Access Tier II (IFC-42559)

Countries
  • Nigeria
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 12, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ACCESS BANK PLC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 87.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS May 8, 2019

Disclosed by Bank May 3, 2019


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Project Description

The project consists of an investment of up to US$87.5 million in Access Bank PLC (“Access Bank” or the “Bank”) in the form of a subordinated loan with a maturity of 10-years, callable after 5 years and with a 5-year grace period. The investment will enhance the Bank’s regulatory capital and enable to bank to scale up its lending program to micro, small and medium enterprises (“MSMEs’), including lending operations to women-owned MSMEs and climate smart projects.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Access Bank Plc -- Implementing Company

Access Bank Plc. is a leading full-service commercial Bank operating through a network of more than 592 branches and service outlets, spanning three continents, 12 countries and 29 million customers. The Bank employs 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon and India.

Listed on the Nigerian Stock Exchange since 1998, Access Bank is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities. The Bank serves its various markets through four business segments: Retail, Business, Commercial and Corporate. The Bank has over 900,000 shareholders (including several Nigerian and International Institutional Investors). Following its merger with Diamond Bank in March 2019, Access Bank became one of Africa’s largest retail banks by retail customer base.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations. The Bank strives to deliver sustainable economic growth that is profitable, environmentally responsible and socially relevant, helping customers to access more and achieve their dreams.

Contact Information

Access Bank PLC 
Seyi Kumapayi 
Chief Financial Officer 
+234 802 313 0935 
Oluseyi.kumapayi@accessbankplc.com 
Head OfficePlot 999C, Danmole Street, Off Idejo Street,Victoria Island, Lagos State, Nigeria 
www.accessbankplc.com 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/