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| Access Holdings Plc appoints Bolaji Agbede as Acting GCEO after Herbert Wigwe's death in a helicopter crash. #AccessHoldings #Africa |
Access Holdings Plc, one of the leading financial services groups in Africa, has announced the appointment of Ms. Bolaji Agbede as its Acting Group Chief Executive Officer (GCEO), following the tragic death of its former GCEO, Dr. Herbert Wigwe, in a helicopter crash in the United States on Friday.
Dr. Wigwe, who was widely regarded as a visionary leader and a distinguished banker, died alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Mr. Abimbola Ogunbanjo, when their helicopter crashed near the Nevada border on their way to attend the Super Bowl LVIII championship in Las Vegas.
The Board of Directors of Access Holdings Plc expressed their deep sorrow and condolences to the families of the deceased and the entire Access community, describing Dr. Wigwe as a key driving force behind the remarkable transformation of the Access franchise since he joined the bank in 2002.
The Board also announced the appointment of Ms. Agbede as the Acting GCEO of the holding company, subject to the approval of the Central Bank of Nigeria (CBN). Ms. Agbede is the most senior founding Executive Director in charge of Business Support for the company and has over three decades of professional experience in banking and business consultancy services.
Ms. Agbede joined Access Bank in 2003 as an Assistant General Manager and rose through the ranks to become the Head of Group Human Resources between 2010 and 2022. She was appointed as the founding Executive Director, Business Support in 2022, a role she held until her new appointment.
Ms. Agbede holds a Bachelor's Degree in Mathematics and Statistics from the University of Lagos and a Master of Business Administration Degree from Cranfield University UK in 2002. She is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.
Mr. Abubakar Jimoh, the Chairman of the Board of Access Holdings Plc, said that the appointment of Ms. Agbede is in alignment with the company's robust succession planning practices and that he is confident that she will provide the much-needed leadership to steer the company towards the attainment of its strategic vision of building a globally connected community and ecosystem, inspired by Africa for the world.
Access Holdings Plc is a diversified financial services group with operations in 12 African countries and offices in the UK, UAE, China, and India. The group comprises Access Bank Plc, the largest bank in Nigeria by customer base and assets, and other subsidiaries in insurance, securities, payments, and digital banking.
The group has been at the forefront of innovation and social responsibility in the African financial sector, launching several initiatives such as the Access Conference, the Womenpreneur Pitch-a-ton, the Access Bank Art X Prize, and the Access Bank Lagos City Marathon.
The group has also been recognized for its excellence in corporate governance, sustainability, and customer service, winning several awards and accolades from reputable organizations such as the World Finance, the African Banker, the Euromoney, the Global Finance, and the BusinessDay.
The group has also been involved in several mergers and acquisitions, the most notable being the merger with Diamond Bank Plc in 2019, which created the largest retail bank in Africa. The group has also acquired banks in Kenya, Zambia, Cameroon, and Mozambique, as part of its expansion strategy in the continent.
The group has also expressed its intention to enter the Asian market in 2024, with plans to establish a presence in Singapore, Malaysia, and Indonesia.
Tell me more about Ms. Bolaji Agbede.
Ms. Bolaji Agbede is the Acting Group Chief Executive Officer of Access Holdings Plc, a leading financial services group in Africa. She has over 27 years of experience in banking and business consultancy, and she is also a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria. She joined Access Bank in 2003 and became the Head of Group Human Resources in 2010. She is responsible for the human capital development of the group, which has operations in 12 African countries and offices in the UK, UAE, China, and India. She holds a bachelor's degree in Mathematics and Statistics from the University of Lagos and a master's degree in Business Administration from Cranfield University UK. She is a versatile professional with a proven record of successful people integration during mergers and acquisitions, culture transformation, and execution of corporate strategies. She has also attended several renowned leadership and professional development programs, such as the High-Performance Leadership Programme organised by the IMD and the Strategic Talent Management Programme organised by the London Business School. She is widely respected and admired for her passion, integrity, and excellence in the African financial sector.
What are some of the initiatives launched by Access Holdings Plc?
Some of the initiatives launched by Access Holdings Plc are:
- The Access Conference: an annual event that brings together global leaders, policymakers, and experts to discuss and proffer solutions to the most pressing issues affecting Africa and the world.
- The Womenpreneur Pitch-a-ton: a program that empowers female entrepreneurs with access to finance, mentorship, and capacity building.
