Bank Review: Access Bank Nigeria—Everything you need to know

Access Bank Nigeria, is one of the five largest banks in Nigeria. It employs over 28,000 people in its branches across the world

Bank Review: Access Bank Nigeria—Everything you need to know

Access Bank Nigeria, a subsidiary of Access Bank Plc, is one of the five largest banks in Nigeria.

Access Bank owes its growth and success to its five-year plan to “reposition the bank as one of Nigeria's leading financial institutions (March 2002 to March 2007).”

Access Bank employs over 28,000 thousand people in Nigeria, Sub-Saharan Africa, and the United Kingdom, with representative offices in China, Lebanon, India, and the UAE.

This article covers the products and services offered by Access Bank Nigeria

History of Access Bank

Access bank pivoted from a corporate bank to a full commercial bank in 2012.

It was incorporated as a private commercial bank and it gained its banking license from the Central Bank of Nigeria in 1989.

In March 2002, Access Bank’s board of directors appointed Aigboje Aig-Imoukhuede as the bank’s managing director/chief executive officer. They also appointed Herbert Wigwe as the bank’s deputy managing director.

The new management team largely succeeded in their mandate. In its first year, Access bank grew its balance sheet by 100% and posted an impressive N1 billion profit before tax.

The profit before tax was more than the cumulative profit made by the bank in the previous 12 years.

Access bank expanded and acquired other banks in and outside Nigeria.

It currently has a combined network of more than 600 branches and service outlets in Nigeria, Gambia, Sierra Leone, Zambia, Rwanda, and the Democratic Republic of Congo.

Access Bank acquired Intercontinental Bank Plc, a Nigerian Bank in 2012. The acquisition marked its pivot into retail as well as corporate banking.

Access Bank also acquired Diamond Bank in 2019 and gained Diamond Bank’s 19 million customers as well as 10 million customers.

In 2021, Access Bank became the first bank in Nigeria to cross the ₦10 trillion mark in total assets.

It also won the best mobile banking app award in 2021 from Finance Derivative Awards.

Mr Roosevelt Ogbonna FCA, CFA is the current managing director/chief executive director of Access Bank.

Access Bank’s products and services

Access Bank offers a wide range of bank accounts, loans, and other financial products to individuals, businesses, and corporations.

These products and services are:

Access Bank’s personal accounts

Access bank offers savings and current accounts to individuals. Some of Access Bank’s personal bank account products are:

Individual current account

An individual current account allows you to access your transaction account anytime.

Current account holders also enjoy overdrafts and other types of loans from the bank.

A minimum amount of 10,000 Naira ($23.81) is required to open the account.

Requirements

You need the following documents:

  • A filled out and signed account opening form
  • Two filled out and signed reference forms
  • A form of identification (national identity card, driver’s license, international passport or voter’s card)
  • Proof of residence (light bill, tenancy agreement, etc.)
  • Your BVN number
  • One passport photograph
  • Visitation report (if applicable)
  • AML risk assessment

Gold current account

The gold current account is an interest-earning account for individuals with a maximum monthly turnover of 5 million Naira ($11,907.10).

A minimum amount of 5000 Naira ($11.91) is required to open the account.

Requirements

You need the following documents:

  • A filled out and signed account opening form
  • Proof of residence (light bill, tenancy agreement, etc.)
  • Two references
  • A form of identification (national identity card, driver’s license, international passport, or voter’s card)

Diamond school advantage account

This is a current account for private schools in Nigeria. The account gives parents access to school fees loans and scholarship opportunities.

The account can be opened by any school that is recognised by the CAC and/or Ministry of Education.

A minimum amount of 10,000 Naira ($23.81) is required to open the account.

Requirements
  • A filled out and signed MSME account opening form
  • An executed school banking consent form
  • Two passport photographs each for the account’s signatories
  • A form of identification for each signatory (national identity card, driver’s license, international passport or voter’s card)
  • A Certificate Of Incorporation or other registration certificates from the Ministry of Education
  • Memorandum and Articles of Association (where applicable)

Private schools can begin the account opening process by filling out the account opening form and visiting an Access Bank Branch with the required documents.

Other types of personal current accounts are community current account, evergreen current account, and premium current account.

Instant savings account

This is an Access bank account that can be opened with only a passport photograph.

The account can be opened through Access Bank’s contact centre, physical branch, or online channels No amount is required to open the account.

There are two types of instant savings accounts: Instant 1 and Instant 2.

Instant 1 savings account

Account owners can deposit a maximum of 50,000 ($119.07) at once and they can not have more than 300,000 Naira ($714.43) in the account.

