Seven Nigerian commercial banks have international authorisation. Per the new capital requirements, these banks must raise their shareholders' funds to ₦500 billion by April 2026, up from ₦50 billion, to retain their licences.
All seven banks have footprints in the UK, where FCMB and Fidelity Bank operate, underutilising their licence. Ghana and Sierra Leone are the only countries where all the big five have a presence.
While UBA is present in more countries than any other bank, Access is catching up quickly and poised to overtake it. In the past two years, it has expanded into over five countries, with plans to grow its presence to nearly 30 countries by 2027.
When Aigboje Aig-Imoukhuede and Herbert Wigwe acquired Access Bank in 2002, it ranked 65th in Nigeria. Today, it is the largest bank in Nigeria by asset size, with a vision to be Africa's most respected bank.
While its expansion across Africa has been aggressive, it has not been smooth sailing. Access Bank divested its holdings in Access Bank Côte d'Ivoire and Finbank Burundi, two of its earliest attempts at expansion. In Gambia, the Central Bank nationalised the bank in 2014. The nationalisation was short-lived as investors recapitalised the bank to meet the regulator's requirements for the takeover. With rolling five-year corporate plans since 2003, Access is in its fifth strategic cycle. Access' strategy cycle (2023-2027) indicates a plan to continue its expansion drive, invest in its subsidiaries, and acquire growth banks in strategic markets before consolidating and optimising its operations to drive capital growth.
