Access Bank opens Paris subsidiary

Access Bank, the leading financial institution in Nigeria, has expanded its reach to Europe with the launch of a subsidiary in Paris, France. The Group CEO of Access Holdings, Herbert Wigwe, highlighted the bank's trade finance solutions that aim to assist businesses in navigating the complexities of cross-border trade. This strategic move is part of the bank's five-year plan unveiled earlier this year, focusing on expanding its global footprint and enhancing trade facilitation. In an exclusive interview with CNBC Africa, Wigwe discussed the rationale behind choosing France as the starting point for their European expansion. He emphasized France's strong economic platform, its evolving tax systems, and historical ties with the francophone world, making it an ideal location for Access Bank to provide trade finance solutions to businesses across various sectors. Wigwe also highlighted the potential for partnerships between French and Nigerian institutions, fostering greater collaboration and trade opportunities. The launch of the Paris subsidiary received significant support from French authorities, signaling a promising start for Access Bank in the region. Wigwe expressed gratitude for the warm reception and emphasized the bank's commitment to upholding global compliance standards and best practices. Looking ahead, Wigwe shared insights into the bank's future plans, including potential expansion to the US market. While acknowledging the challenges and complexities associated with international trade, Wigwe underscored the importance of maintaining high compliance standards and supporting African businesses to meet global regulatory requirements. He highlighted Access Bank's role in promoting intra-African trade and strengthening banking services with Europe. In the context of the African Continental Free Trade Area (AfCFTA), Wigwe reiterated the bank's commitment to driving economic integration across the continent. He emphasized the need for sound leadership and collaborative efforts to overcome barriers and streamline trade processes within the region. Addressing advancements in digital payments and fintech innovation, Wigwe praised the evolving landscape in Nigeria, driven by regulatory reforms and technological advancements. He emphasized the role of fintech companies in driving competition and expanding financial inclusion, while highlighting banks' ongoing efforts to enhance digital payment solutions. Access Bank has also made strides in developing its own fintech ecosystem, focusing on payment innovations to meet customer needs effectively. Wigwe acknowledged the transformative impact of digital payments on financial inclusion and emphasized the potential for Nigeria to lead the way in this sector. In conclusion, Wigwe's insights shed light on Access Bank's strategic vision, focusing on global expansion, trade finance solutions, and digital transformation to drive economic growth and financial inclusion. The launch of the Paris subsidiary marks a significant milestone for Access Bank's international presence and underscores its commitment to supporting businesses and fostering trade partnerships globally.