Access Holdings PLC has been recognized as the leading Tier-1 Bank in the 2024 Proshare Bank Strength Index (PBSI) report, marking a significant achievement in the banking sector. The PBSI, which evaluates banks based on comprehensive financial metrics from audited 2023 financial statements, highlights Access Holdings’ exceptional performance. Proshare’s latest report also features other major institutions such as Zenith Bank, FBNH, Ecobank, UBA, and GTCO.
The report credits Access Holdings for its proactive approach to managing macro and microeconomic risks, a strategy that distinguishes it in the evolving Nigerian banking landscape. It draws parallels with the challenges faced by US banks like Silicon Valley, First Republic, and Signature Banks in 2023 due to poor asset and liability management. With the Central Bank of Nigeria’s ongoing recapitalisation programme, the report stresses the need for investments in financial technology, customer service scalability, and digital asset engineering between 2024 and 2026 to enhance shareholder returns and customer experiences.
Despite Nigeria’s GDP growing from N38.78 trillion in 2005 to N77.94 trillion in 2023, the report notes that merely increasing bank equity is not enough to drive economic growth. Proshare analysts emphasize that transforming bank equity into economic growth drivers requires coordinated efforts between the public and private sectors. They advocate for a comprehensive government approach to policies and programmes. Reviewing 2023 performances, the report notes banks’ aggressive strategies to gain digital market share while maintaining lower operating costs.