Awards for Excellence 2016
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Nigeria’s economy has struggled over the past year. The country’s new president Muhammadu Buhari has had to deal with the financial impact of low oil prices, systemic corruption and the terrorist group Boko Haram. But one Nigerian bank, Access Bank, has continued its long-term transformation from small financial institution to big player, despite the odds, winning our best bank transformation award this year.
The bank’s long-term plan – to become “the world’s most respected African bank by 2017” – may sound grandiose, but beyond the rhetoric is an impressive story of sustained development. Access has enjoyed extraordinary growth over the past decade, rising from the 65th position in 2002 to become one of the top three banks in the country in 2015. In fact, it grew so fast that it achieved its top-three aspiration two years earlier than it had hoped. From 60 branches in 2007, it now has 371.
To achieve its long-term goals, the bank sets specific objectives at the beginning of each year. Last year was no exception, as the bank recorded the highest growth in earnings compared with its peers: N302 billion, a 40% increase on 2014.