CBN Launch  Nigerian National Domestic Card Scheme To Deepen  E-Payment

CBN Governor, Godwin Emefiele
CBN Governor, Godwin Emefiele

The Central Bank of Nigeria on Thursday launched the Nigerian National Domestic Card Scheme to boost the electronic payment system in the country.

During the virtual launch, the Central Bank Governor, Godwin Emefiele, explained that the card would assist in reducing operating cost and charges as well as preserve foreign exchange in the country.

Emefiele declared “,at this time when foreign exchange challenges persist globally, it is important that I say that we have come up with this card to ensure that all online transactions will now effective immediately begin to go on the Nigerian National Domestic Card system.

“All domestic transactions that are going to be conducted in Nigeria will have to be through the Nigerian domestic cards.”

While the penetration of card payments in Nigeria had grown tremendously over the years, he said, many Nigerians were still excluded.

He noted that the challenges that had limited the inclusion of Nigerians include the high cost of card services as a result of foreign exchange requirements of international card schemes and the fact that existing card products do not address local peculiarities of the Nigerian market.

Given the limited usage of cards by Nigerians and in a bid to deepen penetration, he said the Central Bank actively promoted the National domestic card scheme which would be accessible to all Nigerians and also address local peculiarities.

He added, “But given that charges by foreign cards are in dollars, we will no longer pay dollars for the charges on those cards. Particularly, we would only pay dollars for charges for transactions that are done with dollars whether they are domestic cards or foreign cards outside Nigeria”

The banking regulator said the CBN, Nigeria Inter-Bank Settlement System Plc and Nigerian banks would work together on how to segregate those transactions to ensure that they would only make charges or fees for international transactions that are conducted on the cards or the Visa or MasterCard.

“I thought it important for me to say so not because there’s any preference for the domestic card but what is most important is that we do not have foreign exchange and we will bar payment of charges for domestic transactions from the Nigerian foreign exchange market at some point in the very near future,” he revealed.

Jamoh Charge Media Owners To Imbibe National Interest In Information Management For The Development Of Nigeria

R-:L Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Bashir Jamoh OFR  presenting a souvenir to the Chairman/CEO of Channels Television, Mr John Momoh during a courtesy visit to the Channels TV headquarters in Lagos recently.
R-:L Director General, Nigerian Maritime Administration and Safety Agency, NIMASA, Dr Bashir Jamoh OFR presenting a souvenir to the Chairman/CEO of Channels Television, Mr John Momoh during a courtesy visit to the Channels TV headquarters in Lagos recently

NIMASA Director General, Dr Bashir Jamoh OFR paid a working visit to the Chief Executive Officer of ChannelsTV Mr John Momoh and highlighted the critical role the media plays in nation building.

He noted the need for Media owners to make conscious and deliberate efforts to imbibe national interest in information management for the development of Nigeria with particular reference to the maritime sector .

8th Agrofood And Plastprintpack Nigeria Sets To Host Global Technology Leaders From 11 Countries And A Top Level 3-Day Conference 

L-R: Assistant Director, National Agency for Food and Drug Administration and Control (NAFDAC), Isolo, Lagos, Yusuf Sanni; Team Lead, Corporate Services, Leadway Assurance, Aishat Bello-Garuba; Chief Executive Officer, Modion Communications, Odion Aleobua; Project Manager, fairtrade Messe GmbH & Co. KG, Freyja Detjen; Commercial First Secretary & Head of Economic and Commercial Office, Embassy of The Arab Republic of Egypt, Amr Altantawy and Representative of the President, Lagos Chamber of Commerce and Industry, Ogo Adesanya, during the Stakeholders Meet-up and Press Conference for the 8th edition of agrofood & plastprintpack Nigeria, on Wednesday, January 25, 2023, in Lagos.  
L-R: Assistant Director, National Agency for Food and Drug Administration and Control (NAFDAC), Isolo, Lagos, Yusuf Sanni; Team Lead, Corporate Services, Leadway Assurance, Aishat Bello-Garuba; Chief Executive Officer, Modion Communications, Odion Aleobua; Project Manager, fairtrade Messe GmbH & Co. KG, Freyja Detjen; Commercial First Secretary & Head of Economic and Commercial Office, Embassy of The Arab Republic of Egypt, Amr Altantawy and Representative of the President, Lagos Chamber of Commerce and Industry, Ogo Adesanya, during the Stakeholders Meet-up and Press Conference for the 8th edition of agrofood & plastprintpack Nigeria, on Wednesday, January 25, 2023, in Lagos.

