Business - News - Profiles - January 25, 2023

Herbert Wigwe Asserts 370 Million Africans Lack Access to Financial Services

Lois Agada January 25, 2023

3 min read

Nigerian banker, Herbert Wigwe, has revealed that about 60 million Nigerians cannot access financial services. He also hinted that on a larger scale, 370 million Africans do not have access to financial services. Herbert is a multimillionaire banker, who serves as the group managing director of Access Holdings.

Herbert’s statement which hints at the opportunity of expanding financial services in Africa follows the launch of Access Holdings’ 2023–2027 corporate strategy. Known as Nigeria’s largest financial services group, the bank aims to serve 100 million retail customers by 2027.

How Herbert Wigwe intends to achieve Access Holdings’ objective?

Speaking at the launch of the new plan, Wigwe stated that Access Holdings would drive forces for the corporation’s transformation. He also told an audience of researchers, analysts, journalists and share leaders that the company positioning itself as a leading financial and ecosystem player.

Herbert explained that Access Holdings plans to first, migrate the majority of its customers to digital platforms by 2027. And second, it will expand its presence in at least 26 countries, including several in the Organization for Economic Co-operation and Development.

The Group Managing Director also noted that they will ensure that their “correspondent banking is made stronger at the end of the five-year plan due to the fact that our subsidiaries, especially the one in the UK, are growing well.”

Herbert Wigwe’s Stake in Access Holdings

Access Holdings is known as one of the most capitalised financial institutions listed on the Nigerian Exchange. The group currently operates in South Africa, Ghana, Kenya, Nigeria, Rwanda, Mozambique and five other African countries.

Herbert is regarded as a significant shareholder with a 4.51 per cent stake. He has played a critical role in advancing the course of Access Holdings’ growth and expansion.

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