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Tag: Access Bank

  • COVID-19: Access Bank opens up alleged sack of 75% workforce, closure of branches

    COVID-19: Access Bank opens up alleged sack of 75% workforce, closure of branches

    Access Bank Plc on Monday denied news making rounds that it would sack 75 per cent of its workforce and as well close over 300 branches.

    The bank denied this in a statement signed by Mr Sunday Ekwochi, its Company Secretary, posted on the Nigerian Stock Exchange (NSE) website.

    It said the closure of a bank branch was an action that required the approval of the Central Bank of Nigeria (CBN).

    According to the bank, it has not applied for nor obtained the approval of CBN for the closure of its branches as widely speculated.

    “The bank has only suspended operations in some branches following the directive by the CBN.

    “At the onset of the COVID-19 pandemic lockdown, we suspended in-branch operations at different locations as directed by the CBN and in line with business continuity plans at vulnerable spots; whilst we continued to provide services through our alternative digital platforms.

    “In line with the phased re-opening of the economy effective May 4, following the Presidential directives, we will be resuming in-branch services in some of our affected branches in a programmed manner to ensure the health and safety of our employees and customers.

    “This is also necessary to provide relevant contingency should there be any incident arising from the pandemic.

    “We deny in its entirety the baseless and twisted speculation that the bank is sacking 75 per cent of its workforce,” said the statement.

    It noted that based on the impact of the COVID-19 pandemic, not all its branches would be fully open for in-branch services until later in the year.

    “This has made it impossible for many of our outsourced workers to perform duties as usual.

    “We have commenced engagement with various stakeholders with a view to ensuring that they provide the relevant services and optimum manpower as may be required by the bank on an on-going basis,” it added.

    The bank, however, assured its esteemed stakeholders that it would continue to ensure that its actions and decisions are guided by fairness, justice, equity and good conscience.

  • COVID-19 Realities: Access Bank MD, Herbert Wigwe agrees to 40% pay cut, speaks on imminent sack of staff [Video]

    The Managing Director/Chief Executive Officer of Access Bank Plc., Herbert Wigwe as agreed to take a 40 per cent pay cut as the harsh reality of the Coronavirus [COVID-19] bites harder.

    TheNewsGuru.com (TNG) reports that Nigerian banks and other private establishments are facing the threat of rising bad-debt levels as a crash in oil prices and the risk of a naira devaluation coincide with the Covid-19 pandemic that has shuttered businesses.

    While presenting the bank’s adjustments to the realities, Wigwe in a video that has now gone viral on social media empathised with staff saying “everybody may have to make some adjustments of some sort”.

    “We probably don’t need as many security men as required, even to the fact that we are not going to have all our branches open between now and December,” he said.

    “We certainly don’t need all the security men. We don’t need all the tea girls. We don’t all the cleaners. We don’t need all the tellers et cetera et cetera

    “So that number of staff which represent 75% of our staff strength, I think, is the one we basically need to speak with their employers with a view to getting them to rationalise to the level that we think will be necessary to basically sustain a mean but actually a customer service-oriented institution.”

    Wigwe said discussions are already ongoing with recruiting agencies and contracting firms on how to cut back on the workforce.

    “The second has to do with our professional cost. Now that is one is very tricky and it is tricky because I do understand and appreciate that it is going to bring its own pain to staff. We basically have to make the adjustment the same way it sounded when we spoke ten days ago with respect to basically cutting down cost

    “would be the first to take the hit and I’m going to take the largest pay cut, which would be as much as forty per cent (40%).

    “The rest, we shall have to cascade right through the institution.”

    Assuring that the bank will revert to what is normal when things improve, Wigwe said the adjustments are necessary to survive the difficult times.

    “What is important is that these adjustments are what is required at a time when we see Armageddon when we see great difficulty coming in, to make sure that if there is one institution left standing in this country as a bank, it must be Access Bank,” he said.

    “We appreciate the fact that it is going to hurt people but we necessarily have to take that adjustment to ensure that we protect our franchise and make us stronger as we move into the future.”