- The Access Bank Art X Prize: a prize that supports emerging artists in Nigeria and provides them with funding, mentorship, and exhibition opportunities.
- The Access Bank Lagos City Marathon: a marathon that promotes health, tourism, and sports development in Nigeria and attracts thousands of local and international runners⁴.
What is the impact of Access Holdings Plc on financial inclusion in Africa?
Access Holdings Plc is a major player in promoting financial inclusion in Africa, by leveraging innovation, digital technology, and financial inclusion to mobilize sustainable low-cost deposits. The group has also expanded its agency network to reach the unbanked and underbanked populations in rural and urban areas. According to the group's 2022 annual report, Access Holdings Plc has a customer base of over 63 million, with 49 million of them being retail customers. The group has also launched several initiatives to support financial inclusion, such as the Access Bank Art X Prize, which provides funding, mentorship, and exhibition opportunities for emerging artists in Nigeria, and the Womenpreneur Pitch-a-ton, which empowers female entrepreneurs with access to finance, mentorship, and capacity building. The group has also partnered with various organizations, such as the World Bank, the African Development Bank, and the International Finance Corporation, to provide loans and grants to small and medium enterprises, farmers, women, and youth in various sectors. Through these efforts, Access Holdings Plc has contributed to the economic and social development of Africa and its people. 🌍
What is the role of digital technology in financial inclusion?
Digital technology plays a vital role in enhancing financial inclusion, which is the access and use of formal financial services by all segments of society, especially the poor and marginalized. Digital technology can enable the delivery of low-cost, convenient, and secure financial services to the financially excluded and underserved populations, such as payments, transfers, savings, credit, insurance, and even securities.
Some examples of digital technology that can support financial inclusion are:
- Mobile phones and mobile money, which allow users to send and receive money, pay bills, and store value using their mobile devices, without the need for a bank account or physical infrastructure.
- Biometrics and digital identity, which enable users to verify their identity and access financial services using their fingerprints, facial recognition, or other unique features, without the need for paper documents or cards.
- Distributed ledger technology (DLT) and blockchain, which enable users to record and share transactions in a secure, transparent, and decentralized manner, without the need for intermediaries or central authorities.
- Artificial intelligence (AI) and big data, which enable users to access customized and tailored financial services based on their preferences, behavior, and risk profile, using advanced analytics and machine learning.
What are some examples of mobile money services in Africa?
Mobile money services are a type of mobile financial services that enable users to send, receive, and store money using their mobile phones.
Some examples of mobile money services in Africa are:
- M-Pesa: Launched in 2007 by Safaricom in Kenya, M-Pesa is the most popular and widely used mobile money service in Africa, with over 40 million active customers across 10 countries. M-Pesa allows users to deposit, withdraw, transfer, and pay for goods and services using a mobile device.
- Orange Money: Launched in 2008 by Orange in Côte d'Ivoire, Orange Money is a mobile money service that operates in 18 countries in Africa and the Middle East. Orange Money allows users to perform transactions such as cash-in, cash-out, bill payments, airtime purchases, and international transfers.
- MTN Mobile Money: Launched in 2009 by MTN in Uganda, MTN Mobile Money is a mobile money service that operates in 16 countries in Africa. MTN Mobile Money allows users to perform transactions such as deposits, withdrawals, transfers, payments, and savings.
- Airtel Money: Launched in 2011 by Airtel in Kenya, Airtel Money is a mobile money service that operates in 14 countries in Africa. Airtel Money allows users to perform transactions such as deposits, withdrawals, transfers, payments, and loans.
What is the impact of mobile money on financial inclusion in Africa?
Mobile money is a type of mobile financial service that enables users to send, receive, and store money using their mobile phones, without the need for a bank account. Mobile money has a positive impact on financial inclusion in Africa, which is the access and use of formal financial services by all segments of society, especially the poor and marginalized. According to a study by the African Economic Research Consortium, mobile money adoption promotes financial inclusion in a range of 0.16-0.18 points, using a propensity score matching method on panel data from 35 African countries over the period 2004-2017. Mobile money can also improve the financial well-being of millions of people by enabling them to perform low-cost, convenient, and secure financial transactions, such as payments, transfers, savings, credit, insurance, and even securities. Mobile money can also support economic and social development by providing funding, mentorship, and capacity building for entrepreneurs, farmers, women, and youth in various sectors. Mobile money is therefore a key driver of innovation and social responsibility in the African financial sector. 🌍
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