In Nigeria’s financial sector, growth and influence in private banking cannot be mentioned without reference to Access Bank. The bank is widely recognised as one of the largest and most influential banks in Nigeria. Its relevance within the banking sector also stems from the impact it has on the Nigerian economy through its retail and corporate banking operations. Without question, unique leadership has been the driving force behind Access bank’s astonishing progress.
Roosevelt Ogbonna’s current leadership is not the least as Access Bank continues to experience significant growth and innovation.
Since the appointment of Mr Roosevelt in 2022, Access Bank has demonstrated strong financial growth, particularly in gross earnings and total assets. First, the bank’s total assets grew to N14.9 trillion in 2022. In 2023, Access Holdings Plc experienced an 87% year-on-year increase in gross earnings, reaching N2.59 trillion from N1.38 trillion.
Under Roosevelt Ogbonna’s administration, Access Bank continued to focus on expanding its presence in Africa, aiming to become “Africa’s Gateway to the World”. In fulfilling this expansion strategy, the bank acquired banks in key markets, such as South Africa, Zambia, and Mozambique, as well as establishing new subsidiaries in countries like Sierra Leone and Cameroon. Access Bank also experienced significant growth in its customer base in 2022, reaching 58 million individual customers and 63 million accounts. This growth was driven by factors including expansion into new areas, progressive customer segmentation strategies. It was also boosted by the bank’s focus on inclusive banking, especially targeting women. Summarily, the bank’s retail customer base grew by 13 million in 2022.
Within the period of Mr Ogbonna’s ongoing leadership, Access Bank achieved significant milestones. First, the bank was able to transition into a holding company for ease of diversification and expansion. This strengthened its presence in the Kenyan market, its expansion to France, and its focus on digital payments across Africa through its “Access Africa” platform. The bank also gained recognition for innovation in SME banking and strong Corporate Social Responsibility initiatives.
As Roosevelt’s administration progresses, Access Bank does not relent in demonstrating a strong commitment to both innovation and corporate social responsibility (CSR). They’ve invested heavily in digital banking being a pioneer in digital banking in Africa, offering a range of innovative digital solutions to reach more customers, including mobile banking apps and digital wallets. With wide arms the bank also contributed to green finance, issuing green bonds and financing sustainable projects that promote environmental protection and low-carbon development in Nigeria and Africa at large.
Access Bank has also made significant contributions to community development through financial literacy programs, education and healthcare initiatives, including encouragement of employee volunteering. These efforts to incorporate environmental and social development into its strategy is duly acknowledged and applauded by the UNEP Financial Initiative.
With Mr Ogbonna at the helm, Access Bank continues to achieve unique milestones while overcoming unavoidable challenges which are not common for banks in its station. The bank has navigated unique challenges such as geopolitical tensions, economic pressures, and inflationary headwinds, particularly in Ghana. The global economic landscape has also presented challenges, including the impact of the Russia-Ukraine conflict and supply chain constraints from China. Additionally, Access Bank has experienced a period of monetary policy tightening and strengthening of the USD against major currencies, affecting emerging markets like Nigeria.
The unprecedented administrative track record of Mr Roosevelt Ogbonna is not far fetched if considered in the light of the wealth of knowledge and experience with which he operates. In addition to a robust academic portfolio featuring an Executive Masters in Business Administration from Cheung Kong Graduate School of Business, Mr Ogbonna currently wields 20+ years of experience, serving in the banking industry.
Conclusively, it is not unfounded to affirm that Access Bank is being propelled by the Roosevelt-led administration into greater heights, and a wider sphere of influence within the private banking sector of Nigeria’s financial industry.