    TNG reports that Access Bank, which acquired rival Diamond Bank Plc in 2019, had 6,898 permanent staff at the end of that year (2019), according to a presentation on its website.

    The acquisition partly contributed to a 31% increase in operating expenses. Personnel, recruitment and training costs account for more than a third of overheads after the deal boosted employee numbers and resulted in “wage harmonization” across the businesses.

     

  • Access Bank leads the fight against COVID-19

    Access Bank PLC, is at the forefront of the interventions deployed to fight the COVID-19 pandemic by big players in the private sector. The Bank played a major role in the formation of The Coalition against COVID-19 (CACOVID), a task force instituted to ensure the minimisation of the impact of Coronavirus pandemic in Nigeria.

    With a guiding strategy of making impactful social investments, and giving back to the society, this new joint effort with other members of CACOVID has seen the Bank donate 1bn Naira to facilitate the building of 1000-bed isolation centers across the 6 geopolitical zones of the country.

    The building of the test and isolation centers will be in phases. The first phase of the project is the construction of additional testing and isolation centers, in Lagos (Yaba and Gbagada), Enugu, Kano, Port Harcourt, Borno, and Abuja.The next phase of the project will see the construction of additional centers in more states of the federation to enable early detection and testing of suspected COVID -19 cases as well as treatment of confirmed cases.

    Speaking on the Bank’s activities, the Group Managing Director, Access Bank Plc, Herbert Wigwe said, “In our characteristic manner of offering ‘more than banking,’ Access Bank is at the forefront of the fight against COVID-19. Through our various projects, we are looking to support the government and the National Centre for Disease Control (NCDC) by providing facilities that can serve as both testing and isolation centers.

    “Despite the strides being made, we implore all Nigerians to adhere to stipulated social distancing guidelines, and practice regular hand washing as directed by the World Health Organization. We are positive that we can beat the spread of the virus, if we all comply with the safety measures as advised by the NCDC and WHO ” he added.

    Wigwe further stated that, Researchers have identified early detection and isolation as important parts of ending the spread of the virus and that making testing and isolation centers more accessible, will help save more lives.

    As reported cases increase on the spread of the virus across the country on a daily basis, Nigerians have been implored to follow the government’s instructions as these measures are being enforced to reduce the high risk of the virus spreading through the large population.

    Recall that Wigwe, among other philanthropists, also donated N1bn to the fight against COVID-19.

  • COVID-19: Access Bank to build 1000 bed centres

    Access Bank is leading other corporate bodies to build four fully equipped 1000-bed centres. It also plans to fly in technical partners to train Nigerian doctors.

    In a statement, the bank’s CEO, Herbert Wigwe, said: “In addition to the safety measures we have put in place and extending continuity, we are also bringing in mobilisation, support and thought leadership and resources. We are putting measures in place to complement government efforts in the fight against Covid-19.

    “We would be bringing in Chinese experts to provide technical and training support for our medical practitioners.

    “We are working with Dangote Foundation and other organisations to drive this Initiative, he pointed out.’’

     

  • BREAKING Access Bank shuts Lagos branch after visitor tested positive for coronavirus

    BREAKING Access Bank shuts Lagos branch after visitor tested positive for coronavirus

    Access Bank Plc has temporarily closed its Ligali Ayorinde branch in Victoria Island, Lagos after a visitor tested positive for coronavirus.

    “We have confirmed that an individual who visited our Ligali Ayorinde branch on Monday 16th March 2020, has tested positive for coronavirus,” Accessbank said in a statement on Monday.

    “He was symptom-free as at the time of visit and he is currently being monitored at an Isolation Centre in Yaba.”

  • Access Bank will soon be Africa’s gateway to the world – Wigwe

    Herbert Wigwe, the Group Managing Director of Access Bank, during a recent interview with Bloomberg, reiterated the Bank’s plan to be Africa’s gateway to the world and expand into 22 countries over the next five years.

