Business News of 2014-05-27

Access Bank to capture bigger market share

Access Bank (Ghana) Limited says it will increase its market share of the Ghanaian retail banking sector over the next five years.

The bank wants to roll out a set of tailored products and expand its locations to attract the unbanked and underserved markets of the Ghanaian economy.

This came up at the sixth Annual General Meeting of the bank at the Movenpick Ambassador Hotel in Accra.

A statement the bank issued after the meeting, chaired by the recently appointed Board Chairman, Mr Frank Beecham, said the bank also declared dividends to shareholders; the first since the bank’s inception in 2009. The statement did not state the quantum of dividend payout or the dividend per share.

The press statement quoted Mr Beecham as saying that in spite of the uncertain global economic conditions, increased competition and perceived slowdown in the first half of 2013, the bank posted a strong financial performance.

He said the bank’s performance was attributable to its sound and robust governance structure and risk management framework employed over the years to pursue long-term growth and sustainable value.

The Managing Director of the bank, Mr Dolapo Ogundimu noted that Access Bank’s growth would be driven by its enhanced retail focus as well as new investments in channels, operational infrastructure and technology embedded in a new five-year medium term strategy.

The strategy seeks to push Access Bank to become one of the top three banks in the country within the next five years.

“We have recently realigned and repositioned our Retail Banking division to address special segments of the market. Inclusive banking is high on our agenda and this will cater for women entrepreneurs, pensioners, students, children, the unbanked and underserved segments,” Mr Ogundimu said.

He added that the bank would “employ a segmented approach built on a robust customer relationship management platform that will deliver real value to the customers we serve.”

Mr Ogundimu also hinted that in line with its renewed focus on retail banking, Access Bank would be unveiling its new logo and brand identity which would reposition the bank and endear it to the banking public.

At the end of the meeting, shareholders expressed satisfaction at the bank’s performance and adopted the 2013 audited financials as presented by PricewaterhouseCoopers for the period.

Two new directors, Ms Abena Amoah, an accomplished financial and investment advisor, and Mr Ernest Mintah, an experienced banker and financial expert, were introduced to shareholders.