In 2023, trade between the EU and Africa reached €278 billion – 30% of Africa’s total trade. Maltese businesses have been particularly active in sectors like logistics, healthcare, renewable energy, and maritime services. “This growing interest highlights Malta’s strategic importance in facilitating trade, making it an attractive location for financial institutions who want to bridge the gap between the two continents. This will be Access Bank Malta’s new role in Malta,” says CEO & Managing Director RENALD THEUMA.
“More specifically, the decision by The Access Bank UK Limited to establish a presence in Malta reflects a broader strategy aimed at strengthening its European foothold post-Brexit,” explains Mr Theuma.
“The choice of Malta for a new subsidiary was due to Malta’s strong financial services sector, its robust legal and regulatory framework, its business friendly environment, and its unique position as a bridge between Europe and Africa. The island’s long-standing trade ties with Africa, its English-speaking workforce and regulatory alignment with EU standards, made it an ideal location to facilitate trade finance services across the trade corridors of the two continents.”
Access Bank Malta is positioning itself as a key enabler of trade finance within the Access Bank Group with the goal of establishing the bank as the European trade finance hub for the group, offering a range of tailored services to support businesses engaged in cross-border trade.
As Renald Theuma explains, “in our role, we will seek to facilitate smoother and more secure transactions between European and African businesses through trade finance solutions, such as letters of credit, streamlining cross-border trade and ensuring businesses have access to the required financial tools.”
Mr Theuma points out that trade between Europe and Africa is not without its challenges and that political instability, infrastructure gaps, regulatory hurdles, and cultural differences have long posed obstacles to effective trade between the two regions.
“Our approach to overcoming these challenges involves leveraging universally accepted trade finance instruments, enhancing regulatory alignment through regional agreements, and investing in logistics infrastructure.”
“I believe that by embedding our core values and applying our market expertise in Africa, Access Bank Malta will be well-positioned to address these challenges and support businesses dealing with the complexities of international trade,” he added.
The African continent, with its vast economic potential, has the opportunity to become a major player in global trade and economic growth. According to the 2024 Economic Development in Africa Report, bold policy reforms and strategic investments are necessary to strengthen the continent’s resilience.
The African Continental Free Trade Area (AfCFTA) is a key initiative aimed at unlocking Africa’s trade potential, and Access Bank Malta is committed to supporting this vision by facilitating trade finance solutions that enable European African trade flows.
“Our mission will be to unlock this potential by providing trade finance support and help businesses seize the opportunities that Africa presents,” adds Mr Theuma.
Malta’s business community has increasingly engaged with Africa, particularly in sectors like logistics, healthcare, renewable energy, and maritime services. These sectors are seen as key to Africa’s sustainable development, and Malta is becoming an important partner in these endeavours.
Within this context, Access Bank Malta’s long-term strategy aims to become an integral player in the Group’s European operations and over the next five years, the bank anticipates a steady increase in customers and volume of trade finance transactions.
“We see ourselves as an enabler of trade and a key partner in bridging the gap between European and African businesses. This supports our goal to establish a reputation for reliability and efficiency and our broader vision to become the world’s most respected African bank,” added Mr Theuma.
Access Bank Malta’s services will focus on trade finance, particularly letters of credit, which help businesses manage the complexities of cross-border transactions. The bank’s approach is relationship-based and applies a moderate risk appetite, ensuring personalised service and strategic collaboration with clients.
Its European footprint, strong governance framework, and established reputation as a fully owned subsidiary of The Access Bank UK will differentiate it from other competitors in the region.
And while acknowledging the crucial regulatory compliance for financial institutions operating in Europe, Mr Theuma reiterated the bank’s commitment to meeting the evolving regulatory demands in both the EU and the markets it serves.
“We maintain a robust compliance framework to ensure adherence to Maltese and EU regulations whilst having the market insight to operate with non-EU jurisdictionsr. Likewise, corporate governance and risk management are equally top priorities for Access Bank Malta and the bank has put in place a stringent governance framework, with clear accountability structures and independent oversight.”
“A dedicated board and an experienced risk and compliance management team will oversee all operations, ensuring that the bank adheres to the highest standards of regulatory compliance, credit risk management, and anti-money laundering measures.”
“I am confident that with our robust governance structure, together with the support of The Access Bank UK’s expertise and the broader Access Bank Group’s market knowledge, the bank can manage its exposures while maintaining operational transparency and regulatory integrity.”
“It’s an exciting time. We are bringing the best of European stability and African market expertise together to offer a unique set of services to our clients,” concluded Mr Theuma.
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