Requirements
  • A filled out and signed account opening form
  • One passport photograph
  • Your bank verification number (BVN)
  • AML risk assessment
Instant 2 savings account

Account owners can deposit a maximum of 50,000 ($238.14) at once and they can not have more than 300,000 Naira ($1,190.71) in the account.

Requirements
  • A filled out and signed account opening form
  • A valid means of identification (national identity card, driver’s license, international passport, voter’s card, student ID, association ID, etc. )
  • Valid proof of residence
  • Visitation report
  • Your bank verification number (BVN)
  • AML risk assessment

Solo account

This is an Access bank account for individuals between the ages of 16 and 30 years.

Solo account owners also enjoy access to exclusive loans, student loans, financial management tools, and other offers from Access Bank.

A minimum amount of 500 Naia ($1.19) is required to open the account.

Requirements
  • A filed out and signed account opening form
  • A valid means of identification (national identity card, driver’s license, international passport, voter’s card, student ID, or documents that indicate you are a student)
  • Your bank verification number (BVN)
  • AML risk assessment
  • One passport photograph
  • Residence permit (for foreigners)

Premier savings account

A premier savings account is for individuals that want to save towards a particular goal.

Account-holders can deposit cheques of up to 2 million Naira ($4,762.84). A minimum amount of 1000 Naira ($0.24) is required to open the account.

Requirements
  • A filled out and signed account opening form
  • One passport photograph
  • Your bank verification number (BVN)
  • Valid proof of residence
  • Visitation report (if applicable)
  • AML risk assessment
  • A valid means of identification (national identity card, driver’s license, international passport or voter’s card)
  • Valid Residence or work permit (for foreigners)

Other types of Access Bank savings accounts are community basic account, diamondxtra account, early savers account, evergreen savings account, and high-interest deposit account.

You can open an Access Bank account by visiting an Access Bank Nigeria branch near you with the required documents.

Access Bank’s personal loans

Access Bank offers different types of loan products and services to individuals. Some of the Access Bank’s personal loans are:

Personal loan

Individuals can borrow up to 50% of their annual salary for a maximum period of 36 months.

Requirements
  • A filled out and signed application form
  • A copy of your employment ID
  • A valid means of identification (national identity card, driver’s license, international passport or voter’s card)
  • Credit check
  • An offer letter and term sheet
  • You must have paid down at least 50% of your existing facility.
  • You must have not missed any repayment in the last six (6) months

You can apply for a personal loan by filling out the form here

PayDay loan

This is an uncollateralized loan for both salary and non-salary earners.

Payday loans have a maximum repayment period of 30 days and the maximum amount you can borrow depends on your loan eligibility.

How to apply for an Access Bank payday loan

You can apply for an Access Bank’s payday loan

  • By dialling *901*11*1#
  • Via the Access More bank app. Simply open the app and select Loans & Investments
  • Via Access WhatsApp banking (+2349090901901)
  • Via the QuickBucks app

Other types of personal loans are creative sector loans, lending against turnover, salary advance, small ticket personal loan, w-power loan, advance for school fees, device finance loan, maternal health service support (mhss), and vehicle finance.

Access Bank’s business solutions

These are a collection of Access Bank’s products and services businesses can use to manage their finances and payments. Some of Access Bank’s business solutions are

MPower Biz account

This is a bank account for businesses for medium and large businesses looking to manage their costs.

The bank charges no monthly fee to the account but there must be a minimum daily balance of N100,000 ($238.14) in the account.  

A maximum amount of N50,000 Naira ($119.07) is required to open the account.

Domiciliary account

This is an account for businesses to save and receive payments in foreign currency i.e. Pounds, Euros, Dollars, Yen, etc.

A minimum amount of  $100, £100 & €100 is required to open the account.

SME Gold current

This is a business account for businesses to minimize their costs. A minimum amount of N10,000 ($23.81) is required to open the account.

Access Bank does charge maintenance fees to the account but there must be a minimum daily balance of N20,000 ($47.63).

Corporate account

This account offers services to meet your daily business banking needs. A minimum amount of N50,000 Naira ($119.07) is required to open the account. Businesses can also access overdrafts depending on their eligibility.

Requirements
  • Documents that show the business address (e.g utility bill)
  • Two references
  • Two passport photographs
  • Valid ID of each signatory
  • Residence permit (for foreigners)
  • Filled and signed CO7 and CO2 forms
  • A certificate of incorporation/business registration
  • Memorandum and Article of Association
  • A board resolution that shows the business decision to open an account
  • Other documents requested from the bank

To open a business bank account, simply visit any Access Bank branch with the required documents.

Instant business loan

Depending on their eligibility, businesses can access loans of up to 10 million Naira ($23,814.20) from Access Bank.

To apply for an instant business loan, simply download the QuickBucks app or visit an Access Bank branch to speak with your business relationship manager.

