Building legacies: Herbert Wigwe’s impact on African banking

BY ABIMBOLA RICHARD

Herbert Wigwe was more than a banker—he was a visionary, who reshaped Africa’s financial landscape. As a major driving force behind Access Bank’s transformation into a global powerhouse, he revolutionised corporate banking, championed financial inclusion, and set new standards for excellence. Under his leadership, Access Holdings became a model of resilience, innovation, and expansion, solidifying its place as one of Africa’s most formidable financial institutions.

One year after his passing, his legacy remains deeply woven into the fabric of the banking sector. His contributions extended beyond financial growth—he redefined what it meant to build a sustainable, customer-centric, and globally competitive African bank.

From Humble Beginnings to a Banking Giant

When Herbert Wigwe and his longtime business partner, Aigboje Aig-Imoukhuede, acquired Access Bank in 2002, it was a struggling institution with limited market presence. Many doubted their ability to turn it around, but they saw an opportunity where others saw failure. Their goal was audacious: to transform Access Bank into a top-tier financial institution in Africa.

Through strategic planning, relentless execution, and a commitment to excellence, the duo embarked on an ambitious growth trajectory. In just over a decade, they took Access Bank from being the 65th-largest bank in Nigeria to one of the top five. This remarkable turnaround set the stage for an era of unprecedented expansion, with Wigwe at the helm.

Expansion Across Africa and Beyond

One of Wigwe’s defining achievements was his ability to expand Access Bank’s footprint beyond Nigeria. Under his leadership, the bank successfully entered multiple African markets, acquiring key banking assets across the continent.

Notable acquisitions by the bank included:

• Intercontinental Bank (2012): This landmark merger positioned Access Bank as a top-tier bank in Nigeria, significantly increasing its market share and customer base.
• Diamond Bank (2018):This bold acquisition propelled Access Bank into the retail banking space, creating Nigeria’s largest bank by customer base.
• Expansion into Southern and East Africa: Under Wigwe’s leadership, Access Bank expanded into countries like South Africa, Kenya, Mozambique, and Zambia, reinforcing its Pan-African presence.

These moves were not just about growth, they were strategic steps toward financial inclusion, ensuring millions of Africans had access to banking services.

Pioneering Financial Inclusion and Digital Banking

Herbert Wigwe recognised that for Africa to thrive, financial services needed to be accessible to the underserved. He championed financial inclusion initiatives that bridged the gap between traditional banking and technology-driven solutions.

• Introduction of Agency Banking: Wigwe led Access Bank’s push into agency banking, bringing financial services to rural and underserved communities through partnerships with local entrepreneurs.
• Advancement in Digital Banking: He invested heavily in technology, ensuring Access Bank stayed ahead of digital transformation. From mobile banking apps to AI-powered customer service, the bank became a leader in fintech solutions.
• SME Development Programmes: Understanding the crucial role of small businesses in Africa’s economy, Wigwe launched initiatives that provided funding, mentorship, and training for SMEs.

These innovations empowered millions, reinforcing Access Bank’s reputation as a bank that cared about people, not just profits.

CACOVID: A Lifeline During the Pandemic

One of Wigwe’s most profound contributions to Nigeria’s socio-economic landscape was his leadership in the Coalition Against COVID-19 (CACOVID)—a private-sector initiative established to combat the devastating impact of the pandemic.

As one of CACOVID’s driving forces, Wigwe mobilized Access Bank’s resources to support healthcare infrastructure, provide relief materials, and offer financial assistance to businesses and individuals affected by the pandemic. The coalition donated billions of naira to equip hospitals, provide personal protective equipment (PPE), and support vaccination campaigns.

Beyond financial assistance, CACOVID, under Wigwe’s leadership, also worked to reduce food insecurity by distributing palliatives to millions of Nigerians across all 36 states. His contributions exemplified his belief that banks should play an active role in nation-building, not just profit-making.

Revitalising Nigeria’s National Arts Theatre

Wigwe’s vision extended beyond finance into cultural preservation and national development. One of his most ambitious projects was the revitalisation of the National Arts Theatre in Lagos, an iconic cultural landmark that had suffered decades of neglect.

As part of a public-private partnership, Access Bank led a group of Nigerian banks in financing the multi-billion-naira restoration project, transforming the historic structure into a world-class creative hub for music, film, fashion, and technology.

This initiative was deeply personal for Wigwe. He believed that Nigeria’s creative economy had the potential to rival global industries if given the right infrastructure and support. His commitment to the project underscored his broader mission: empowering Nigeria’s youth and fostering sustainable economic growth beyond traditional banking.

Navigating Challenges and Ensuring Stability

Banking in Africa comes with unique challenges: economic downturns, regulatory hurdles, and currency fluctuations. Yet, under Wigwe’s leadership, Access Bank thrived amid adversity.

• Resilience During the COVID-19 Pandemic: While many financial institutions struggled, Access Bank remained stable, supporting businesses and individuals through tailored relief programs.
• Strengthening Risk Management: Wigwe prioritised robust risk management frameworks, ensuring Access Bank maintained financial stability even in turbulent times.

Wigwe’s ability to anticipate challenges and develop proactive solutions cemented Access Bank’s position as a leader in African banking.

A Visionary Leader Gone Too Soon

Herbert Wigwe’s untimely passing in February 2024 left a void in the financial sector. However, his legacy continues to inspire all and sundry. His boldness, strategic thinking, and relentless drive changed the course of African banking forever.

With the first anniversary, it is essential that Access Holdings and the broader financial community find meaningful ways to honor his contributions.

A Legacy That Lives On

Herbert Wigwe was not just a banker; he was a builder of institutions, a pioneer of transformation, and a mentor to many. His work at Access Holdings was never just about profits, it was about impact, empowerment, and lasting change.

• His leadership turned Access Bank into an African banking giant.
• His passion for financial inclusion brought banking to millions.
• His commitment to sustainability ensured a better future for the next generation.
• His dedication to national development revitalised institutions like the National Arts Theatre.
• His humanitarian spirit helped millions during the COVID-19 pandemic through CACOVID.

Though he is no longer here, his blueprint for African banking remains. His story serves as a reminder that true success is not about the size of the bank account, but the depth of the impact one leaves behind.

Herbert Wigwe built more than a bank—he built a legacy. And that legacy will stand the test of time.

Richard lives in Abuja.