansion into Namibia as a key step towards strengthening intra-African trade and building a strong banking network across Southern Africa.
He explained that entering the Namibian market aligns with the bank’s global growth ambitions, offering new opportunities for businesses and individuals while driving community development. Ogbonna expressed confidence that these investments would enhance the bank’s long-term value for shareholders, customers, and other stakeholders.
He stated, “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.”
“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.”
What this means
The expansion into Namibia reflects Access Bank’s strategy to become the financial gateway to Africa and play a major role in the banking sector across the continent.
Earlier this year, the bank announced an agreement to acquire the National Bank of Kenya from KCB Group. Access Bank entered into a binding agreement with Kenya-based KCB Group Plc (“KCB”) to acquire the entire issued share capital of National Bank of Kenya Limited (“NBK” or “the Target”) from KCB.
KCB, the parent company of KCB Bank Ltd, Kenya’s largest commercial bank, is facilitating this transaction. Access Bank noted that this move aligns with its strategic expansion plans, aiming to strengthen its foothold in the Kenyan market.
In entering the Namibian market, Access Bank will compete with major players in the sector such as Bank Windhoek, First National Bank (FNB), Standard Bank Namibia, Nedbank Namibia, and Letshego Bank Namibia.
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