Nigeria’s Access Bank plans to pursue organic growth in Ghana rather than mergers or acquisitions after the central bank raised the minimum capital requirement for lenders in the West African country, its group chief executive said on Tuesday.
Ghana’s central bank in September raised the minimum capital required for banks threefold to 400 million cedis ($92 million) as part of measures to ensure financial stability, its spokesman said. Lenders have until the end of 2018 to comply.
The previous capital requirement for banks and new entrants in Ghana was 120 million cedis.
Access Bank’s group CEO Herbert Wigwe said the recapitalisation would strengthen Ghana’s banking sector and that customers will move to lenders that have met the requirement, potentially helping the company’s Ghanaian business to gain market share.
Access Bank owns 91 percent of Access Bank…
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