25Years of

PROFITABLE GROWTH,

ENVIRONMENTAL
RESPONSIBILITY &

SOCIAL RELEVANT.

Access Bank Plc has transformed from an obscure Nigerian Bank into a world class African financial institution.

Our History

Access Bank (Rwanda) Ltd is a commercial bank that operates in Rwanda. The bank was officially launched in January, 2009 after fulfilling all regulatory requirements.

Formerly BANCOR SA Rwanda and created in 1995 by foreign investors, the bank was restructured in 2001 after its takeover by Rwandan and South African private investors. Having commenced operations in Kigali, the Bank has since expanded its operations by extending its network to Rubavu, Musanze, Rusizi, etc.

Access Bank Plc, the sixth largest bank in Nigeria by asset, officially acquired BANCOR SA after its successful acquisition of a 75% stake. The acquisition by Access Bank Plc has increased the bank`s capacity and effectively positioned it to provide total banking solutions to customer needs. With Access Bank (Rwanda) Ltd integration, the bank will leverage the enterprise wide competences and acknowledged service excellence of the Access Bank Group.

Access Bank (Rwanda) Ltd intends to play as a strong and aggressive force on the Rwandan financial services market. This objective is consistent with the Group`s expansion model of becoming the catalyst for growth across the African continent. Access Bank (Rwanda) Ltd has the strategic objective to rank amongst the top three banks in Rwanda.

The Change

In March 2002, the Board of Directors appointed Aigboje Aig-Imoukhuede as Managing Director/Chief Executive Officer and Herbert Wigwe as Deputy Managing Director. The mandate was clear: Reposition the bank as one of Nigeria's leading financial institutions within a five year period (March 2002 to March 2007). This task was perceived by many as impossible given the realities of the Bank at the time.

Simultaneously, Mr. Gbenga Oyebode, who brought commendable and useful board experience gathered from some of Nigeria's leading companies, including MTN Nigeria, Okomu Oil Palm Plc, was also appointed to the Board. The new management team subsequently created a transformational agenda for Access Bank which represented a departure from all that characterized the Bank in the past and became the road map for the conversion of the bank into a world class financial institution.

THE FOCUS WAS TO:
  • Assemble a credible and high caliber management team
  • Introduce a culture of excellence founded on professionalism and integrity
  • Ensure Human Capital Development
  • Enlarge the shareholder base
  • Introduce strong procedures and processes to drive day-to-day Bank activities
  • Instill a passion for customer service in all members of staff
  • Establish a low cost liability generation strategy
  • Expand branch network to cover all clearing zones within Nigeria
  • Create a world-class brand

The impact of the transformation agenda was reflected in the first year. The bank grew its balance sheet by 100% and posted an impressive N1 billion profit before tax. The profit before tax figure was more than the cumulative profit made by the bank in the previous 12 years. This also marked the beginning of what would be a six year record triple-digit growth trend. Similarly, earnings per share had rebounded to 21 kobo from a negative 2 kobo position, leading to a declaration of a 5 kobo dividend to shareholders for the first time in three years.

In recognition of the role of an enhanced capital structure, the Bank embarked on a capital raising exercise in July 2007. The exercise was an astounding success recording an over subscription of over 300%. The public offer comprised of an Over-The-Counter GDR placement of US$250 million which was similarly oversubscribed by 700%. The Bank's shareholders fund today stands at over N240 billion with an expanded shareholder base of over 1,000,000 domestic and foreign investors.

Access Bank is consistently seeking for ways to expand its service platform across the African continent. The bank currently operates through a network of about 366 branches across major cities and commercial centers in Nigeria, Gambia, Sierra Leone, Zambia, Rwanda and Democratic Republic of Congo.