AfrAsia is preparing the next chapter of its growth

• The acquisition of AfrAsia by Access Bank UK was completed last July. How will this deal transform the bank and the banking sector landscape?

 

My integration is going very well. Before I arrived, I often heard about the “Afrasian spirit” and its strong can-do attitude. I now see it every day. I place great importance on listening, and we have already created spaces for dialogue to strengthen communication within the teams. Understanding everyone’s needs, sharing ideas, and building our journey together will be essential for our success.

 

I have also had the opportunity to meet several of our clients. These interactions, always warm, help me better understand their expectations. There is a lot of positive feedback, and this reinforces my desire to build a close and trusting relationship with them.

 

 

 

• Since October, you have held the position of CEO at AfrAsia. How has your integration into the bank progressed?

 

My integration has gone very well. Before joining, I often heard about the “AfrAsian culture”. Today, I experience it daily with all colleagues. Our DNA is this strong entrepreneurial culture, this attitude of “we can achieve this”, which drives our staff, along with a determination to place the client at the heart of our priorities. At AfrAsia, we value relationship banking highly. I believe that, with the exceptional talent at our disposal, we are well equipped to achieve our objectives.

 

I also place great importance on listening. We have already created forums to strengthen communication across teams. Understanding each person’s needs, sharing ideas, and building our trajectory together will be essential for success. I have also had the opportunity to meet several of our clients. These conversations, always warm, help me better understand their expectations. Many positive comments have emerged, which reassures me in my aim to build close relationships with them.

 

 

 

• Could you outline your career journey?

 

I have 25 years of professional experience in the banking and financial sector, both regionally and internationally. This experience has given me a solid understanding of the African continent. I have worked in South Africa, Kenya, Uganda, and Ghana. This background is particularly valuable for the next chapter of AfrAsia Bank, which is now part of a group with a strong international presence.

 

With Mauritius’s ambition to become a reference jurisdiction for Africa, we also have the opportunity, as a systemic bank, to support this goal and strengthen our regional contribution. AfrAsia is now 76% owned by Access Bank UK, which has both a regional and international footprint.

 

 

 

• How will this benefit the bank?

 

It is important to note that Access Bank UK is regulated by the Prudential Regulation Authority and the Financial Conduct Authority, independent UK regulators.

 

Within the Access Bank Group, there are two divisions. First, the UK division, responsible for the group’s international expansion, with offices in London, Paris, Malta, Dubai, Hong Kong, and Mauritius, as well as representative offices in India and China. All these international offices work closely with our hub in Nigeria.

 

In short, Access Bank UK is a separate legal entity with its own board of directors and management in London, where all decisions are made.

 

The ultimate shareholder, or beneficial owner, is Access Nigeria, which manages the African division. Within this division, we are present in 16 countries, including Ghana, Cameroon, Kenya, Tanzania, South Africa, and the Democratic Republic of Congo. This consolidated bridge facilitates cross-border flows and capital exchange between these regions.

 

Historically, one of Access Bank’s strengths lies in trade finance. This complements AfrAsia’s offerings. Numerous synergies exist to work together to support our clients and meet their needs globally. Mauritius remains a preferred destination for many investors operating in Africa, and we are positioned to effectively support trade between countries.

 

Furthermore, we aim to leverage our presence in other international financial centres such as London, Dubai, Hong Kong, China, and India to strengthen this international dimension.

 

 

 

 

• AfrAsia Bank has a new CEO and a new board of directors. Strategically, will you prioritise continuity or should we expect a change of direction?

 

We have no intention of changing direction. The Bank has built its success on strong pillars such as Global Business and Private Banking, and these activities will remain central to our strategy. That said, our presence, historically focused on Mauritius, somewhat constrained our ability to fully support our clients across all their needs beyond borders. Today, as part of a group, we benefit from Access Holdings’ extensive African expertise as well as our presence in London, Paris, Dubai, Hong Kong, Malta, India, and China. We now have teams capable of tracking our clients’ international flows and supporting our mission: connecting Africa to the world and the world to Africa.

 

 

• AfrAsia has always had a strong identity: serving international clients active in Asia and Africa. Are there complementarities between AfrAsia and Access Bank?

