Access Holdings Plc is establishing a new consumer lending subsidiary that aims at further expanding consumer finance options for individuals and businesses.

The new subsidiary, Oxygen X Finance Company Limited, is expected to commence operations soon upon obtaining final operating licence from the Central Bank of Nigeria (CBN). CBN had earlier granted approval-in-principle to the new subsidiary.

According to the company, the new subsidiary will impact the financial landscape by providing innovative and seamless digital lending solutions tailored to meet the needs of individuals and corporate customers.

The Nigerian expansion came as Access Bank Plc, the flagship subsidiary of Access Holdings, sealed a deal to acquire the majority equity stake of about 80 per cent in Uganda’s Finance Trust Bank (FTB).

The deal will see Access Bank concurrently acquiring the shares currently held by FTB’s Institutional Shareholders who have sought to exit to a strategic, long-term shareholder.

The transaction is, however, subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda. It is expected to close in the first half of 2024, following the fulfilment of customary conditions precedent.

Following the anticipated closing of the transaction, Access Bank would own an estimated 80 per cent shareholding in FTB.

Group Chief Executive, Access Holdings Plc, Mr. Herbert Wigwe, said the transaction marked an important milestone for the bank as it moves closer to the achievement of the group’s five-year strategic plan through continued expansion into key markets.

“We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams,” Wigwe said.

According to him, the expansion to Uganda will support the realisation of the group’s aspiration to become Africa’s payment gateway to the world.

Managing Director, Access Bank Plc, Mr. Roosevelt Ogbonna said the prospective acquisition of majority equity stake in FTB would enable the bank to strengthen its regional presence in the East African Community trade region.

“Beyond our expansion goals, this deal will enable the bank to deepen its community and women impact initiatives, as we will be building on FTB’s mission to effectively deliver innovative financial solutions to customers and stakeholders, especially women. Our storied history and experience in gender initiatives and women empowerment will greatly benefit FTB’s current deposit and loan portfolio – which currently comprises about 40 per cent women – and the larger Ugandan community,” Ogbonna said.

According to him, the deal comes at a time when commercial banks in Uganda are looking to increase their capital, thus the strategic acquisition presents an opportunity for Access Bank to partner with FTB and its stakeholders to create more significant opportunities for financial inclusion, product diversification, and, ultimately, greater customer-centricity.

He noted that Access Bank’s presence in over 20 countries globally presents a robust platform that FTB’s customers can leverage to boost trade opportunities with the rest of the world.

Ogbonna assured that Access Bank remains steadfast in its commitment to driving sustainable growth and creating exceptional value for its stakeholders, noting that the acquisition of FTB stands as a testament to the bank’s unwavering dedication to expanding its footprint and supporting the economic progress across East Africa.

Managing Director, Finance Trust Bank, Annet Nakawunde Mulindwa,  said the bank was thrilled with the partnership with Access Bank as it marked a pivotal moment in its growth journey and presented an extraordinary opportunity for customers and stakeholders.

“This strategic alliance will fortify our position in the financial landscape and enable us to offer our customers a broader array of innovative products and services.

“As we embark on this journey, we extend our heartfelt appreciation to our loyal customers, dedicated employees, and valued shareholders for their unwavering support. Leveraging Access Bank’s global presence and expertise, we look forward to reaching new heights and continuing to serve as a trusted financial partner to our customers and communities across Uganda,” Mulindwa said.

She noted that the transaction will enable both banks to merge their technological resources, providing FTB customers with access to secure and diversified digital platforms for seamless transactions and banking services provided by Access Bank.

According to her, FTB would be able to leverage Access Bank’s expertise in building deep sector relevance across several industries and tap into revenue opportunities across new customer segments which cut across business and retail banking.

Zenith Bank Plc has been listed in the World Finance 100 2023 released by World Finance Magazine, achieving the feat as the only Nigerian company in the prestigious and exclusive listing.

Zenith Bank’s inclusion in this elite list underscores the bank’s outstanding achievements and resilience in a dynamic and competitive global market.

The World Finance 100 celebrates companies that have reached the pinnacle of achievement across a wide variety of fields of expertise. Each year World Finance compiles the list of 100 companies, purely based on excellence in their field.

The list presents the new business elite, made up of those whose vision and enterprise shapes the conceptual landscape of finance, business and technology.

Notably, Zenith Bank stands as the lone Nigerian company and one of just three African companies to earn a place on this esteemed list for 2023, alongside industry titans such as Apple, Amazon, and Alphabet.

Dr. Ebenezer Onyeagwu, Group Managing Director/CEO of Zenith Bank Plc, remarked, “It is with great pride that we acknowledge this feat as the exclusive Nigerian company in the World Finance 100 2023. This accolade is a testament to our unwavering dedication to our valued stakeholders, our innovative spirit, and sustained growth, all achieved amidst the complexities of a challenging economic climate. This honour further attests to our status as a leading financial institution that continues to set the industry standard in financial performance, good corporate governance and financial stability.”

He expressed his profound gratitude to the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his visionary leadership and foundational role in shaping a resilient and thriving financial institution.

He also acknowledged the board for the outstanding leadership they provide; the staff, whose drive and commitment sustains the exceptional performance; and the bank’s customers for their steadfast trust in the Zenith brand.

Zenith Bank continues to play a pivotal role in Nigeria’s economic development and remains dedicated to providing cutting-edge financial solutions to its diverse clientele.

The Bank’s track record of excellent performance has earned the brand numerous awards, with this latest accolade coming on the heels of several recognitions including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.