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.
The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.
The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.
Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.
However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.
“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.
The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.
In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.
Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.
This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.
Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.
In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity
Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.
The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions
Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.
The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.
Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.
Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.
Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.
In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.
This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.
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