 

Yes, there are many complementarities. As you say, initially, the bank’s mission was to serve as a bridge between Africa and Asia. Now, the vision has expanded: it is about connecting Africa to the rest of the world and the world to Africa, noting that Europe and the Middle East are significant trading partners with Africa. AfrAsia positions itself as a major player in international activity.

 

 

 

• You mentioned earlier that you favour a policy of proximity with your staff. Can you expand on that?

 

Since my arrival, I have spent a lot of time with teams listening to their needs. We have created communication platforms with the entire AfrAsia team to encourage the exchange of ideas. We are committed to investing heavily in our staff – approximately 600 employees – through training and intra-country exchanges.

 

We have also implemented an exchange programme with the group’s international offices, and some colleagues have been sent abroad, notably to the UK, to share ideas and enhance expertise. Operational excellence is essential to continue delivering quality service. Our clients operate in an increasingly global environment, and it is crucial to understand their needs holistically while leveraging the strength of the group we belong to. To achieve these goals, our essential strength remains our human capital, and we ensure an inclusive and stimulating environment, enabling everyone to contribute fully to the success of our mission.

 

 

 

• As you highlighted, AfrAsia has built a strong reputation in Private Banking, Corporate Banking, and Global Business Banking. What is the strategy to consolidate your presence in these areas?

 

Our strategy is to reinforce our existing presence while integrating a diversification dimension that has been underutilised. During my recent visit to South Africa, I met several clients who were enthusiastic that we can now support them more extensively across the continent. In recent weeks, I have also met with many Private Banking clients regarding their investment, wealth management, and transactional needs, which we already provide and will continue to support. We are currently working with international banks and investment banks to reposition our Private Banking offering, creating greater impact and better meeting the very specific needs of this clientele with truly bespoke services. AfrAsia is now a reference in Private Banking, and we intend to remain so.

 

We also have the privilege of supporting the ninth edition of the AfrAsia Bank Mauritius Open, the largest sporting event in Mauritius, which brings together the elite of international golf and reaches over 500 million households worldwide. This co-sanctioned tournament by the Sunshine Tour and the DP World Tour will take place from 18 to 21 December at La Réserve Golf Links. The previous champion, Briton John Parry, will defend his title. Over 30 nationalities of golfers will participate. Many of our clients are golf enthusiasts and will have the opportunity to attend the tournament.

 

 

 

• You are no doubt aware that in the past there have been multiple conflicts within the board of directors. What is the current “mood” within the boardroom? What can you tell us to reassure the stakeholders?

 

Today, we have a board of directors represented by a majority shareholder, The Access Bank UK Limited. In addition, there are independent directors sitting on the board. Rest assured, there is full alignment within the bank—between the board of directors, senior management, all staff, and, of course, our clients. There is complete fluidity in both strategy and execution.

 

 

 

• It is often said that the best team wins. Can you give stakeholders assurance that there is cohesion within the team?

 

Absolutely! It is a tightly knit team.

 

 

 

• How frequently are board meetings held?

 

Typically, the board of directors meets on a quarterly basis. However, we do not wait for board meetings to maintain engagement and communication. Personally, I am in regular contact with our teams in London. Likewise, members of our various teams constantly communicate with their UK counterparts.

 

 

 

• Have you communicated your action plan to your teams?

 

Yes, I can say that communication is ongoing. Our teams are fully aware of the vision, the strategies in place, and the stages of execution.

 

 

 

• Is there already a strategy in place regarding AfrAsia’s development?

 

Indeed, there is. Two weeks ago, country heads from Africa and the international zone met in London to discuss synergies. The discussions focused on client support, how we can add value to the services we offer them, and how we will meet their needs. Our ambition is to continue expanding internationally.

 

 

 

• AfrAsia remains a local bank with representative offices only in Johannesburg and Dubai. How can Access Bank’s network enable the AfrAsia brand to achieve a true regional footprint?

 

Access Bank’s pan-African network gives us immediate access to a significant regional presence, placing us in a position to act efficiently and effectively. We are turning this opportunity into a strategic lever.

 

 

 

• How has your international clientele received the acquisition of the bank by Access Group?

 

Of course, we are attentive to our clients. I must say that they had questions initially, and now that they have answers, they are excited because they understand that a whole new ocean of opportunities is opening for them.

 

 

• Founded in 2007, AfrAsia Bank has experienced a meteoric rise. It is now positioned as the third-largest banking institution with assets of Rs 283.4 billion, surpassing international banks operating in Mauritius. What factors have contributed to the bank’s success?

