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New Access Bank/Diamond Bank Review 2019: Merger and How to Get An Access Bank Loan – Mobile USSD codes


Access/Diamond merger is arguably the biggest acquisition in Nigeria’s financial sector in recent history. With the successful merger with Diamond bank, Access bank has become not just Nigeria, but Africa’s biggest commercial bank by customer base.

In this post, we’ll review the merger and bring you all the necessary information you need regarding Access bank loan and e-channels.


Please note, we have NOT been endorsed by Access bank or any of its affiliates and/or agents for any sort of promotion. This article is for research and informational purposes only.

Access Bank/ Diamond Bank Merger: Details and Benefits

Access bank is not new to mergers and acquisition. Between 2011 and 2012, the bank had completed the take-over of Intercontinental bank. Although suffering a debt crisis, the bank remained one of the biggest banks in the country before the merger. In fact, The Banker’s Magazine rated it the deal of the year.

However, the management of Access bank is widely blamed for the debt crisis of intercontinental bank within the finance circle. This is as most of the unperforming debts were traced to key stakeholders in Access bank, notably Mr. Aig-Imokhuede and Herbert Wigwe.unperforming debts were traced to key stakeholders in Access bank, notably Mr. Aig-Imokhuede and Herbert Wigwe. Also, aside the relatively shady dealings, over 1000 staff of intercontinental were reportedly laid off.

Meanwhile, the Merger of Access and Diamond banks officially came alive on April 1, 2019. In a corporate release, Access bank announced the suspension of trading of Diamond’s banks stocks and securities on March 20. According to the bank:

Having received the Final Approval of the Central Bank of Nigeria and the Securities & Exchange Commission to the proposed Merger between Access Bank Plc and Diamond Bank Plc – following the approval of shareholders that was obtained at the respective Court-Ordered Meetings held on March 5, 2019 – Diamond Bank Plc hereby confirms that shares of the Bank is placed on Full Suspension today, March 20, 2019.

The banks had announced the proposed merger in December 2018. However, they secured the necessary regulatory, legal and administrative approvals in March 2019.

Terms of the merger

In very simple terms, the terms of the merger transfers to Access bank all assets, liabilities and undertakings of Diamond bank. In consideration, Diamond bank which is valued at approximately 72.5 billion Naira (or 200 million US Dollars) will have it’s shareholders receive 3.13 Naira per share. Accordingly, they will receive N1 per share in cash, and an ordinary share of Access bank for every 3.5 shares of Diamond bank held.


Based on the statements of the CEOs, the merger is a win-win situation for all parties involved. While Access bank will take advantage of the robust retail structure of Diamond bank, the later will enjoy the former’s strong financial profile and capital base. Together with over 29 million customers, they earn a new status as Africa’s biggest bank. This comes with unrivalled access to financial goodies.

A Review of Access Bank

Access bank PLC is a full Nigerian commercial bank with headquarters in Lagos, Nigeria. It has its Head Office at Plot 999c, Danmole Street, Victoria Island, Lagos, Nigeria. The bank started operations in Nigeria on May 11, 1989 as a privately owned commercial bank. However, in line with it’s vision,  it has grown to become one of Africa’s biggest banks. It presently operates in nine other countries in Sub-Saharan Africa, The United Kingdom and The United Arab Emirates. It also hopes to extend its services to The United States and Hong Kong.

Access bank PLC was the fourth largest bank in Nigeria (based on The Banker Magazine’s 2018 1000 Global Banks). It is presently engaged in investment, corporate, commercial and retail banking. The bank presently boasts of a retail customer base in excess of nineteen million, making it the biggest bank in Nigeria. Meanwhile, its target is to increase this figure to 30 million before 2023.

Access Bank Loan Packages

A loan is an agreement for a temporary transfer of cash from the lender to the borrower who promises to return it according to agreed terms.

One of the major challenges businesses and even individuals face is finance. A lot of ideas die even before they are tried due to lack of funds. Most times, the only available option is an external financial assistance in advance, with a plan to repay in future. Indeed a bank loan may just be the saving grace.

Without doubt, Access bank with consistently strong revenues and profit is one of the best banks to run to for loans. Even if you do not like them for any reason, you just must appreciate their service culture. Access bank is arguably the most customer-friendly Nigerian bank. Don’t forget that with the merger

Advantages And Disadvantages of Getting A Loan

In whatever area of endeavour, I particularly hammer on one gaining enough knowledge before diving in. It is definitely a great idea to boost your capital base. However, basic accounting calls it a liability. So, here are the immediate pros and cons of getting a loan


The gains associated with getting a bank loan are many. Loans actually boost your liquid capital base. They make available funds to settle immediate needs, even before pay-day.


One of the most common challenges associated with loans is the burdening repayment conditions. By this, you may end up enslaving yourself as some loans carry very strict conditions.

Top 100 Small Businesses To Start Up IN NIGERIA 2019

Categories of Loans

Access bank offers loans in two broad categories, namely:

  • Personal Loan
  • Business Loan

Also, for the sake of this post, we’ll focus more on small loan packages.

