A Visa to the Future

Aig-Imoukhuede

Access Bank Plc recently shed light on its newly introduced Visa Credit Cards
By George Umunnakwe
For the management of Access Bank Plc, things are really looking up. To the shareholders and indeed investors, the robust results pushed out by the bank's management team led by Aigboje Aig-Imoukhuede and his deputy, Herbert Wigwe is perhaps second to none. They bank has continued in its giant strides by breaking new grounds and opening new frontiers. The latest being the introduction of “Access Visa Credit Cards.”
Named “Africa’s Bank of Best Practices,” Access Bank in its financial result for the period ending March 31, 2008 reinforced its impressive five-year unbroken tripple digit growth history across key performance indices. This resulted in the declaration of an impressive N10.5 billion as dividend pay-out. This impressive figure, the bank said, is, however, subject to approval at its Annual General Meeting.
By this performance, the Aig-Imoukhuede -led management has surpassed its revised forecast for the year. Equally worthy of note is the positive impact of the Bank’s successful public offer with shareholders fund now worth over N172 billion, representing a 508 per cent growth.
The result recently approved by the Central Bank of Nigeria (CBN), and released on the floor of the Nigeria Stock Exchange revealed that the Bank’s total assets and contingents continued on the upward trend as it grew by194 per cent from N408.7 billion in 2007 to N1.2 trillion. This outstanding growth in balance sheet, industry watchers says is based on the bank’s financial products.
In the same vein, the bank recorded an increase of 137 per cent in Profit Before Tax, rising from eight billion naira in 2007 to N19 billion, coupled with a commendable 107 per cent growth in gross earnings, from N28billion to N57.6 billion. Non-performing loans to total loans ratio decreased to three per cent from nine per cent. Cost to income ratio also declined from 65 per cent to 52 per cent, indicating the potency of Access Bank’s introduction and adoption of global best practices in risk management and cost optimisation strategies.
With this impressive result, the bank is not resting on its oars as its strategic goal of becoming one of the three top financial service groups in Nigeria and indeed Africa by 2012 is just a step ahead.
The rapidly emerging continental financial power house, recently introduced into the market, Access Visa Credit cards. “The card which is geared towards making payment and travelling easier has a dual currency payment and settlement scheme. That is, if you are in Nigeria, you can withdraw your money through the card in Naira. In America, you get paid in Dollars, in the United Kingdom, you get paid in Pounds Sterling. In fact any part of the world you are, you get paid in that country’s currency,” Aig-Imoukhuede said.
According to him, the first international credit card to be introduced in the country comes in three variants of Visa Classic, Visa Gold and Visa Platinum. “Holders of the card will enjoy a 40-day interest payment free, after which interest will be charged on the amount the holder of the card has so far spent,” the Access Bank CEO stated.
With Access Visa Credit card, holders will be able to manage their financial budget efficiently as their credit limit restricts them. Itemised statements for transactions effected via their credit cards are accorded to them immediately a purchase is made.
“You see, the good thing about this card is that apart from it having a cash and card replacement, it has a 24-month extended purchase warranty which is also available on supplementary cards for the loved ones of the card holder.
“With this you can monitor the spending of your child that is in school in any part of the world,” the Access Bank boss said.
He disclosed that it can be funded by cash payment, domiciliary account or by whatever means the card holder may want. “One does not really need to have an account with the Access Bank. Cash can be brought in to fund expenses made”, Imoukhuede explained.
Speaking further, he explained that on every withdrawal done locally, one dollar is charged, while two dollars is charged for any international transaction. “With this Visa Card, there is no racism in payment as is the case with other cards in the country,” the Access Bank boss added.