Access Bank consolidates East African position with successful BancABC Tanzania acquisition

Business a.m.

L-R: Hassan Abdullahi, deputy managing director, Access Bank Tanzania; Henrietta Agyemang, team member, financial control, Access Bank Ghana; Imani John, country managing director, Access Bank Tanzania; Eloho Onoberhie, team member, subsidiaries, Access Bank Plc, and Olajumoke Oluwakemi Ajayi, chief operating officer, Access Bank Tanzania, at the event to mark Access Bank Tanzania’s ‘Operational Day 1’ in Dar-es-salaam on Wednesday, September 25, 2024.

Access Bank PLC says that it has fulfilled all legal and regulatory requirements to complete the acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania).

Access Bank Tanzania Limited will be the new name of the entity in Tanzania following the finalisation of the acquisition of BancABC Tanzania. This marks a significant step forward for Access Bank in consolidating its presence in the East African region.

The completion of the acquisition not only represents a milestone for Access Bank in its expansion strategy, but also builds on its recent acquisition of Standard Chartered Bank Tanzania’s consumer, private, and business banking operations, further strengthening its position in the Tanzanian market.

The newly formed Access Bank Tanzania is poised to leverage the combined strengths of Access Bank Plc and the newly acquired BancABC Tanzania to offer a diverse range of financial solutions aimed at driving economic growth in the country.

Commenting on this significant milestone, Seyi Kumapayi, executive director, African Subsidiaries, Access Bank Plc, stated:

“This milestone represents a crucial step in our East African growth strategy, reinforcing our commitment to Tanzania’s economic development. By integrating BancABC Tanzania into the Access Bank Group, we will enhance our ability to provide diverse and innovative financial solutions to meet the evolving needs of our customers. 

“Our goal is to facilitate greater inter- and intra-African trade, while empowering local communities, especially women and youth, through improved

access to banking services and financial opportunities.”

John Imani, managing director of Access Bank Tanzania, also shared his perspective, saying, “We are excited to officially become part of the Access Bank family. This marks a new era for our operations as we bring together the best of both institutions to create a stronger and more competitive bank that will serve the needs of our customers. Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania.”

Following the development, customers of the newly formed Access Bank Tanzania will benefit from banking with an institution that boasts a world-class payments gateway, backed by a dynamic network of local and international partnerships.

In addition to its  local presence, Access Bank’s international expansion and increased involvement in key African trading corridors has enabled it to become a vital bridge between cross-border and domestic transfers across all business segments. This enhanced connectivity allows Access Bank to facilitate efficient cross-border payments and remittances, providing its customers with a seamless and reliable experience regardless of their location.

Access Bank stated that it is not just focused on driving economic growth and development in Tanzania, but also committed to creating a positive and lasting impact on the communities and environment it serves. 

With its proven track record of making a difference in the countries it operates, Access Bank Tanzania is expected to carry forward this tradition, ensuring that its growth and expansion is sustainable and supportive of environmental preservation and community development.

The bank’s efforts in Tanzania, according to Access Bank, are designed to contribute to the country’s economic progress while simultaneously promoting social and environmental responsibility, creating a better and brighter future for the East African nation.