Access Bank’s $1.2bn Expansion Faces Investor Questions as OPay’s Growth Accelerates

Access Holdings’ African and international expansion is drawing investor scrutiny as its large asset base and cross-border acquisitions have yet to produce a valuation comparable with fast-growing fintech rival OPay. The group says it has invested about $1.2 billion in African and international subsidiaries as it builds a platform for trade finance, payments and corporate banking across multiple markets. Access remains Nigeria’s largest bank by assets, with operations in 15 African countries as well as the UK, France and the UAE. However, investors are weighing the capital demands, credit risks and foreign-exchange exposure of this expansion against returns to shareholders. The group’s 2025 profit after tax rose to ₦743 billion, but impairment charges increased sharply and total comprehensive income declined amid foreign-currency translation and debt-security losses. OPay’s reported 2025 figures highlight the appeal of digital retail finance. The fintech recorded strong growth in revenue, transaction value, lending and active users, while moving from a loss in 2024 to profitability. Its expected public listing valuation has intensified debate about whether established banks are extracting enough value from their customer bases and digital-payment opportunities. The key question for Access is whether it can turn its scale, banking licence, deposits and regional network into stronger returns. Investors will be watching for better capital allocation, clearer financial reporting and evidence that the group can defend its retail franchise against digital-first competitors such as OPay and Moniepoint.

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