 

Clients have always been at the heart of our approach. But we also know that their expectations are constantly evolving, and it is our responsibility to innovate continuously to meet them as best as possible. This demand is even stronger today, as we serve clients in over 160 countries. To this end, we are strengthening the capabilities of our representative office in South Africa and developing closer collaboration with East and West Africa.

 

 

 

• Africa is growing rapidly; it is a vast territory coveted both by Asian countries and the European Union. What is your strategy to attract even more international investors to use AfrAsia Bank for their projects in Africa?

 

We are now present in the main international financial centers—London, Hong Kong, Dubai, Mauritius, Paris, and Malta—as well as in major capitals and emerging markets such as India and China. With the group’s extensive presence across multiple continents, AfrAsia Bank positions itself as a preferred partner for any business looking to develop activities on the African continent.

 

 

 

• At the recent European Union–African Union Summit in Luanda, Europeans expressed a desire to be more active in Africa. This indicates a real opportunity for an African-focused bank like AfrAsia Bank. Your comments?

 

Trade between Africa and the rest of the world is growing quite rapidly each year. As a bank, we have a key role to play in supporting these commercial exchanges. While Africa is seen as the next driver of global economic growth, the same is true for Asia. We are now better positioned to serve clients from both regions. Because AfrAsia is part of the Access Group network. We have a greater presence than many international and African banks. Through our network, we are among the largest banks in Africa.

 

 

 

• So, can it be said that AfrAsia is part of a regional mega-structure?

 

Absolutely!

 

 

 

• AfrAsia is a highly profitable bank. As of 30 June, it recorded post-tax profits of Rs 6.3 billion. Will it be able to maintain this trajectory?

 

We recorded remarkable performance in the first quarter of this year, setting the stage for a very positive year. That said, we are at a point where consolidating our foundations is essential. This involves investments in our infrastructure and modernisation of our IT systems to strengthen operational efficiency. We also aim to continue improving customer service. In this context, we are reviewing our processes to become more agile and faster, always with the goal of enhancing the client experience and preparing the next chapter of our growth.

 

 

 

• Do you plan to hire more staff in the future?

 

At present, the focus is mainly on strengthening the capacity of existing staff. For now, we have the necessary skills. We are not in a position where additional hires are required.

 

 

 

• Regarding the current portfolio, what proportion is the B segment of your deposits?

 

The B segment is a key activity for the bank, which we aim to consolidate in the future. We have ambitious plans to strengthen our capacity in Mauritius to support the local market while anticipating even faster growth in our international operations.

 

 

 

• International business is known to be a higher-risk segment. What measures is AfrAsia taking to strengthen its internal control system?

 

All measures to reinforce the internal control system are already implemented at the group level. Constant communication within the group and with staff is critical. Within this framework, staff have opportunities to train in London. At Access Group, we have developed solid expertise in managing risks related to international operations over the past 36 years.

 

 

 

• One of AfrAsia’s strengths is also its trading floor. Do you plan to strengthen this area by recruiting financial experts?

 

This is a very important activity, both for the bank and its clients. As our business grows, client investment needs will increase, as will their sophistication. We already work with other trading floors within the group to expand our offerings. We ensure that trading operations continue to evolve in the same direction, fully meeting client needs in terms of investments and foreign currency placements, including African currencies. The synergies between our presence across African countries and in Mauritius will be a key lever for effective execution of this strategy.

 

 

 

• Do you plan to introduce new financial products and services soon? If so, can you provide details?

 

Yes, new products will be introduced continuously in response to market developments, emerging opportunities, and changes in economic conditions. It is essential to remain agile and to reinvent ourselves constantly. That said, the banking sector remains a mature environment where differentiation through products alone is increasingly complex. It is therefore crucial to enhance our capabilities to provide a truly distinctive banking experience and improve service quality for our clients. Our real strength lies primarily in relationship banking, which makes all the difference.

 

 

 

• What is the role of artificial intelligence in the bank’s activities?

 

Within the group, artificial intelligence has already been introduced in certain operations. We will assess when and how these technological tools can be adapted to our products and needs. We will invest where there is a requirement. Likewise, we will be opportunistic in our approach to AI. That said, let us not forget that what has made AfrAsia successful is the very strong relationship it maintains with its clientele.