The Nigerian agrofood and plastprintpack industry is set to host Global Technology Leaders from 11 countries at the 8th edition of its annual conference and exhibition.
Organised by the German trade show specialists fairtrade, the 8th edition of the agrofood & plastprintpack Nigeria will also feature a top level 3-day conference and the event will hold from 28 to 30 March 2023 at the Landmark Centre in Lagos, Victoria Island.  
 
Global technology leaders from 11 countries will showcase adapted technologies and solutions for the Nigerian and West African market in the fields of agriculture, food and beverage processing, ingredients, plastics, printing and others.

The will attract participants from Belgium, China, France, Germany, Italy, Korea, Nigeria, Taiwan, Turkey, Tunisia and Spain.  
 
Speaking at a press conference heralding the event, Project Manager, fairtrade Messe GmbH & Co. KG, Freyja Detjen said one of the traditional highlights at the agrofood fair is the 39.6% growth in Nigerias food production from €26bn in 2016 to €36.3bn in 2020 and is expected to rise by 48% between 2021 and 2024, from €42.3bn to €62.6bn, according to Euromonitor International.

She further added that with €165m in 2021, an increase of 48% compared to 2020, Nigeria stands as the second largest investor in plastics technology in Africa, just behind Egypt with a record €202m and well ahead of South Africa at €144m.

Nigeria’s plastics technology imports also increased by an average of 25% annually between 2016 and 2021. 
At €64m in 2021, Nigeria ranks second in sub-Saharan Africa for imports of printing and paper technology, behind South Africa, but well ahead of other sub-Saharan countries.

Also in 2021, with €151 million, Nigeria ranks as one of the three largest investors in packaging technology in Africa, in line with South Africa with €152 million and behind Egypt with € 195 million.  

The enormous population growth from 206 million in 2022 to 411 million in 2050 as revealed by VDMA in 2022 demands high sustainable investments in Nigerias agrofood & plastprintpack industry. she said.
 
The top level 3-day conference will yet again run alongside the exhibition. Key topics will cover beverage production & ingredients, supply chain evaluation, finance and others. C-level speakers representing market-leading companies and institutions such as Diageo, First City Monument Bank, Access Bank, Sterling Bank, Bühler Group, Psaltry International, Simply Green, JR Africa, Niji Group, Conversations Africa, Farm Republic, will deliver educational and entertaining sessions of the highest quality, promising immediate benefits for the audience in their day-to-day business. 
 
Again, as with the previous events, a 3-day Packaging Masterclass will take place parallel to the exhibition. It is organised by the African Packaging Organisation (APO), a member of the World Packaging Organisation (WPO). The target is to teach how companies can leverage food processing and packaging for retail trade through an Executive Certificate Course in Packaging Materials and Food Packaging Technology. 
 
Commenting on the 3-day Packaging Masterclass, Ahmed Alex Omah, President of APO said ‘We are delighted to partner with fairtrade to deepen participants knowledge in packaging materials and food packaging technology. During the three-day programme, experts will lead discussions on topics such as sustainable packaging innovations, the need for standardised production and processing methods, access to finance and much more.’  
 
After the great cooperation for the 2021 and 2022 event, fairtrade & OTACCWA, the Organization for Technology Advancement of Cold Chain in West Africa, agreed to also organize the 5th West African Cold Chain Summit & Exhibition WACCSE, by OTACCWA alongside agrofood & plastprintpack Nigeria 2023.  
 
WACCSE is the only cold chain event in West Africa, the most valuable in-depth and comprehensive B2B networking cold chain event serving the pharmaceutical, perishable farm produce, storage, and distribution industries. 
 
