Project detail - ACCESS BANK PLC.


Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Access Bank Plc. is a full-service commercial Bank operating through a network of 340 branches and service outlets located in major centers across Nigeria, Sub Saharan Africa, and the United Kingdom with representative offices in China, Lebanon, India and the UAE. Listed on the Nigerian Stock Exchange in 1998, the Bank serves its various markets through four business segments: Personal, Business, Commercial, and Corporate & Investment Banking. The Bank has over 830,000 shareholders including several Nigerian and International Institutional Investors and has enjoyed what is arguably Africa's most successful banking growth trajectory in the last sixteen years ranking amongst Africa's top banks by total assets and capital. As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations.

What is our funding objective?

The facility will qualify as Tier-II capital, which will enable Access Bank to roll out its 5-year strategy of becoming Africa’s gateway to the world. Part of that strategy is also to deepen the footprint in the retail segment as well as increasingly support local Micro, Small, and Medium-size Enterprises, thereby supporting job creation in the Nigerian economy.

Why do we fund this investment?

FMO continues to support Access Bank along the mutual strategy of sustainable commercial development through financing corporates and MSMEs in Nigeria’s real economy, thereby enabling those companies to invest in their businesses, create jobs and contribute to the overall economic development and growth.

What is the Environmental and Social categorization rationale?

Access Bank is a longstanding client of FMO. The bank is classified as E&S Category A in accordance with FMO’s Policy. The clients in Access Bank’s portfolio are active in sectors which have potential significant and adverse environmental and social impacts. Main sector exposure is to oil & gas. Environmental and social challenges the bank is facing in its portfolio are pollution, operational health & safety, waste management, poor working conditions and affected local communities. Access Bank has a team of environmental & social experts within the bank that work with the bank’s clients to mitigate the negative impacts of their activities. Access Bank received a number of sustainable banking awards. This is a clear recognition from external stakeholders that Access Bank is performing above sector average on environmental & social risk management. As part of the agreement with Access Bank, the bank will be required to apply the EDFI Exclusion List, local E&S laws and regulations (including the Nigerian Sustainable Banking Principles and the IFC Performance Standards Framework) for certain identified projects.

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