• Nigeria's tier bank, Access Bank Plc, to set up subsidiary bank in Cameroon.
  • The bank has obtained a 'No objection' approval from the Central Bank of Nigeria (CBN).
  • Access Bank says the proposed expansion is awaiting both regulatory approvals in Nigeria and Cameroon.

Nigeria's tier bank, Access Bank Plc, has obtained a 'No objection' approval from the Central Bank of Nigeria (CBN) to expand into the Republic of Cameroon.

The expansion is through the setting up of a banking subsidiary in Cameroon, Sunday Ekwochi, the company's secretary, stated this in a regulatory filing on Wednesday, January 15th, 2020.

Access Bank said the proposed expansion is still awaiting both regulatory approvals in Nigeria and Cameroon.

An Access Bank Plc branch in Lagos (Pulse)
An Access Bank Plc branch in Lagos (Pulse)

"The proposed expansion which is subject to the approvals of the regulatory authorities in the Republic of Cameroon is in pursuance of the Bank's strategic objective to become Africa's gateway to the world.

"We are currently awaiting the regulatory approvals and will provide the market with updates in due course."

Herbert Wigwe; GMD/CEO Access Bank Nigeria delivering the opening speech
Herbert Wigwe; GMD/CEO Access Bank Nigeria delivering the opening speech

Last year, the Central Bank of Kenya (CBK) also granted Access Bank approval to acquire Kenyan lender, Transnational Bank. The acquisition will see Access Bank taking control of over 90% of the bank's assets.

In April 2019, the bank also completed a merger scheme with Diamond Bank in Nigeria. The arrangement saw Diamond Bank transferring all its assets, liabilities, and undertakings to Access Bank.

Access Bank's recent moves confirmed Herbert Wigwe, its CEO's statement that the bank is pushing ahead to create Africa’s biggest retail institution and a formidable global powerhouse.