Supporting the agrofood & plastprintpack Nigeria 2023 fair are the following institutions: 
Delegation of the European Union to Nigeria & ECOWAS; AHK Nigeria Delegation of German Industry and Commerce in Nigeria; APO Africa Packaging Organisation; DLG German Agricultural Society; ELAN Equipment & Leasing Association of Nigeria; FMARD Federal Nigerian Ministry of Agriculture and Rural Development; German Ministry for Economic Affairs and Climate Action; German Consulate General Lagos; IOPN Institute of Packaging Nigeria; Lagos State Ministry of Agriculture; NABG Nigeria Agribusiness Group; NAFDAC National Agency for Food and Drug Administration and Control; NIFST Nigerian Institute of Food Science and Technology; OTACCWA Organization for Technology Advancement of Cold Chain in West Africa; VDMA, German Engineering Federation 
 
 For more information about the event interested person are advised to visit  www.agrofood-nigeria.com and www.ppp-nigeria.com  

CVFF Disbursement: NIMASA Management Parleys  Approved Primary Lending Institutions

R-L: Executive Director, Maritime Labour and Cabotage Services, Nigerian Maritime Administration and Safety Agency (NIMASA), Engr. Victor Ochei;Executive Director, UBA Nigeria North, Mrs. Emem Usoro; Managing Director, Union Bank of Nigeria, Mr. Mudassir Amray; Director General NIMASA, Dr. Bashir Jamoh OFR; Executive Director Operations NIMASA, Mr. Shehu Ahmed; Managing Director/CEO, Jaiz Bank, Dr Sirajo Salisu and Change Risk Officer, Polaris Bank, Mr Temi Ariboloye during a meeting to discuss modalities for the disbursement of the Cabotage Vessels Financing Fund, CVFF at the NIMASA headquarters in Lagos
R-L: Executive Director, Maritime Labour and Cabotage Services, Nigerian Maritime Administration and Safety Agency (NIMASA), Engr. Victor Ochei;Executive Director, UBA Nigeria North, Mrs. Emem Usoro; Managing Director, Union Bank of Nigeria, Mr. Mudassir Amray; Director General NIMASA, Dr. Bashir Jamoh OFR; Executive Director Operations NIMASA, Mr. Shehu Ahmed; Managing Director/CEO, Jaiz Bank, Dr Sirajo Salisu and Change Risk Officer, Polaris Bank, Mr Temi Ariboloye during a meeting to discuss modalities for the disbursement of the Cabotage Vessels Financing Fund, CVFF at the NIMASA headquarters in Lagos

The Management of the Nigerian Maritime Administration and Safety Agency NIMASA today met with members of the Executive Management of Jaiz Bank, United Bank of Africa (UBA), Union Bank, Zenith Bank and Polaris Bank which are the Federal Government approved Primary Lending Institutions (PLIs) for the disbursement of the Cabotage Vessel Financing Fund, CVFF.

Speaking shortly after a closed door meeting, the Director General of NIMASA, Dr. Bashir Jamoh OFR, noted that the meeting is a major step towards the implementation of the Presidential directive on disbursing the CVFF as announced by the Honorab le Minister of Transportation, Engr. Mu’azu Jaji Sambo, late last year.

Jamoh noted that their engagement was to ensure that the Agency and the PLIs are on the same page to ensure that lessons from the past will prove useful in implementing the CVFF disbursement and lead to developing shipping and the blue economy in Nigeria.

In his words“we are engaging the banks on the management and disbursement of the CVFF because they are the ones who have the professional know-how in fund management and this would help us in the reduction of risk in order to avoid the same mistakes of the Ship Acquisition and Ship Building Fund”. The banks are expected to come up with issues such as the interest rate, tenor, collateral, and other requirements needed to access the fund. NIMASA is of the position that the interest rate should be of international best practices because the fund being disbursed is Dollar denominated.”

The DG also noted that the CVFF regime is a win-win for all stakeholders involved including the banks adding that the banks should look at the windows of opportunity inherent for the benefit of all parties involved. On their part, the PLIs applauded the initiative and pledged their support towards ensuring judicious use of the funds to the beneficiaries in order to ensure accountability of the funds are guaranteed.

The Managing Director of Jaiz bank, Dr. Sirajo Salisu, who spoke on behalf of the PLIs assured of prompt action towards disbursing the funds, noting that interested shipowners should be ready to abide by the provisions of the Cabotage Act.

“We will try our best to partner with the beneficiaries or the proposed beneficiaries of these funds and I believe they are much aware that this is not a grant, this is money that is meant for a purpose and we will ensure that that purpose is achieved to the benefits of the country.” He said.

