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Tuesday, June 6, 2023

Access Bank Expects Total Customers to hit 125 million by 2027

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Access Bank Nigeria Plc, the largest lender by total assets in Africa’s most populous nation, expects the total number of customers to hit 125 million by 2027, according to its Corporate Strategy Report.

The lender is optimistic about its customer acquisition drive to hit 100 million for the Retail Business by 2027, as it migrates the majority of customers to digital platforms by 2027 across all touchpoints.

As at nine months September 2022, Access Bank has a total customer base of 52.20 million, which is more than the population 85 percent (50) of African countries.

Its Retail Bank aims to evolve into a digital sales and  service provider by 2027, according to a statement by the Bank.

There has been an improvement in transaction income through enhanced digital channels transaction velocity, as the Consumer Lending business which currently exists within the retail segment of the Bank will continue to leverage on digitalized channel support and seamless remittance of fees to grow.

In 2020, the Bank launched a digital lending portal, ‘Cashflow Loans by Access,’ which is a solution for business owners to access loans easily from the comfort of their homes via an online platform while staying safe. The new service is accessible to all SME customers who have established sufficient cashflow records with the Bank.

It is important to note that the coronavirus pandemic unlocked the potential in digital banking as customers who were unable to go to the bank carried out transactions using their mobile applications.

McKinsey and Company in a report stated that digitalisation will enable Nigerian banks to achieve between 25 and 40 per cent cost-reduction.

The McKinsey stated that rethinking end-to-end digital options for card subscription and renewal, PIN reset, and electronic channel issue resolution, to name a few, could unlock new growth, adding that sales and lending processes, which have been heavily reliant on physical interaction, could be reviewed to identify automation potential, especially for SMEs.

Oxygen, one of the five subsidiaries of the new Holding Company structure, will be focused on delivering integrated payments solutions. Also, Oxygen will be focused on two main customer groups – financial institutions (including Access bank, Tier-2 Banks, and Fintechs) and Merchants/SMEs

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