You can also send a WhatsApp message to the Access Bank SME Care line at 0902 407 2068 or send an email to EBCare1@accessbankplc.com.

Business management solution

This is a partnership with Hostville Nigeria to manage your business processes at a discounted price.

With Access Bank’s business management solution, businesses can:

  • Manage the business inventory and sales
  • Create invoices and manage the business account system
  • Create a business domain
  • Manage an online store

Installment & Revolving Credit

This is a vehicle and asset finance loan for businesses to purchase the equipment they need for their business growth.

Businesses can borrow up to a maximum of N10 million Naira for 3 years.

Requirements
  • The businesses must have a minimum of 3 months banking relationship with Access Bank
  • The business must be registered with the Corporate Affairs Commission.
  • The business must be at least a year old
  • The customer’s debt service ratio must be less than 30%.
  • For revolving credit, customers must outline why they need the loan

Other Access Bank solutions are business advantage, fx products, CBN healthcare sector loan, emerging business solutions, SME zone,  business offerings, and FX self-service portal.

Corporate banking

Access Bank offers financial services to multinationals, foreign-owned, and large businesses. They offer products and services to companies in the following sectors:

You can learn more about Access Bank’s corporate banking products here.

Access Bank diaspora banking products

These are accounts for Nigerians living outside Nigeria. There are no monthly fees and it is available to only individuals.

Diaspora current account

The Access Bank diaspora current account is for individuals living outside Nigeria. A minimum amount of N10,000 Naira ($23.81) is required to open the account and it can be opened online

Diaspora savings account

This is a savings account for Nigerians living abroad. A minimum amount of N1,000 ($0.24) is required to open the account.

Domiciliary account

This is an Access Bank foreign currency account that can be funded with Pounds, Euro, Dollars, and Yen. A minimum amount of $100, £100 & Euro 100 is required to open the account.

How to open an Access Bank diaspora account

You need the following documents:

  • A filled out and signed account opening form and account indemnity form
  • One passport photograph
  • Joint accounts must also present a notarized copy of their marriage certificate
  • Your bank verification number (BVN)
  • AML risk assessment
  • FATCA form (for USA residents)
  • Proof of identity
  • Proof of residence
  • References

Proof of Identity

You can present a notarized or signed copy of any of the following documents

  • A valid Nigerian passport
  • A valid International/foreign passport with any other document that prove your Nationality (birth certificate, expired/valid Nigerian passport or driver’s license, etc.)

Proof of residential address

You can present a notarized or signed copy of any of the following documents

  • A filled banker's confirmation document
  • A copy of your utility bill that shows your residential address issued within the last three months
  • A bank or credit statement issued within the last three months

References (applicable for diaspora naira current and domiciliary accounts)

You must present two acceptable references using either of the following options:

Option A:

  • An independent reference letter obtained from current bankers (foreign) and
  • A signed reference form by an attestor of Nigerian origin who maintains a current account with a Nigerian Bank.

Option 2:

  • Two signed reference forms by attestors of Nigerian origin who maintain a current account with a Nigerian Bank.

Diaspora banking account opening documents should be submitted through the following means:

  • Scanned copies to be sent via email to sandip@accessbankplc.com and
  • Original copies to be sent to Diaspora Banking Team, 1665, Oyin Jolayemi Street, Access Bank plc Victoria Island, Lagos, Nigeria.

How to bank with Access Bank Nigeria

Access Bank has a wide range of online and offline channels for customers to use the bank’s products.

Mobile banking (*901# and the Access More app)

Access Bank’s mobile banking channels allows individuals to use Access Bank’s products and services with their mobile phone.

With Access Bank’s USSD code (*901#) and its Access More bank app, you can:

  • Manage your Access Bank account
  • Pay your bills
  • Open an access bank account
  • Buy airtime
  • Transfer money
  • Manage your bank cards

You can register for Access Bank’s mobile banking by dialling *901# on your mobile phone.

You can also register by downloading the Access More app from the Appstore and Playstore and following the prompts on the screen.

Internet banking

Access Bank customers can use the bank’s  online portal to:

  • Make local and international transfers
  • Pay bills
  • Buy airtime
  • Other bank services

How to register for Access Bank’s internet banking

  • Visit the Access Bank internet portal
  • Input your valid Access current or savings bank account number & submit. An email and SMS with an activation code will be sent to you
  • Input the activation code and click submit
  • Input your ID and password.
  • Accept the terms & conditions and submit.

Access Bank’s ATM and cards

Access Bank offers VISA, Verve, and Mastercard debit, credit, and prepaid cards to their customers.

These cards can be used to transfer money, pay for goods and services online, at POS centers, and at ATMs all over the world.