It is noteworthy that the Cabotage Act provides that NIMASA makes 50 per cent available, the PLIs are expected to support the project with 35 per cent, while intending shipowners would be required to make their contribution of 15 per cent of whatever amount of money is needed for the acquisition of a vessel.

The MD/CEO Jaiz Bank, Dr Sirajo Salisu, Executive Director UBA Nigeria North, Mrs. Emem Usoro, Managing Director Union Bank of Nigeria, Mr.Mudassir Amray and Change Risk Officer, Polaris Bank, Mr Temi Ariboloye were at the meeting. Also at the meeting were; Executive Directors, Maritime Labour and Cabotage Services of NIMASA, Engr. Victor Ochei, Executive Director, Operations, NIMASA, Mr. Shehu Ahmed and a maritime stakeholder, Hon. Chris Asoluka, among other Top Management staff of NIMASA.

Nigeria Sets For Global Data Privacy Day 2023 As NDPB Hosts National Privacy Week

Nigeria Data Protection Bureau, NDPB, logo
Nigeria Data Protection Bureau, NDPB, logo

Nigeria will on Saturday 28th of January 2023 join the international community to observe Global Data Privacy Day 2023.

It is a Day that has been set aside to create awareness of fundamental rights and freedoms relating to the privacy of citizens in the data processing ecosystem.

The Nigeria Data Protection Bureau (NDPB)in a statement made available to BusinessUpdate says he measure is in line with the overarching global objective of awareness on data privacy.

According to the statement signed by Head, Legal Enforcement and Regulations,Babatunde Bamigboye Esq the NDPB will also be organizing a National Privacy Week, which is a week of intensive focus on awareness creation in the area of data subjects’ rights, capacity building on data governance, data breach remediation among others.

The Hon. Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, will flag-off the National Privacy Week with a press conference on the Global Data Privacy Day.

Meanwhile, the National Privacy Week also coincides with the one year anniversary of the establishment of the Bureau.
The NDPB under the leadership of Dr. Vincent Olatunji as its National Commission and CEO will set-up an Accelerated Data Breach Remediation unit to resolve petitions from data subjects within the National Privacy Week.

Nigeria Hosts Regional Digital Economy Conference

Minister of Communications, Isa Pantami
Minister of Communications, Isa Pantami

Policy makers and stakeholders in the digital economy ecosystem in the West African sub-region will converge in Abuja from January 31 to 1srt February for the Digital Economy Regional Conference to discuss the future of digital economy and intensify regional public private partnerships for the region.

The event is being hosted by the Ministry of Communications and Digital Economy on behalf of the Federal Government of Nigeria, in collaboration with the World Bank.

The Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, who will deliver the keynote address at the event will be joined by his Federal Capital Territory (FCT) counterpart, Mohammed Bello, to welcome Ministers and top government officials from the subregion.

The Conference, with the theme “Positioning West Africa’s Digital Economy for the Future”, will provide a platform for countries in the region to discuss issues that will strengthen the digital economies in West Africa and by extension the continent.

The Ministry of Communications and Digital Economy said the conference will also create an avenue for peer review to accelerate digital transformation and increase collaboration to secure partnerships within the region to strengthen the innovation and entrepreneurial ecosystem while intensifying regional public-private partnerships for digital economy funding, research, and development.

It is expected that the gathering will also provide an opportunity to showcase the progress made in the development of digital economy in the West African sub-region, identify winning strategies, discuss challenges, and prepare for the future in addition to creating awareness of the region’s needs in the areas of policies and framework for the digital economy and attracting private sponsors for digital transformation in the region.

Union Bank Restates Support For Small Businesses At BusinessDay Top 100 SME Conference

L-R Linda Ochugba, Digital Sales Manager, BusinessDay Media; Ayokunnumi Abraham, Head, Small & Medium-sized Enterprises (SME) Products & Segments Union Bank; Frank Aigbogun, Publisher/CEO, BusinessDay Media; Olufunmilola Aluko, Head, Corporate Communication & Marketing, Union Bank; and Chima Nwaubani, Brand Manager, Union Bank at the BusinessDay Top 100 Fastest Growing SMEs Conference recently held in Lagos, Nigeria.
L-R Linda Ochugba, Digital Sales Manager, BusinessDay Media; Ayokunnumi Abraham, Head, Small & Medium-sized Enterprises (SME) Products & Segments Union Bank; Frank Aigbogun, Publisher/CEO, BusinessDay Media; Olufunmilola Aluko, Head, Corporate Communication & Marketing, Union Bank; and Chima Nwaubani, Brand Manager, Union Bank at the BusinessDay Top 100 Fastest Growing SMEs Conference recently held in Lagos, Nigeria.

