Access Holdings (HoldCo) Plc will set up a payments, pensions and insurance business as subsidiaries to help lead its next growth phase.

“In some cases the subsidiaries will be licensed to operate outside Nigeria,” Herbert Wigwe, Chief Executive Officer (CEO) of Access Holdings said at a briefing in Lagos yesterday.

“We will be growing these businesses organically and inorganically and our investments in them will be made using our retained earnings,” Wigwe said.

Access recently increased its equity stake in payments firm E-tranzact to 23.8 percent in a bid to play more aggressively in the fintech space. As at 31st December, the fair value of the Bank’s investment in E-tranzact was N3.16 billion

Access has grown rapidly over the past 20 years, going from a small corporate focused bank to becoming Nigeria’s largest bank by assets, achieved largely through acquisitions of Intercontinental and Diamond Bank.

Wigwe is not concerned about competing with the dominant players currently in the sectors the bank is targeting, citing Access Bank’s history of execution.

Read more: https://moneycentral.com.ng/markets/article/access-holdings-sees-payments-pensions-insurance-leading-next-growth-phase/

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