You need an Access Bank card to use the bank’s ATMs. At an Access ATM, you can:

  • Withdraw and deposit money
  • Pay bills
  • Transfer money
  • Check your account balance
  • Change your card pin
  • Open an Access Bank account

You can apply for an Access Bank card by visiting any Access Bank branch near you.

You can find an Access Bank ATM here.

Tamada

Tamada is Access Bank’s chatbot that customers can use to manage their Access bank account and speak with a customer care agent.

With the Tamada chatbot, you can:

  • Speak to an Access Bank customer care agent
  • Pay your bills
  • Transfer money
  • Buy airtime
  • Apply for loans and investments
  • Check your account balance

You can use Tamada through the Access More app or by visiting the Access Bank website.

Access WhatsApp banking

Access Bank’s customers can interact with the bank via Whatsapp (+2349090901901).

With Access Whatsapp banking, customers can transfer money, buy airtime, open an account, and check their account balance.

How to register for Access Whatsapp banking

  • Save Access Bank’s WhatsApp number in your contacts (+2349090901901)
  • Open WhatsApp and navigate to the number
  • Type “Hi”.
  • Select Register
  • Input your first and last name
  • Input your email address
  • Input your Access Bank Account Number

Money transfer services

People can send money from anywhere in the world to Nigeria through Access Bank’s money transfer agents and partners. They are:

How to receive money from abroad with Access Bank

You need to be at least 18 years old to receive money from outside Nigeria.

Simply visit any Access Bank branch with your BVN and any of the following means of identification:

  • Your Nigerian international/Foreign passport
  • Driver’s license
  • Permanent voters card
  • NIMC card

Frequently asked questions

How to open an Access Bank account with your mobile phone

You can open an Access Bank account by dialing *901*0# on your mobile phone and following the prompts on your screen.

How can I buy airtime from Access Bank

You can recharge all the major telecommunication lines (Glo, MTN, Airtel, and 9mobile) with your Access Bank account:

  • Via the Access More bank app. You can download the app from the Appstore and Playstore
  • Via Access Whatsapp banking +(2349090901901)
  • Dialling *901*Amount#

To recharge another person’s mobile number with *901#, dial *901*Amount*recipients phone number#.

How to transfer money from Access Bank to other accounts

You can transfer money from Access Bank to other accounts:

  • Via the Access More bank app. You can download the app from the Appstore and Playstore
  • Via Access Whatsapp banking +(2349090901901)
  • Dialling *901#

To transfer money to an Access Bank account with *901#, simply dial *901*AMOUNT*NUBAN Account Number# (e.g: *901*1000*1234512345#)

To transfer money to other banks with *901#, simply dial *901*AMOUNT*NUBAN Account Number# (e.g *901*1000*1234512345#).

What is Access Bank’s website

You can visit Access Bank’s website here.

You can also visit Access Bank’s Meta (Facebook), Twitter, and YouTube pages.

How can I check my Access Bank account number

You can check your Access Bank account number:

  • Via the Access More bank app. You can download the app from the Appstore and Playstore
  • Via Access Whatsapp banking +(2349090901901)
  • By dialling *901*4# and following the prompts on the screen

What is Access Bank’s head office address

14/15, Prince Alaba Abiodun, Oniru Road, Victoria Island, Lagos, Nigeria.

You can find an Access Bank branch or ATM here.

How can I check my Access Bank account balance

You can check your Access bank account balance:

  • Via the Access More bank app. You can download the app from the Appstore and Playstore
  • Via Access Whatsapp banking +(2349090901901)
  • By dialing *901*00#

What is Access Bank’s customer care number

You can call +234 1- 2712005-7, +234 1-2802500, or 07003000000 to speak with an Access Bank customer care agent.

You can also send an email to contactcenter@accessbankplc.com.

How can I check my BVN with Access Bank

Simply dial *565*0# with the phone number that is connected to your Access Bank account.

What is the USSD code for Access bank

*901#

How can I block my Access Bank account number

You must be registered for Access Bank’s USSD banking platform. To block your account, Dial

  • Dial *901*911#
  • Select Option 2 (Block Account)
  • Select 'Self' or ‘Third party’ for others
  • Enter the phone number linked to the account
  • Select the account you want to block
  • Enter your USSD PIN

What is Access Bank’s SWIFT code

ABNGNGLA

What is Access Bank’s IBAN code?

You can view Access Bank’s USD, GBP, and EURO IBAN code here

Conclusion

Although Access Bank Nigeria offers a wide range of products and services, its mobile and internet banking platforms can be unreliable.

After the merger with Diamond Bank, their online services experienced frequent downtimes. However, these downtimes seem to have reduced over time as service stabilised.

Sources

https://en.m.wikipedia.org/wiki/Access_Bank_plc

https://www.accessbankplc.com/