Leading financial institution, Union Bank of Nigeria, has reiterated their support for Small and Medium-sized Enterprises in the country to drive increased growth and development. This commitment was made during the recently held ‘Top 100 Fastest Growing SMEs in Nigeria’ conference hosted by Business Day newspaper.
The event themed ‘How SMEs can thrive in an age of volatility’ was well attended by various stakeholders in the SME sector, including entrepreneurs, industry experts, start-ups, and financiers. The event had different panel sessions to discuss the multiple problems facing SMEs in Nigeria.
Speaking on the Funding for SMEs panel, Ayokunnumi Abraham, Head, Small and Medium-sized Enterprises (SME) Products & Segments Union Bank, said SMEs need to pay attention to capacity building and keeping proper financial records. According to him:
“SMEs must focus on building capacity and developing the necessary skills to increase their expertise if they hope to succeed in this volatile age. SMEs also need to embrace technology and digital tools as an enabler for business growth while ensuring their books and records are organised if they hope to attract funding from the right financial partner.”
Business Day newspaper presented Union Bank with The SME Financier of the Year award in Nigeria at the awards ceremony held that same evening in recognition of the bank’s efforts to support and promote the growth of the SME sector in the country.

Danbatta Bags Award For Exemplary Leadership In Public Service

Executive Vice Chairman, NCC, Prof. Umaru Dambatta
Executive Vice Chairman, NCC, Prof. Umaru Dambatta

The Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission, NCC, Prof. Umar Garba Danbatta was at the weekend in Lagos, decorated with an Award of Exemplary Leadership in Public Service.

The award was conferred on Danbatta at the 12th Anniversary Lecture and Award of Nigerian NewsDirect, one of the long-standing media players in the Nigerian Communications industry, at the Federal Palace Hotel, Victoria Island, Lagos on Friday.

Danbatta, who was represented at the event by the Director, Public Affairs, Reuben Muoka, said it was gratifying to have been considered worthy for the award in recognition of the initiatives deployed by the Commission in carrying out its statutory mandate.

The EVC stated that the theme “Good Governance: Private and Public Sectors’ Roles in Raising Revenue, Growth and Positive Turnaround of Nigerian Economy” provides the veritable opportunity for all stakeholders to seek better ways of advancing the course of good governance both in public office and in the private sector of the Nigerian economy.

In giving concrete expression to the strategic vision of the Commission with respect to the theme of the programme, Danbatta said the Commission is ever determined to ensure collaboration with all stakeholders in the Nigerian communications industry and even beyond as it remains one of the surest ways of enabling a positive turnaround of the Nigerian economy.

Danbatta thanked the organisers of the programme for the award and acknowledged that it was a call for more work to be done to push the frontiers of good governance that ensures national development and economic growth.

While presenting the award, the Publisher and Editor-in-Chief of Nigerian NewDirect, Dr Samuel Ibiyemi said Danbatta was eminently qualified and deserving of the prestigious recognition on the strength of the huge role he has played in the attainment and surpassing of Nigeria’s national broadband target of 30 percent in 2018 and that he is currently among those leading the charge for the realisation of the new national broadband penetration target of 70 percent by 2025.

Dr Ibiyemi added that with the incontrovertible facts on the ground, it was easy for the board and management of his organisation to agree that through an effective regulatory regime and various cutting-edge initiatives, Danbatta has stabilised the telecom industry and strengthened the telecommunications sector as a major contributor to the country’s Gross Domestic Product (GDP) growth and boosted telecoms investment inflows from $36 billion to over $70 billion between 2015 toll date.

Other eminent Nigerians who were conferred with various categories of awards at the event include the Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami; Dapo Abiodun, Governor of Ogun State; Bello Hassan, Managing Director, Nigeria Deposit Insurance Corporation; and Mimi Adzape, Executive Chairman, Benue State Internal Revenue Service among others.

