Access Bank's strategic plan

Access Bank, a Nigerian lender, recently hosted investors and analysts to outline its strategic plan amidst the challenging business environment. The bank's Executive Director of Commercial Banking, Roosevelt Ogbonna, sat down with CNBC Africa to discuss the institution's key objectives and expectations for the future. Ogbonna highlighted the importance of flexibility in their strategy to navigate macroeconomic shocks and maintain their position among the top three banks in the market. Despite the difficulties faced in 2017, Access Bank remains optimistic about the year ahead. One of the core focuses for Access Bank is to solidify its position as one of the top three banks in the Nigerian market. Ogbonna emphasized the significance of scale and profitability in achieving this goal. He highlighted the need for flexibility in their strategic approach to adapt to the evolving economic landscape. By prioritizing adaptability, Access Bank has managed to weather the macroeconomic shocks and maintain its top-tier status. The challenging business environment in Nigeria has had a significant impact on customer operations and the banking industry as a whole. Ogbonna discussed the elongation of conversion cycles for businesses, leading to a slower pace of operations. Despite the difficulties, Access Bank is positioning itself to benefit from industry consolidation and a flight to quality by customers. The bank's previous acquisition in 2012 aimed at achieving scale has proven beneficial during times of crisis. Access Bank recently launched a 100 billion-naira commercial paper program to raise funds over the next three years. Ogbonna addressed concerns about the cost of raising funds in the current environment, stating that the pricing would only marginally impact the bank's cost of funds. By strategically managing liquidity and leveraging lessons from international practices, Access Bank aims to optimize its funding structure and maintain a strong position in the market. The high interest rate environment in Nigeria has posed challenges for lending to the private sector. Ogbonna acknowledged the impact of government securities on bank lending practices but emphasized Access Bank's commitment to supporting businesses. Despite the constraints imposed by monetary policies, the bank is targeting a 10% loan growth in 2017. By capitalizing on opportunities in the market and focusing on large corporates, Access Bank aims to achieve its growth targets and contribute to economic development. In conclusion, Access Bank's strategic plan underscores its resilience and forward-thinking approach in the face of economic uncertainties. By prioritizing flexibility, prudent risk management, and targeted growth strategies, the bank is well-positioned to navigate the challenges ahead and maintain its leadership position in the Nigerian banking sector.