Access Bank, a prominent financial institution in Africa, has made a significant announcement regarding its latest offering – custody services. This strategic move aims to provide customers with a secure platform for the safekeeping and management of their financial assets.

The introduction of custody services is a significant milestone in Access Bank’s evolution and growth trajectory. The initiative aligns perfectly with the bank’s overarching vision of becoming the preferred gateway for customers looking to tap into African markets.

This development follows the successful acquisition of regulatory approvals from both the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) in December of the previous year, 2022. The green light from these regulatory bodies underscores the bank’s commitment to complying with industry standards and ensuring the utmost integrity in its services.

The foundation for this new service offering is the establishment of Access Investor Services Nominee Limited – a nominee company. This setup ensures a clear demarcation between customers’ assets and the bank’s proprietary holdings, thereby guaranteeing a high level of security and protection for customers’ valued assets.

Custody services play a pivotal role in Access Bank’s overarching strategy for expansion and growth. By providing customers with a reliable platform to safeguard and manage their financial assets, the bank not only enhances its customer-centric approach but also solidifies its position as a key player in the African financial landscape.

Commenting on the development, the Managing Director and CEO of Access Bank, Ogbonna Roosevelt, stated, “The launch of custody services represents a milestone in our mission to consolidate our strong franchise in corporate and investment banking.

“We are committed to providing Alpha-suite services to our corporate customers, including financial institutions – both bank and non-bank, local, and foreign. As we expand our clientele in this space, we aim to be the preferred partner for businesses looking to access international markets through strategic partnerships.”

Access Investor Services is now open for business and has already commenced onboarding customers. The Head of Access Investor Services (AIS), Bunmi Arowosafe, expressed excitement about the prospects, saying, “Our customers will benefit from the natural drive that defines the Access brand – leadership, passion for customers, excellence, innovation, and professionalism.

“We have implemented a comprehensive and robust custody and settlement application that ensures a high level of straight-through processing (STP). Customers can expect a secure communication channel and all-around access to view holdings and track instructions. Moreover, our enhanced IT capability within the Access ecosystem will further augment our custody services.”

The comprehensive custody services offered by Access Investor Services encompass securities processing, trade settlement, treasury and liquidity management, and multi-market services through subsidiaries and established partnerships.

This expansion marks yet another step towards fulfilling Access Bank’s mission to provide exceptional financial solutions and unparalleled access to markets for both domestic and foreign customers.

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