Covid-19: Access Bank To Cut Staff Salaries


The drive for greater efficiency to withstand the effects of Coronavirus pandemic on businesses is behind the decision of the management of Access Bank Plc to take proactive steps to keep operating costs under control.

The Bank’s GMD/CEO, Dr. Herbert Wigwe on Thursday informed shareholders at the Annual General Meeting (AGM) that they are already addressing the issue high operating expenses and taking drastic measures to ensure that expenses are reduced significantly. This is to ensure that Access Bank remains strong and profitable when this is over.

The bank which has 5,870 permanent staff following the merger with the defunct Diamond Bank, would be no downsizing as it plans to keep to its promise.

“In these turbulent times, the Bank has decided again not to downsize because it values its people,” said the management in a statement on Friday

“The merger with Diamond Bank has produced a truly diversified institution with a remarkable retail presence and solid wholesale market share. The merger has propelled Access Bank towards achieving its five-year strategic objectives to create the largest bank in Nigeria by total assets as well as largest in Africa by customer base with over 40 million unique customers across the network.

“To remain accountable to the shareholders and keep the business running, it has become imperative to rationalize cost structure including salary and even service providers.

Speaking on how Access Bank is running its business in the COVID-19 period, Wigwe assured that Access Bank has put in place a robust business continuity process enough to sustain the Bank’s performance going forward.

“Access Bank was well prepared for the COVID-19 early enough and created ways of working from home and working with our customers. We set up links with our customers and devise ways of reaching out to them three or four times a day.  This happened even before we started working with the larger society and enabled us to start fighting this pandemic,” he said