This category focuses on the personal financial needs of customers. Note that Access bank lays preference on employees who have salary accounts with the bank. Some of the areas the bank covers include:

  • Access Device Financing: With this package, Access bank helps you get a brand new mobile device. The amount is recovered over time. You don’t need any collateral to access this loan.
  • Personal Loan: This is targeted at employers who would love to secure loans for their staff. With this package, you could get loan amount up to 75% of net annual salary for applicants with terminal benefit, and 50% for applicants without terminal benefit, repayable within 36 months.
  • Salary advance: With this service, you can Access up to 50% of your net monthly salary for up to 3 months.
  • Payday Loan: Get access to your salary in advance repayable in 31 days.  You do not need to visit any branch. You can simply access it by dialing *901*11# on your phone,  or visiting the website.
  • Advance for School Fees: This loan scheme is designed to provide parents/guardians with short–term financing to cover tuition fees for their children/wards. It is also ideal for financing of undergraduate study, postgraduate study and professional examinations. You could get up to 5 million naira.
  • QuickBucks: This is a Mobile Banking Application for digital loans. It is a holistic platform for all loan products aimed at improving your borrowing experience – for retail Loans, Credit Card, Debit Card, Consumer Durable Loans and Device Financing Loan requests.
  • Vehicle Finance: Salary earners, SMEs and Corporate bodies can access this facility to acquire new vehicles in a financially convenient manner.
  • Home loans: If you are a salary earner and business entrepreneur, and wish to own a house in Lagos, Abuja or Port Harcourt, then take advantage of this loan.
  • Maternal Health Service Support (MHSS): Access bank offers subsidized medical loaan facilities.
  • W Power Loan: This is specifically targeted at women. Check out more details on the official website.

Tips To Get A Loan

To avoid a waste of your time, I will summarize, and present this section in very short lines. However, for further explanation or consultation, please do well to drop your query in the comment section. Note that this section mainly addresses how to get a business loan, or funding support for your project. We do not guarantee that you will be given a loan, even after carrying out all these conditions. However, professionally we believe it will boost your chances.

  • Maintain an account with the bank. If the bank manages your funds, they will definitely know your “threshold”, as well as your financial reputation. If you’re a salary earner, get your salary account domiciled here. It’s the most important recommendation for me.
  • Have a clear workable business plan: This is even more important for start-ups. The truth is, no one invests in a line he is not even sure of its realization. While most entrepreneurs have that broad vision,  documenting the idea and processes as it relates to the business is not very common. It is necessary for you to go the extra mile to understand how your business works beyond making sales. Reach out to industry experts if you do not have sufficient knowledge,  and come-up with a compelling business plan.
  • Have a definite amount and purpose in mind: Unsurprisingly, this is one of the reasons most loan attempts fail woefully. The fact is, before seeking a loan, you are expected to know (to the most basic details) exactly what you want to acquire or how you hope to spend it, and how much you actually need. Also, do not apply for an amount lower than what you actually need, with the hope of augmenting later somehow.
  • Clearly draw out a credible repayment plan. The bank won’t part with their fortune until they are sure of your capacity and commitment to pay back.
  • Get your business registered: It’s common knowledge that many entrepreneurs in Nigeria begin their businesses as a “side-hustle” or hobby and as such, registering the business may not be a top priority if sales can continue without it. Unfortunately, without registration, your business is not recognized as a legal entity and cannot enter into a contract with any financial institution. If you have any plans to boost your business growth with a loan facility, getting registered is one of the first steps to take. Some entrepreneurs delay business registration to avoid tax duties. However, you should consider the sustainability of your business.
  • Open a corporate account and use it: If you need a business loan, then a corporate account is very important. Having a bank account not only serves as a means of financial identification and representation, but also provides a safe place for you to keep and track your money. Personal accounts mainly serve as a vault for savings. However,  if you are planning on starting and maintaining a business, go for a corporate account. It provides you with more benefits to assist in your venture. In fact, you will be taken more seriously when you operate a business bank account.
  • Organize your financial records: This is another area where most small business owners get it wrong. Some entrepreneurs assume their businesses aren’t big enough to maintain records. Equally, others regard the business funds as personal resources. However, it is important to distinguish these two, and maintain a financial record for your business no matter how small or unorganized.
  • Join a business community and build your network: A thriving business community is an essential catalyst to any business. Within a community, you can gain access to otherwise exclusive information, build a network, acquire new customers and collaborate for growth.
  • Engage Professional services Engaging the services of business experts to appraise your activities and offer professional consultancy services is also important to ensure that all aspects of your business are rightly sorted.
  • Be current and up-to-date: Reach out to your banker, your friends and browse the internet for opportunities often. You’ll definitely learn of the best available facilities at every point in time. You should not be afraid to ask questions and understand exactly what you will be getting into before accepting financial backing from any investor or Bank. Find out if you can negotiate the rates or the moratorium.
  • Start something with the little funds available. Your commitment to your dream could spur the bank to bank on you.
  • Maintain a good financial record. Loans to some extent are given on trust. A bad debtor is generally considered unworthy of a loan. He may also likely continue in his ‘usual’ ways.
  • Get close to your account officer. It is better for you if you have a personal relationship with your Account Officer. He will get to know your status, and recommend the best possible facility to fit your need.
  • Don’t outstretch your means. Ensure you go for not more than a reasonable percentage of your annual income.
  • Provide every necessary document.
  • Offer an appreciating collateral or a dependable guarantor.


I would like to end by advising that a bank loan should only be an option of last resort. Never hope to start a business with a bank loan. Rather, get a loan to support, or expand an already growing business. The ugly truth is, it just may crash before it even gets up.

For any sort of consultation or enquiries, please contact us here.

Also Read: Key Ways ICT Can Grow Your Business


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