Access Bank has partnered with NOVARE Real Estate Africa to launch a digital-first ecosystem across major malls in sub-Saharan Africa, embedding financial services directly into the retail experience.
Through the NOVARE mobile app, customers can make payments, apply for microloans, purchase insurance, and access loyalty programs, whether shopping online or in-store. The platform aims to reach up to 13 million individuals and support thousands of small and medium-sized enterprises (SMEs) with modern payment tools and access to capital.
The Access Bank-NOVARE model aims to close service gaps for underserved consumers and businesses by combining retail infrastructure with embedded finance. SMEs operating within NOVARE Malls will gain access to modern payment tools and direct credit offerings, which can help them grow sustainably and respond to evolving consumer behaviors. The ecosystem provides local merchants with new financial rails to operate more efficiently, while giving customers access to microloans and insurance services previously out of reach under traditional banking models.
NOVARE’s Presence in Sub-Saharan Africa
NOVARE Real Estate Africa is a key commercial property player with a growing footprint across Nigeria, Zambia, and Mozambique. Its portfolio includes some of the most recognized retail properties in the region, such as:
- Novare Lekki Mall in Lagos (22,000 m², opened 2016)
- Novare Gateway Mall in Abuja (15,000 m², opened 2017)
- Novare Central Mall in Abuja (7,178 m²)
- Novare Apo Mall in Abuja (8,000 m²)
- Novare Great North Mall in Lusaka, Zambia
These malls are anchored by major tenants such as Shoprite and include a mix of retail, dining, entertainment, and financial services. Many also incorporate sustainability features. For example, Novare Great North Mall in Lusaka is certified for green building practices and reduces utility costs by over 40% through energy-efficient design.
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The NOVARE app serves as the digital gateway for the partnership. It allows users to:
- Apply for microloans with flexible terms
- Make contactless payments
- Purchase insurance products suited for individuals and small businesses
- Engage in loyalty programs tied to mall-based purchases
Through the app, Access Bank will extend financial services to populations historically excluded from formal banking channels. The platform is also expected to accelerate digital adoption among both consumers and merchants across urban centers.
The Access Bank-NOVARE initiative mirrors a growing trend in retail and finance worldwide. In China, apps like WeChat Pay and Alipay integrate payments, lending, and insurance into all-in-one platforms that serve hundreds of millions of users. MYbank, part of Ant Group, delivers microloans to SMEs and processes millions of daily transactions.
In India, Paytm offers a blend of payments, loans, and rewards to merchants and rural users, reaching more than 400 million customers. In the U.S., Shopify Capital embeds finance into its e-commerce platform, offering loans to online sellers. In Africa, M-Pesa by Safaricom has built a combined platform for mobile money, credit, and insurance, serving over 50 million users.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.