Sterling One Foundation Wins CSR Award Of Excellence

Sterling One Foundation logo
Sterling One Foundation logo

Sterling One Foundation has won AS+A Communications’ Award of Excellence for Corporate Social Responsibility in recognition of its positive impact across Nigeria.

As part of its annual award ceremony and commemoration of its Managing Director’s 70th birthday, AS+A Communications awarded the Sterling One Foundation its Corporate Social Responsibility Award of Excellence at an event held in Lagos recently.

The award presented by the company’s Managing Director, Mrs. Adenike Shobanjo, was in recognition of the foundation’s developmental legacies in the areas of health, education, and environment, in partnership with its corporate partner, Sterling Bank.

Mrs. Shobanjo during her opening remarks explained that her company hosts this annual event because of how important it considers social impact work and the role that corporate organizations play in ensuring that the transformation it brings is widespread and has long-term effects.

While presenting the award to Sterling One Foundation, she applauded the efforts of Sterling Bank in setting up the Foundation and empowering them to make a lasting impact in society.

She further charged businesses operating in the country to prioritize corporate social responsibility for the development of the nation.

In her words, “There are influential, well-placed, and endowed Nigerians who sit in their closets without any care for the underprivileged. This event is to encourage them to come out and join us in building a just and egalitarian society.”

“This award is in recognition of all the successes that Sterling has achieved over the years as a socially responsible organization, most especially in areas of health, education, and agriculture,” said Shobanjo.

Accepting the award, the CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, thanked the organizers while stressing the organization’s focus to contribute to the achievement of the Sustainable Development Goals (SDGs), as a way of improving the livelihood of Nigerians and Africans living in underserved communities.

She said that Sterling One Foundation’s focus areas; education, health, climate action, gender equality, and food security are all critical areas that require urgent attention for progress to happen.

She went on to highlight that; “In 2023, the Sterling One Foundation plans to focus on expanding its education programs to reach more out-of-school children, train and fund at least 100,000 youths, plant 10 million economic trees and adopt key primary health centers in at least 10 states through key partnerships.”

Access Bank Restates Commitment To Deepen Presence In Kenyan Market After Discontinuation Of Sidian Bank Acquisition

GMD, Access Herbert Wigwe
GMD, Access Bank PLC, Herbert Wigwe

Sub-Saharan Africa’s largest lender, Access Bank PLC, has cited the failure to fulfil some requisite conditions as the reason for calling off the proposed acquisition of Sidian Bank. The discontinuation ends Access Bank PLC’s binding agreement with Centum to acquire the entire 83.4 percent shareholding held by the investment company in Sidian Bank Ltd.

According to a statement issued by the Bank’s parent company Access Corporation to the Nigerian Exchange Ltd on Thursday, 12 January 2022, “The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement. Although regulators have all been supportive in engagements around the transaction, certain conditions precedent including those required of Sidian Bank which were needed to prudently complete the transaction have not been met and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties

“Consequently, we hereby notify the Nigerian Exchange Ltd and the investing public that the Sidian acquisition will no longer be completed by the Bank.”

This development, however, will not affect Access Bank’s drive to promote regional trade finance and other cross-border banking services in the East African Community (EAC) and broader COMESA region as it works towards its vision to be Africa’s gateway to the world. To this end, Access Bank reassures stakeholders of its commitment to pursue responsible opportunities to expand its footprint in Kenya – which represents the largest market and trade corridor in East Africa.

“The Bank remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein,” the statement, signed by Sunday Ekwochi, Company Secretary of Access Holdings PLC, read.

Recall that Access Bank already made a strategic entry into the highly-competitive Kenyan financial ecosystem through the acquisition of Transnational Bank Plc of Kenya (now Access Bank Kenya) in 2020.

Other notable strategic expansion executed by Access Bank in recent years include acquiring the defunct Diamond Bank Plc in 2018, a process completed in 2019. In 2021 the Bank announced the acquisition of Cavmont Bank Limited and merged its existing operations in Zambia following the acquisition

The Bank also completed the acquisition of Grobank of South Africa in 2021, and in the same year completed the acquisition of about 78.15 percent holding in African Banking Corporation of Botswana Limited.

Access Bank’s expansion drive promises great value for stakeholders and presents enormous opportunities to support the growth of trade and payment ecosystem.