{"id":34376,"date":"2023-09-13T07:12:39","date_gmt":"2023-09-13T07:12:39","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops"},"modified":"2023-09-13T07:58:43","modified_gmt":"2023-09-13T07:58:43","slug":"access-bank-bets-on-expansion-strategy-as-profits-drops","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops","title":{"rendered":"Access Bank bets on expansion strategy as profits drops"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Access Bank Botswana continues to bear the brunt of its expansion strategy as profit dwindles, but the lender remains optimistic that the strategic moves puts it in a path for future growth.<\/b><\/p>\n

The bank this week announced that its profit before tax for the financial year ended June 2023 is expected to reduce by about 50 to 60 percent compared to last year\u2019s profit of P43 million. This means profitability will decrease by about P17.2 million to P21.5 million, resulting in this year\u2019s profit coming at between P21.5 and P25.8 million.<\/p>\n

Access Botswana\u2019s board of directors attributed the fall in profitability to transformation and growth initiatives, marked by substantial investment in expansion enhancement of customer offerings which led to increased operational expenses.<\/p>\n

\u201cWhile this investment may reduce financial performance in this period, we affirm that these strategic moves were vital and have positioned Access Bank favourably for our imminent growth phase,\u201d according to the directors.<\/p>\n

The transformation included establishment of new service centres, substantial increase in the ATM network, and the introduction of the \u201cAccess Closa\u201d agency model which extends the bank\u2019s reach to areas without easy access to ATMs or service centres.<\/p>\n

\u201cWe extend our gratitude to our customers for their unwavering support throughout this transformative journey. We have introduced pioneering products that underscore our commitment to innovation in Botswana\u2019s banking sector. Notably, our ground-breaking offerings such as the \u201cN\u2019stakolle\u201d loan, salary advance loan, and Access Africa have captured the market\u2019s attention,\u201d the directors said.<\/p>\n

Access Bank Botswana morphed from the transaction in which Atlas Mara Limited and ABC Holdings Limited sold 78.15 percent of the issued share capital in BancABC-Botswana to Nigerian financial services conglomerate Access Bank Plc. Access Bank Botswana has been listed on the Botswana Stock Exchange (BSE) since December 2018, but the bank has been in operation in Botswana for approximately 30 years and has nine full service branches throughout the country, nine cashless service and 58 ATMs.<\/p>\n

Access Botswana is focused on the execution of its five-year strategy, with the focus on rapidly expanding and diversifying its business. The strategy is centred on further enhancements to customer value proposition and expansion, particularly balance sheet optimization and increases to the distribution channels and product offering to the customers, according to the bank.<\/p>\n

In June, Access Botswana issued a P2 billion domestic medium-term note programme on the BSE as part of efforts to grow its business. The bank intends to use the proceeds of the medium-term note programme to grow its retail and corporate segments, as well as the extension of the maturity profile of its liabilities to match assets.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Access Bank Botswana continues to bear the brunt of its expansion strategy as profit dwindles, but the lender remains optimistic that the strategic moves puts it in a path for future growth. The bank this week announced that its profit before tax for the financial year ended June 2023 is expected to […]<\/p>\n","protected":false},"author":84,"featured_media":34375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,237,234],"class_list":["post-34376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nAccess Bank bets on expansion strategy as profits drops - Botswana<\/title>\n<meta name=\"description\" content=\"Access Bank Botswana continues to bear the brunt of its expansion strategy as profit dwindles, but the lender remains ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Access Bank bets on expansion strategy as profits drops\" \/>\n<meta property=\"og:description\" content=\"Access Bank Botswana continues to bear the brunt of its expansion strategy as profit dwindles, but the lender remains ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-13T07:12:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T07:58:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/09\/sm_1694579243.898561.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1620\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Access Bank bets on expansion strategy as profits drops\",\"datePublished\":\"2023-09-13T07:12:39+00:00\",\"dateModified\":\"2023-09-13T07:58:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops\"},\"wordCount\":455,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/09\/sm_1694579243.898561.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/access-bank-bets-on-expansion-strategy-as-profits-drops\",\"name\":\"Access Bank bets on expansion strategy as profits drops - 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