    Wigwe discussed the Bank’s scope for expansion in Africa as a diversified retail bank, as well as its plan to provide cutting-edge digital payment solutions across the continent, saying, “We want to have subsidiaries across 22 countries over the next five years, with strategic plans to be present in the major trade corridors in the African continent. Building on our successful expansion into Kenya, we will also be making entries into Angola and Mozambique.”

    “At the moment, Access Bank does not have a presence in the Francophone region of Africa, and we will be working to see that this is changed in the coming years. By 2023, Access Bank will have consolidated its position as Africa’s gateway to the world with about 100 million customers in Nigeria and an additional 20 million customers across our African subsidiaries,” Wigwe said.

    Wigwe attributed his growth projection to the Bank’s innovative payments solution, saying that “Access Bank is set to revolutionize the payment and banking landscape in Africa. We would soon be introducing a new payment system that would allow users enjoy a secure, seamless and convenient service when making payments at Merchant locations without cash or card.

    When launched, the system would help Access Bank’s drive towards bridging financial literacy gaps in Nigeria and indeed Africa, as the elderly or underserved individuals who cannot cope with the complexities of internet banking and mobile applications will be able to transact with ease.

  • Access Bank discontinues old Diamond Bank cheques

    Access Bank discontinues old Diamond Bank cheques

    The management of Access Bank Plc has sent a notice to all customers of the defunct Diamond Bank Plc that it has discontinued cheques of the old financial institution from Sunday, March 1, 2020.

    Recall that in March 2019, Access Bank and Diamond Bank completed their merger, which commenced in late 2018. The marriage was done to give room for Access Bank to penetrate the retail side of the banking industry.

    Before the coming together of the two lenders into an entity, Diamond Bank was seen as one of the kings of the retail market, with Access Bank mainly as a corporate banking institution.

    But in order to make its presence known in the retail banking, which Guaranty Trust Bank (GTBank) was already dominating among the ‘big five boys’ of the banking sector in Nigeria, Access Bank had to lure Diamond Bank to become one.

    After the merger, customers of the defunct financial institution were integrated into the new organisation, while the services being enjoyed were continued, including promos and others.

    In a notice released, Access Bank informed customers of the defunct Diamond Bank that, “In order to process your transactions more efficiently, we wish to inform you that effective March 1, 2020, we will discontinue honouring all cheques bearing the logo of the former Diamond Bank.

    “This means that from March 1, 2020, the bank will no longer honour all cheques bearing the old logo of former Diamond Bank. This is to enable us process your transactions faster and more efficiently to ultimately serve you better.”

    For those who still have the old cheque book, Access Bank advised them to “walk into any branch to select your preferred pick-up branch (existing or other). You can also contact your Relationship Officer.”

    Access Bank further said those affected by this new development and have selected their preferred pick-up bank “will receive an SMS notification from your preferred pick-up branch. Please visit this branch to collect your new Access Bank cheque book.”

  • Access Bank makes top 500 global valuable banking brands

    Nigeria’s largest retail Bank, Access Bank Plc., has been named as one of the top 500 global banking brands, according to leading business valuation and strategy consultancy, Brand Finance.

    Access Bank has demonstrated growth since it was last ranked as the fifth most valuable Nigerian bank in the 2017 Banking 500 report. The Bank now ranks second with a valuation of $242 million.

    The Bank’s valuation comes on the back of its successful merger with Diamond Bank in April 2019, and its recent expansion into the East African market. The nine-months post-merger financial results posted by the Bank showed gross earnings of N513 billion, an increase of 37 percent above the N375.2 billion recorded within the same time frame in 2018.

    Further analysis of the results showed the Bank’s asset base remained strong and diversified, growing by 33 percent to N6.6 trillion as at September 2019, up from N4.95 trillion as of December 31, 2018.

