Access Bank Plc has launched its branch in Kenya, after the lender made a successful acquisition of 99.98 percent shareholding of Transnational Bank PLC following the regulatory approval granted by the Central Bank of Kenya on January 17, 2020.
The launch is set to expand the lender’s reach across the African continent with the official launch of its subsidiary in the country on Monday.
“We are excited to have successfully entered into the Kenyan market. Kenya has been recognized as a market leader in mobile money transfers in the financial industry, and we believe that Access Bank can leverage the Kenyan model and replicate the same to achieve success across other African markets”, he said.
The lender’s Country Managing Director David Aluko hailed the bank’s entry into the Kenyan market as a good move as the Kenyan market holds great significance for the growth and improvement of the banking sector and for the Kenyan economy.
According to Aluko, Kenya being the east African economic hub, there is a solid foundation for the business to set base and take off.
With the Kenya banking market viewed as crowded with other over 40 banking institutions, Aluko says there is always room for different products. According to him, the bank’s main focus will be the unbanked category who form a majority of Kenyans.
Laban Molonko, the General Manager Strategy and Finance said the three-year strategy is to expand into the counties and tap into rural Kenya.
After a successful acquisition of Transnational Bank which had established itself as an agri-business bank, manager for business at Access bank Justus Kittony said the bank has already onboarded over 11 million farmers who previously banked with Transnational Bank.
The latest acquisition of Transnational Bank brings the total number of branches and service outlets by Access bank to over 600 branches. The branches span three continents, 12 countries and 36 million customers.
The Bank employs 28,000 thousand people in its operations in Nigeria, Sub Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE. The bank got listed on the Nigerian Stock Exchange
