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Access Bank named ‘Safest Bank’ in Nigeria

Access Bank GMD, Herbert Wigwe
The new Access Bank logo

By Itohan Abara-Laserian

Lagos, Dec. 18, 2020

Access Bank Plc has been named the ‘Safest Bank’ in Nigeria for 2020 by Global Finance for its continued efforts in ensuring the protection of customers’ funds and data.

Mr Herbert Wigwe, Access Bank Chief Executive Officer, announced this in a statement made available to the News Agency of Nigeria (NAN) on Friday in Lagos.

Global Finance’s annual ranking of the World’s Safest Banks has been the recognised and trusted standard of financial counterparty safety for more than a quarter-century.

The Safest Banks by Country were selected through an evaluation of long-term foreign currency ratings– from Moody’s, Standard & Poor’s and Fitch – and the total assets of the 1000 largest banks worldwide.

Wigwe said that the recognition came on the basis of the bank’s ability to ensure protection of customers’ funds and data.

Wigwe said that: “Throughout 2020, financial institutions all over the world have been faced with peculiarities in safeguarding the finances and data of customers.

“Through this, Access Bank has remained steadfast in its commitment to ensuring that the finances of customers are protected and the data confidentiality of all stakeholders is maintained.

“This recognition serves as an encouragement for us to build on our successes and invest even more in digitally-led measures that will position us as the World’s Most Respected African bank.

“As part of its efforts to safeguard the investments and savings of customers, Access Bank introduced a self-service USSD that enables customers to deactivate their accounts using any alternative phone number should the registered phone be lost or stolen.

“This gives account holders full autonomy to safeguard their funds before official reports are directed to the bank,” he said.

On his part, Mr Joseph Giarraputo, publisher and Editorial Director of Global Finance, said that there was a steep drop in economic activities owing to COVID-19 pandemic.

“For most of 2020, the world has been lashed by the COVID-19 pandemic, a steep drop in economic activity and, in some cases, serious social unrest. Any of these developments could have significantly impacted bankscredit worthiness.

“Surprisingly, however, the relative position of the world’s largest banks on Global Finance World’s Safest Banks 2020 lists has been mostly stable. One can only speculate when, or if, the changes will come.

“In the meantime, the rankings will be used by companies, investors and individuals to gauge the relative safety of the banks with which they choose to do business,” he said.

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