Access Bank: Betting big on digital distribution
Access Bank, one of Nigeria's top financial institutions, is prioritizing digital transformation in its pursuit of becoming one of the top two retail banks in Africa.
In today’s fast-paced financial landscape, access to innovative digital solutions is no longer a luxury – it’s a necessity. Access Bank, one of Nigeria's top financial institutions, is prioritizing digital transformation in its pursuit of becoming one of the top two retail banks in Africa. By betting big on digital distribution, Access Bank is making financial services not only more accessible but also more efficient and engaging for millions of customers across Africa and worldwide.
A digital-first strategy that's paying off
Access Bank’s commitment to digitalization is at the heart of its long-term strategy. The bank has made substantial investments in cutting-edge technology, streamlining operations and enhancing customer experience across multiple platforms. This digital-first approach is reshaping how customers interact with their bank, offering seamless services and elevating their overall banking experience.
The impact of this transformation is already being felt. Access Bank’s AccessMore mobile app has evolved into a top-rated comprehensive super-app that serves millions of users across nine African countries. In 2023 alone, Access More facilitated over one billion transactions worth 95 trillion naira (more than US$59 billion).
Besides account management, AccessMore’s features include a digital wallet, instant loans, foreign currency conversion, and Esusu, a digital version of traditional African savings and credit clubs. Extending beyond traditional banking services, the app also offers flight bookings, visa application assistance and airtime top-up. With the addition of AI-driven improvements, AccessMore is set to become even more intuitive and personalized, pushing the boundaries of what a banking app can do.
The digital loyalty program that’s changing the game
Customer retention is key in the competitive world of banking, and Access Bank is taking it to the next level with Access Rewards, Nigeria’s first and only digital loyalty program, integrated directly into the AccessMore app. Customers earn redeemable points for activities like bill payments and airtime purchases, offering them tangible benefits that encourage ongoing engagement with the app.
Since its launch, Access Rewards has seen tremendous growth, with 1.6 million members actively participating. This loyalty program not only boosts customer satisfaction but also enhances the overall value of the app, making it a vital tool for both financial transactions and everyday purchases.
Capital market access
In another leap forward, Access Bank has integrated capital market functionality into the AccessMore app, making it possible for users to invest in stocks and manage portfolios directly from their phones. Through the ‘Bank to Broker’ feature, which was launched in 2023, Access Bank customers now have instant access to stock trading and investment management.
The feature proved a rapid success, with over 10,000 new investment accounts opened in just the first few months. The ability to track stocks, manage investments and execute trades from the comfort of one’s home is a game-changer, particularly for users who previously lacked easy access to the capital markets.
Empowering startups with Access Bank’s incubator program
Innovation isn’t just about serving existing customers; it’s also about shaping the future. Access Bank’s Africa Fintech Foundry (AFF) is dedicated to accelerating the growth of fintech startups across the continent. By offering mentorship, investor connections and strategic support, AFF’s incubator program is helping to turn the brightest ideas into successful businesses.
The AFF collaborated with the Central Bank of Nigeria (CBN) in 2022 to hold the AFF x CBN eNaira Hackathon, with the goal of boosting awareness and adoption of Nigeria’s official digital currency, the eNaira, and making it the African gateway to the digital economy. Hackathon winners subsequently joined the AFF incubator program, to further foster innovation in the digital finance ecosystem.
The future is digital: More to come
As digital banking in Africa continues to evolve, Access Bank is determined to remain at the forefront of this transformation, pushing boundaries and driving innovation. From a digital identity portal to AI-driven customer service, the bank’s Digital Steering Committee and Design Council are hard at work, developing new features that promise to further enhance the customer experience and optimize the bank’s operations.
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