    The Group Managing Director, Access Bank Plc., talking about the Bank’s growth trajectory, said, “In the last twelve months, Access Bank has grown into a powerhouse in the Nigerian and indeed, African banking industry. We are happy with all the successes recorded so far, and we hope to reach and surpass other targets we have set for ourselves. Access Bank will continue on its journey to becoming Africa’s gateway to the world, through strategic expansion into new and emerging markets within and outside Africa and providing best in-class customer experience.”

    He went further to urge investors and other stakeholders to keep their faith in the Bank, reassuring that the Bank will stay true to its values of ethical and sustainable banking practices. “Access Bank will continue to innovate and remain profitable while offering value to all investors and stakeholders. As we strive to expand our business operations, we will remain true to our core values of sustainable banking and adherence to global best practices,” Wigwe concluded.

    Published in the United Kingdom, the Banking 500 Report is an annual ranking of the world’s strongest and most valuable banking brands.

  • Access Bank Supporting Marathon to boost Tourism, GDP

    Access Bank Supporting Marathon to boost Tourism, GDP

    With the 2020 Access Bank Lagos City Marathon fast approaching, the headline sponsor and Africa’s largest Bank in terms of retail size, Access Bank Plc has reiterated that its sponsorship of the race is geared towards improving the economic and social outlook of the state.

    While speaking about the marathon, the Group Managing Director of Access Bank Plc., Herbert Wigwe said, “As one of the leading banks in Nigeria and indeed Africa, it is imperative for us to support the economic and social development of the communities in which we operate.

    “Hence, we have sponsored the Access Bank Lagos City Marathon for five years to make Lagos State more attractive to tourists and foreign investors alike. We have also used this platform as an avenue to create more jobs and opportunities to thousands in the state,” he added.

    He went further to add that, “to ensure that the impact of the marathon, as felt in Lagos State, is duplicated and sustained, we have also begun sponsoring marathons and other sporting events across different states in Nigeria as highlighted by our sponsorship of the Abeokuta marathon.”

    With over 100,000 participants recorded across the last two editions of the Access Bank Lagos City Marathon, Wigwe said he expects the trend to continue as the marathon which has moved up from a Bronze Label marathon to a Silver Label, less than five years after its maiden edition, continues to garner the respect of top international and local athletes alike.

    This year’s edition of the marathon billed for February 8 offers a cumulative prize of 500,000 USD to be won by contestants.

  • Euphoria, as Access Bank opens new branch in Osun

    There was profound jubilation among the people of Ipetu-Ijesha, in Oriade Local Government of Osun State, as Access Bank opened its new branch in the sleepy community.

    Speaking at the event, which was graced by many dignitaries across the country, the Group Managing Director/CEO of the Bank, Dr Herbert Wigwe reiterated the commitment of the Bank to the welfare of many inhabitants of the town through inclusive banking system.

    He promised to positively engage the people of the community in terms of provision of credit facilities for small scale businesses as well as employment for the youths.

    According to him, such banking experience would accelerate commercial activities as well as human development, with inherent corporate social responsibility of immense value.

    “The coming of this Bank to Ipetu-Ijesha is a testimony of rapid commercial growth in the town. The bank will also assist to promote and encourage the development of indigenes in all ramifications.

    “We are committed to improving your standard of living economically and socially and we will do everything possible within our means to assist the community in their various entrepreneurial endeavours “, Wigwe said.

    The traditional ruler of the town, Oba Adeleke Agunbiade, Ajalaye of Ipetu-Ijesha expressed excitement over the development, saying it is a new dawn of economic advancement in the community, as he eulogised the Bank for considering his domain worthy of such developmental project.

    He therefore implored his subjects to reciprocate the gesture through optimal patronage and concerted efforts towards protecting the Bank and its staff jealously.

    “This is indeed a dawn of a new era in our town and a move towards economic emancipation and liberation. It is a signal of more developmental projects in our domain.

    “I want to beg you to reciprocate this by opening accounts with Access Bank, this is the only Bank that guarantees safety of your money at any time.

    “It should be noted that anybody who refuses to Bank with Access is an enemy of the king and by extension an enemy of Ipetu-Ijesha”.