Friday, May 09, 2008

Nigeria's Access Bank to open branch in Zambia

Nigeria's Access Bank to open branch in Zambia
By Chiwoyu Sinyangwe
Friday May 09, 2008 [04:00]

ACCESS Bank of Nigeria will soon establish a branch in Zambia and the Bank of Zambia (BOZ) is currently scrutinising its application for an operating licence. BOZ governor Dr Caleb Fundanga and Zambia Development Agency communications manager Margaret Chimanse confirmed the development in separate interviews. Dr Fundanga expressed optimism that the Nigerian premier bank would soon be granted an operating licence.

“They come from a highly supervised economy and I have no doubt that their application to establish a branch here will be successful,” Dr Fundanga said.

“At this stage, I can confirm that they have made an application to the Bank of Zambia and I remain optimistic that their licence will be granted.

The central bank governor of Nigeria (Charles Soludo) has done exceptionally well to ensure that all banks operating in Nigeria adhere to the most stringent rules for corporate governance, good banking rules and banking ethics…So I have no doubt the application will be favourably considered,” he said.

Dr Fundanga said the coming of Access Bank to the local economy would enhance contribution of the banking sector to the local sector as it would increase competition. Currently Zambia has 13 commercial banks operating.

Early this year, Access Bank managing director, Aiboje Aig-Imoukhuede announced that the Nigerian giant bank would soon open branches in Zambia, Congo, Cote-d’Ivoire and other African countries as part of its aggressive Pan-African expansion vision.

Aig-Imoukhuede also announced that Access Bank would soon open its London branch this year in an attempt to be a reference point for African banks operating in the global market.

He said that the bank’s target was to be one of the top five banks out of Africa that would compete favourably with HSBC, one of the world’s largest commercial banks.

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At 11:03 AM , Anonymous Access Bank Zambia said...

The coming of the Nigerian giant bank Access Bank to Zambia would greatly help young entrepreneurs Access bank loans to better their business ideas


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