BancABC acquisition opens up Botswana market for Access Bank
Access Bank Plc has opened a subsidiary in Botswana and will roll out digital banking solutions and explore growth opportunities after its acquisition of African Banking Corporation of Botswana Limited (BancABC).
Herbert Wigwe, Access Bank Plc Group Managing-Director said BancABC has provided a strong base to build upon in digital adoption and high quality retail operation.
Wigwe said, “We would leverage Access Bank Plc’s operating model, centralising the IT infrastructure to drive synergies, focusing on products that are critical and relevant to the Botswana market, and providing capital, liquidity and funding to enable accelerated but disciplined balance sheet growth to drive return on equity.”
BancABC Managing Director, Kgotso Bannalotlhe concurred and said the development would “deliver holistic banking solutions, given Access Bank’s robust digital capabilities, innovative product offering, and trade finance and international banking.”
Statistics indicate that Access Bank Plc has more than 9.8-million unique mobile and internet banking users.
According to Botswana’s central bank, the Bank of Botswana (BoB), the acquisition will result in effective transfer of the strategic ownership and controlling interest of BancABC to Access Bank, with the 78.15% singular majority shareholding while the remaining 21.85%is publicly held.
Central bank governor Moses Pelaelo said Access Bank PLC is active in the deployment of digital channels that promote financial inclusivity and enhanced access to payments platforms, funds transfer and remittances.