Access Bank SA pledges R1.4bn to South Africa’s investment drive

Access Bank SA, a leading African financial institution, has pledged R1.4 billion to support South Africa's investment drive, showcasing its commitment to sustainable growth and development in the continent. In an exclusive interview with CNBC Africa, Sugendhree Reddy, the CEO of Access Bank SA, discussed the bank's expansion plans, regulatory challenges, and the importance of ethical practices in the banking sector. Reddy emphasized the critical role of financial institutions in driving economic progress and alleviating poverty and unemployment in Africa. Access Bank SA, originally from Nigeria, positions itself as a truly African bank dedicated to solving the continent's challenges. Since entering the South African market in May 2021, Access Bank SA has prioritized investments in small businesses, corporates, and retail operations. Reddy highlighted the bank's focus on measuring its impact on the economies where it operates, aiming to be a constructive force for growth and development. She underscored the significance of governance and regulatory compliance in ensuring the responsible management of public funds and fostering a stable financial environment. Reddy also commended South Africa for its proactive regulatory approach, citing the country's recognition of digital currencies and efforts to collaborate with banks in regulating emerging financial technologies. Addressing the challenges posed by greylisting and illicit financial activities, Reddy stressed the importance of ethical conduct and collaboration between the private sector and law enforcement agencies. She emphasized the need for businesses to uphold ethical standards and cooperate with authorities to combat financial crimes effectively. Despite the implications of greylisting, Access Bank SA has maintained trust and stability with its corresponding banks, reflecting confidence in the bank's regulatory framework and adherence to international standards. Reddy highlighted the role of a functional judicial system in bolstering investor confidence and attracting foreign investments to South Africa. She called for concerted efforts to strengthen law enforcement mechanisms and uphold regulatory integrity to mitigate the risks associated with financial misconduct. Access Bank SA's substantial investment commitment underlines its dedication to driving sustainable growth and fostering a conducive business environment in South Africa and across the continent.