Ver Angola

Banking and Insurance

Nigeria's largest bank plans expansion to Angola

Access Bank, the largest Nigerian bank, plans to expand to eight African countries, including Angola, to take advantage of the new rules in force under the free trade agreement on the continent.

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According to the financial information agency Bloomberg, which cites a presentation of the bank, the bank of the largest African economy, the markets with most interest are Morocco, Algeria, Ivory Coast, Senegal, Angola, Namibia and Ethiopia.

The bank will establish offices in some countries and establish agreements with commercial banks from other countries, which will join the network in which the institution already operates in 12 African countries.

The free trade agreement in Africa, which came into force on January 1, is expected to increase domestic trade between African countries by lowering or eliminating cross-border tariffs, facilitating the movement of people and capital, promoting investment, and paving the way for the establishment of a continental customs union.

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