- Access ATMs increased from 18 to 54
- The bank has opened five new Sales and Service Centres
- Access Bank has rolled out 700 points of sale
GAZETTE REPORTER
In the half-year that ended 30 June 2022, Access Bank loans and advances to customers increased from P6.087 billion in June 2021 to P6.59 billion in June 2022, this publication has established.
According to the Chairperson of Access Bank Lorato Mosetlhanyane and Managing Director Kgotso Bannalotlhe, despite the increase in loans and advances in the period under review, 2022 has shown a reduced appetite for lending due to increased interest rates.
They said the bank’s retail loan book increased by about 4.1 percent whilst deposits increased by 3.7 percent.
Digital channels
“Non-interest revenue increased 17 percent from lending-related fees and commissions and also from increased revenue from our digital channels,” Mosetlhanyane and Bannalotlhe noted in the bank’s financial statements.
“The number of users in our digital platforms increased by 6 percent. The products launched to advance the digital strategy for this segment are bearing fruit. These products include the mobile app Sarumoney and its continued enhanced functionalities, and the Fast Cash voucher product. We increased our ATM footprint across the country from 18 to 54, including revamping the old ATMs.”
The two noted that Access Bank has substantially completed upgrades to its core banking system.
Value proposition
“The remaining months of the year will be focused on further enhancements of our customer value proposition and expansion strategy, particularly balance sheet optimisation and increases to our distribution channels and product offering to our customers,” they wrote.
Mosetlhanyane and Bannalotlhe said to-date the bank has upgraded its Core Banking Software systems, launched 55 new ATMs and opened five new Sales and Service Centres to bring banking closer to its current and future customers, rolled out 700 points of sale (PoS) terminals, launched refreshed products aimed at customer acquisition, as well as adding critical value proposition enhancements to its digital channels.
“New products, further enhancements, and new services such as Agency Banking are expected to be rolled out in the second half of the year,” they wrote. “The company considers transformation achievements to-date to be satisfactory progress towards creating value for all stakeholders in the period ahead.”