Access Holdings’ international operations are becoming an increasingly important source of income, with foreign subsidiaries contributing nearly half of the group’s net earnings in 2025, according to Fitch Ratings.
Fitch said foreign subsidiaries accounted for 48 percent of Access Holdings’ group net income in 2025, compared with 30 percent in 2021. The shift highlights the growing importance of the group’s expansion beyond Nigeria as it seeks new sources of growth and diversification.
The rating agency reviewed 14 major African banking groups with operations in at least five African countries and consolidated assets of more than $15 billion at the end of 2025.
It said foreign subsidiaries have generally become more important to the earnings and asset bases of major African banking groups over the past decade, with the trend accelerating after the COVID-19 pandemic as lenders pursued acquisitions and opportunities outside their domestic markets.
“Contributions from foreign subsidiaries to net income and total assets will increase further in the medium term,” Fitch said.
Access Bank expands international footprint
Fitch identified Access Holdings as the African banking group with the fastest cross-border expansion in recent years.
The group has pursued a series of acquisitions aimed at establishing a wider network across sub-Saharan Africa and capturing a larger share of regional trade and financial flows.
One of its most significant transactions was the acquisition of Mauritius-based AfrAsia Bank Limited, which was completed in July 2025.
AfrAsia had a balance sheet of about $6.9 billion at the end of 2025, representing an estimated 19 percent of Access Bank’s consolidated group assets at the time.
Fitch described the transaction as particularly significant because of AfrAsia’s relatively large balance sheet compared with other businesses acquired by the group.
“Access Bank Plc (B/Stable) has had the fastest cross-border growth in recent years,” Fitch said, pointing to the lender’s series of acquisitions across sub-Saharan Africa.
The rating agency said the strategy is designed to create a network capable of benefiting from trade and financial flows across the continent.
Foreign assets also gaining importance
The growing contribution from international operations is not limited to earnings.
Foreign subsidiaries accounted for 51 percent of Access Bank’s total assets at the end of 2025, compared with 23 percent in 2021.
The increase reflects the rapid expansion of the group’s overseas operations and the impact of acquisitions on its consolidated balance sheet.
The depreciation of the Nigerian naira has also played a role in increasing the relative contribution of foreign operations when their earnings and assets are converted into naira for group reporting.
The trend means Access Holdings is becoming increasingly diversified geographically, with a larger portion of its financial performance coming from outside Nigeria.
Access Bank UK strengthens earnings contribution
Access Bank’s United Kingdom operation has been a major contributor to the group’s international earnings.
In the first quarter of 2026, Access Bank UK overtook the Nigerian operation as the group’s largest individual earnings contributor for the first time.
Its profit after tax increased by 73.5 percent year-on-year to N83.8 billion, compared with N48.3 billion during the corresponding period of the previous year.
Operating income also almost doubled to N175.5 billion, while profit from the Nigerian operation fell to N52 billion from N79.9 billion. (Businessday NG)
The performance demonstrates how the group’s overseas operations are increasingly influencing its overall financial results.
Naira depreciation boosts foreign contribution
Fitch said the sharp depreciation of the naira between 2023 and 2024 contributed to the increased relative importance of foreign subsidiaries within Nigerian banking groups.
When foreign earnings and assets are converted into naira, changes in the exchange rate can significantly affect their reported contribution to consolidated financial statements.
The trend has therefore benefited the reported weight of foreign operations, alongside the underlying growth generated by international subsidiaries and acquisitions.
Access is not the only Nigerian bank experiencing this shift.
UBA’s foreign subsidiaries, for example, accounted for 77 percent of its net income in 2025, although Fitch noted that the figure was partly inflated by weaker domestic performance. Foreign operations also represented 52 percent of UBA’s total assets at the end of the year. (Nairametrics)
European banks create room for African lenders
Fitch also pointed to the reduced presence of European banks in some African markets as an opportunity for African banking groups to expand.
The rating agency said European lenders reducing their exposure to the continent has created opportunities for African banks, particularly in Francophone West Africa.
“European banks reducing their exposure to Africa has provided expansion opportunities for African banking groups, particularly in francophone West Africa,” Fitch said.
African lenders with sufficient capital can use acquisitions to enter markets, increase their customer base and strengthen their regional networks.
Nigeria’s recent banking recapitalisation programme could further support this expansion by giving larger domestic banks a stronger capital base from which to pursue international opportunities.
Different strategies across Africa
The growing contribution of foreign operations is not occurring at the same pace across all African banking groups.
Fitch identified Moroccan banks as an exception, with foreign subsidiaries contributing a smaller share of earnings in recent years.
The agency attributed this partly to limited acquisition activity and stronger domestic growth among Moroccan banking groups.
This contrasts with the strategies of Nigerian and South African lenders, which have increasingly pursued acquisitions and expanded their presence across multiple African markets.
For Access Holdings, the continued expansion means its international network is becoming a central part of the group’s financial structure.
With foreign subsidiaries already responsible for 48 percent of group net income in 2025 and more than half of total assets, the performance of these businesses will remain increasingly important to the group’s overall results.
