People & Money

Access Bank Appoints Oluseyi Kumapayi as Executive Director for African Subsidiaries

By Michael Ajifowoke

Leading Nigerian lender Access Bank Plc has appointed Oluseyi Kumapayi as the new Executive Director for African Subsidiaries, after previously serving as the group’s Chief Financial Officer since 2008. 

Kumapayi has been severally endorsed in corporate finance, risk management and business strategy, financial analysis, mergers and acquisitions, financial modeling, and investment banking. He got his Masters of Business Administration degree from the Kellogg School of Management, Northwestern University.

The certified chartered accountant has also attended several management programmes including the INSEAD course on Risk Management, London Business School (LBS) High-Performance People Skills program, Euromoney, Assets and Liability Management, Strategy Master Class, and Mergers and Acquisition.

Also Read: Access Bank Sued for N100m, Says Order to Freeze  #EndSARS-linked Account From the CBN

Before joining Access Bank in 2002, Kumapayi held controller and analyst positions at the First City Monument Bank (FCMB) and Guaranty Trust Bank Plc, respectively. 

As Access Bank CFO, he reportedly kept the investor relations page of the bank’s website duly updated with annual financial reports, investor news, credit ratings, upcoming events, shareholders information, and news. In his new role, Kumapayi will be overseeing operations at Access Bank’s subsidiaries across the continent. 

Access Bank has been one of the lenders that have led the banking expansion trail in Nigeria, intensifying domestic and international operations. In 2019, it completed a merger with another Nigerian lender, Diamond Bank, becoming the biggest bank by customer base in the country.

In January this year, Access also acquired 100% of the shareholding of Kenya-based Transnational Bank Plc and its 28 branches, a deal that was finalised in February. The deals are part of the group’s strategic plan for continental expansion under its ‘Africa’s Gateway to the World’ campaign. The plan is to expand to 22 countries in five years.

Also Read: Access Bank Gets CBN’s Assent to Metamorphose To a Holding Company

Across Africa, Access Bank Plc. currently has branches in seven countries outside of Nigeria – Democratic Republic of Congo, Ghana, Gambia, Rwanda, Sierra Leone, Zambia, and Kenya as well as a strategic investment in South Africa. As of June 2020, the group serviced more than 36 million customers in Africa.

The bank’s African subsidiaries contributed a profit-before-tax of ₦16.86 billion to the Group’s full-year 2019 performance, with the Ghana unit accounting for 88 percent of that figure after raking in ₦14.77 billion in profit before tax.

Access Bank Plc posted an improved sum of ₦102.3 billion in Profit After Tax (PAT) for the nine-month period ended September 30, 2020, according to its latest financials sent to the Nigerian Stock Exchange. That indicates a gain of 15.7% from the figures recorded in the corresponding period last year.

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