Table of Contents
Key Points
- Access Holdings pledges $100 million to support Zambia’s energy and agriculture sectors, focusing on power generation and food security.
- Net profit rose to $113.79 million in Q1 2025, supported by strong earnings growth across Access Holdings’ operations.
- Access Holdings expands African footprint with acquisitions in Zambia and Gambia, strengthening its position among top regional banks.
Access Holdings Plc, a leading African financial services group led by Nigerian banker and investor Aigboje Aig-Imoukhuede, has pledged $100 million to support Zambia’s energy and agriculture sectors. The commitment is aimed at strengthening key parts of the economy while helping to ease the country’s power shortages.
Access Holdings plans $100 million Zambia investment
The announcement followed a high-level meeting at the State House in Lusaka between Aig-Imoukhuede and President Hakainde Hichilema. During the talks, President Hichilema stressed the urgent need for investment in power generation and transmission, pointing to recent reforms designed to open the sector to more private participation. He also highlighted the role of banks in backing other priority areas such as agriculture and digital transformation, which sit at the heart of Zambia’s growth strategy.
In response, Aig-Imoukhuede commended the Zambian government for its economic reforms and the investment climate they are creating. He said Access Holdings was ready to finance projects that would expand Zambia’s electricity generation, transmission, and distribution networks. “Our financing arrangements of up to $100 million are designed to catalyze development in sectors that matter most to the economy,” he noted.
Access Holdings backs Zambia’s growth sectors
Access Holdings said its support would not only help stabilize Zambia’s power supply but also drive broader growth across the economy. Energy is especially critical for mining, a sector where Zambia expects copper production to reach 1 million metric tons by the end of the year. Beyond power, the group reaffirmed its plans to back agriculture and digital infrastructure, aligning its efforts with the government’s national agenda.
The pledge reflects the wider strategy of Access Holdings, which operates across 12 African countries and has a growing presence in Europe. The group provides banking, asset management, payments, pensions, and insurance services through its subsidiaries. Since returning to the helm after the passing of Herbert Wigwe, Aig-Imoukhuede has worked to steady the institution through a period of transition while sharpening its focus on long-term growth.
The group’s latest financial results underline that strength. Net profit rose to N182.75 billion ($113.79 million) in the three months ended March 2025, up from N159.29 billion ($99.28 million) in the same period a year earlier. Gross earnings climbed nearly 42 percent to N1.38 trillion ($860.65 million), lifted by strong performance across its operations.
Access Holdings broadens African banking reach
Beyond its planned $100 million commitment in Zambia, Access Holdings has been expanding its footprint across Africa. In March 2023, through its subsidiary Access Bank Zambia Limited, the group secured regulatory approval to acquire and merge African Banking Corporation Zambia Limited (Atlas Mara Zambia). The integration created one of Zambia’s top five banks, strengthening the group’s position in the country.
Elsewhere, Access Holdings completed the acquisition of Standard Chartered Bank Gambia, a deal that ended Standard Chartered’s 130-year presence in the market. The transaction was part of a broader retreat by the British bank from select African and Middle Eastern countries, while reinforcing Access Holdings’ strategy of building scale and reach across the continent.
