Nigeria's Access Bank To Focus On Retail Business

Nigeria’s Access Bank aims to grow its customer base to 15-20 million across its African markets by 2018, from around 6 million now, as it shifts its focus to retail banking.

Its incoming chief executive, Herbert Wigwe, who takes over at the end of the year, said retail banking will account for around 50 percent of its total business in five years time, up from 30 percent now.

He added that Access Bank would also be involved in divestments of assets by oil companies.

“I am excited to take on this new role,” said Mr. Herbert Wigwe.

“Access Bank has incredibly talented employees and is in a strong position to further its leadership in the industry. I look forward to leading Access Bank in years ahead and helping to make it even stronger than it is today. I would like to thank the Board for their strong endorsement and the opportunity to lead this great institution. I look forward to meeting our employees, customers, and shareholders across our various markets in the weeks and months ahead”.

Mr. Herbert Wigwe served as an Executive Director responsible for Corporate Banking in Guaranty Trust Bank Plc. In 2002, he resigned to join Aigboje Aig-Imoukhuede in transforming Access Bank Plc as Group Deputy Managing Director. Herbert is an alumnus of Harvard Business School, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). He also holds a Masters Degrees in Banking and International Finance from the University College of North Wales and Financial Economics from the University of London respectively.