E-Financial
Access Bank Gets CBN’s Nod to Restructure into Holdco
Access Bank, the biggest retail bank in Africa, has announced that it has received Central Bank of Nigeria (CBN’s) Approval-in-Principle to restructure to a Holdco.
The bank has also received regulatory approvals to commence operations in Mozambique under the name Access Bank Mozambique, S.A. (Access Bank Mozambique), and plans to acquire a majority holding in South Africa’s Grobank Limited.
The bank revealed in a notification which was filed at the Nigerian Stock Exchange (NSE) and signed by Sunday Ekwochi, company secretary, that its desire to operate as a Holding Company would enable the bank to further accelerate its objectives around business diversification, improved operational efficiency, talent retention as robust governance.
With its vision of being Africa’s gateway to the world, Access announced that its subsidiary, Access Bank Mozambique, has entered into a definitive agreement with ABC Holdings Limited (ABC Holdings), a wholly-owned subsidiary of Atlas Mara Limited (Atlas Mara) to acquire African Banking Corporation (Moҫambique), S.A., (BancABC Mozambique) for cash, in a combination of definitive and contingent considerations.
Access Bank has also entered into a definitive agreement with GroCapital Holdings (GroCapital) to invest in Grobank Limited over two tranches.
The first is an initial cash consideration for a 49 percent shareholding and subsequently increased to a majority stake in the second tranche.
Both tranches are subject to various regulatory approvals and the overall transaction is also subject to Grobank’s shareholder approvals.
GroCapital, whose shareholders include the Public Investment Corporation – which doubles as Africa’s largest investment manager, and Fairfax Africa Holdings – a leading global investor, will retain an existing but diluted shareholding in Grobank as part of the outlined transaction terms.
Speaking on these developments, Herbert Wigwe, GMD/CEO Access Bank said: “We have consistently said that we are focused on building the scale needed to become a leading African bank; one that leverages our experienced and growing talent base and key stakeholder partnerships towards driving sustainable impact and profitability. Today’s announcement demonstrates further commitment to delivering our strategic aspirations of becoming Africa’s Gateway to the world in line with our vision to be the World’s Most Respected African bank.
These transactions will significantly strengthen our presence in Southern Africa and further our footprint for growth in the SADC region.
With a broader presence across the continent, Access Bank will be better placed to support our customers who are increasingly looking towards intra Africa growth.
The proposed transactions will accelerate the Bank’s momentum towards delivering world-class banking services to an expanded customer base across Africa. Our goal remains to reach and impact 100 million unique customers across the continent by 2022. “
Over the years, Access Bank has evolved both in innovativeness, prestige, and strength.
The bank currently holds the position of the number one retail bank in Africa with a customer base of over 40 million.
They’ve relentlessly upheld their ‘more than banking’ promise which has inarguably given them an advantage over their competitors.
The Bank employs over 28,000 people in its operations in Nigeria and has subsidiaries in Sub- Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon, and India.
Nigeria Deposit Insurance Corporation (NDIC) has called for comments from financial services industry stakeholders in the country, policy makers and the general public towards the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System.
The proposed revision launched by IADI in May 2025, is a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of an evolving global financial landscape.
Specifically, the revision is aimed at comprehensively addressing structural changes, including digital innovation, the growing role of deposit insurers in resolution, and lessons learned from the banking turmoil in March 2023, which is the most significant systemic stress event since the 2007-09 global financial crisis.
The IADI Core Principles are used by jurisdictions, including Nigeria, as a benchmark for assessing the quality of their deposit insurance systems and for identifying gaps in their deposit insurance practices and measures to address them.
The Core Principles are also used by the International Monetary Fund (IMF) and the World Bank in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of jurisdictions’ deposit insurance systems and practices.
The first set of the Core Principles was issued jointly by the IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009 while the document is subjected to periodic revision order to keep it up-to-date with evolving trends on the global financial system landscape.
As a founding and committed member of IADI, NDIC recognises the importance of the ongoing revision and hereby invites stakeholders and the general public to actively participate in the process by reviewing the document on the lin
Onafriq, Africa’s largest digital payments network, has celebrated a major milestone, connecting nearly 1 billion mobile money wallets and 500 million bank accounts across the continent.
According to a statement released by the company, Onafriq has evolved from a mobile money switch to a comprehensive omnichannel payments network, facilitating seamless transactions and financial inclusion.
The company’s network now connects 961 million registered mobile wallets and 464 million registered bank accounts, with over 2,000 cross-border payment corridors supported.
Speaking on the achievement, Dare Okoudjou, Founder and CEO of Onafriq, said, “We remain fully committed to connecting every individual and business in Africa with each other and the world.”
Okoudjou noted that the company has grown in lockstep with the continent’s digital evolution, from mobile money to bank accounts, remittances, and real-time trade.
As Onafriq embarks on its next chapter, the company aims to develop infrastructure with local relevance while maintaining the scale of its pan-African infrastructure.
A prime example is Nigeria, where Onafriq is developing a unique payments stack that combines the strength of its cross-border network with the regulatory and foreign exchange realities of one of Africa’s most dynamic economies.
The company is also exploring blockchain infrastructure and stablecoin integrations to facilitate near-instant, programmable payments, aligning with the objectives of the African Continental Free Trade Area (AfCFTA).
“We are increasingly focused on creating infrastructure with local depth,” Okoudjou said.
With extensive experience, wide reach, and a proven execution track record, Onafriq remains dedicated to building a payment infrastructure that unlocks prosperity across borders and within local communities.
United Bank for Africa (UBA) has informed its customers that, in compliance with a new directive from the Nigerian Communications Commission (NCC), charges for USSD banking services will no longer be deducted from bank accounts, effective June 3, 2025.
In a notice sent to customers, the bank explained that the charges would now be deducted directly from users’ mobile airtime balances, in line with the NCC’s newly introduced End-User Billing (EUB) framework.
It said the new model aimed to ensure transparency in USSD transactions and shift billing responsibility to mobile network operators.
According to UBA, each USSD session would now cost ₦6.98 per 120 seconds, saying that customers initiating transactions would receive a prompt to provide consent at the start of each session, and airtime would only be debited if the bank is available to process the request.
The bank advised customers who are not comfortable with the new billing arrangement to opt for other digital banking alternatives such as the UBA mobile app and internet banking platform, which remain fully operational and user-friendly.
UBA reaffirmed its commitment to providing secure and accessible digital services, and encouraged customers to choose the channel that best suits their banking needs.
The policy marks a significant shift in Nigeria’s digital banking ecosystem and is expected to address longstanding disputes over USSD service charges between telecom operators and financial institutions.
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