Nimide Falasinu

This Access/Diamond merger is as brilliant as it is opportunistic, seeing as it immediately catapults Access to the largest bank in Nigeria by asset base, deftly taking advantage of one of two key growth methods in business. Although in terms of profitability and returns on equity, Access Bank is behind GT Bank and Zenith Bank, this tremendous asset base allows for limitless growth opportunities. Two heads, they say, are better than one.

Then comes the Herbert Wigwe led Access bank in an astounding merger that marries Diamond’s digital expertise and leadership with Access commercial success and capital base. But Access is not new to tech and are a big supporter of innovation. Africa FinTech Foundary, an Access bank initiative which seeks to nurture, fund, and accelerate the growth of FinTech startups in Africa was launched in 2017. The AFF boasts of a mentorship and accelerator program that fast-tracks the growth and maturity of these startups and allows them deliver relevant solutions to the market.

Growth by acquisition is one of the several methods of diversification and market positioning. Implemented by successful companies in diverse fields and levels, growth by acquisition helps in securing and solidifying gains in market share, man force and revenue. A tested and trusted market consolidation tool, it furnishes the acquiring company with the opportunity to consolidate its hold and keep market dominance. Growth through acquisition not only catapults the acquiring company to a major position, but it results in rich dividends for shareholders of the acquired company.