Access Bank Set to Enter Moroccan Market Amid African Expansion
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Doha – Nigeria’s largest bank by assets, Access Bank, has announced plans to establish operations in Morocco as part of its continental expansion strategy. The move comes after the bank successfully raised $228 million through a rights issue of 17.8 billion ordinary shares.
According to Bloomberg, the capital raise has positioned Access Bank’s share capital at 600 billion naira ($387.4 million), which is 20% above the minimum requirement for international banks operating in Nigeria.
The bank has secured regulatory approvals from both the Central Bank of Nigeria and the Securities Exchange Commission for this fundraising initiative.
The expansion into Morocco is part of Access Bank’s broader strategy to double its international assets by 2027.
The bank views Morocco, with its structured banking sector, as a strategic gateway between Sub-Saharan Africa and Europe, positioning it as a key platform for strengthening South-South economic exchanges.
This move is part of a larger $1.5 billion fundraising plan, which aims to support the bank’s expansion not only into Morocco but also into Egypt and the United States.
Access Bank has already demonstrated its commitment to continental expansion through recent acquisitions, including Standard Chartered Bank’s operations in Angola and Sierra Leone.
The bank is also awaiting approval from the Central Bank of Kenya for its planned acquisition of Kenya Commercial Bank’s stake in the National Bank of Kenya, a transaction expected to conclude by March 2025.
Access Bank currently maintains a significant presence across Africa and beyond, operating in 24 markets across three continents with over 700 branches and service points, serving approximately 60 million customers.
The bank’s shares have shown strong performance, rising 6.7% in Lagos this year, following more than a doubling in value in 2023.
In a recent development, the bank has also agreed to acquire Bidvest Bank Holdings Ltd. for approximately 2.8 billion rand ($159 million) to strengthen its presence in South Africa.
