Access Bank PLC Acquires BancABC Tanzania, Expands East African Operations

Access Bank PLC has announced the successful acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania), aligning with its strategic expansion goals. This milestone follows the Bank’s initial announcement in July 2023 and marks another significant step towards becoming the world’s most respected African bank.

With this acquisition, BancABC operations will merge with the consumer, private, and business banking operations of Standard Chartered Bank Tanzania, creating a new entity known as Access Bank Tanzania. This consolidation aims to strengthen Access Bank’s presence in the East African region, enhancing financial inclusion, diversifying product offerings, and improving customer experience.

Roosevelt Ogbonna, Access Bank’s Managing Director/CEO, commented, “This strategic move is a notable step towards establishing a stronghold in Tanzania for intra-African trade within East Africa and beyond. It underscores our commitment to creating a robust East African banking network, driving positive change and innovation. We are excited about the opportunities this acquisition presents for our operations in Tanzania and are eager to leverage our combined strengths to deliver exceptional financial solutions to our customers.”

John Imani, Managing Director of African Banking Corporation (Tanzania) Limited, added, “The completion of our transaction with Access Bank not only highlights Access Bank’s confidence in our operations and the Tanzanian market but also brings new opportunities for our customers, employees, and stakeholders. The new entity is poised to enhance our service offerings, leveraging Access Bank’s extensive resources and expertise to deliver even greater value to our clients. We look forward to an exciting and prosperous future as part of the Access Bank family, driving economic growth and financial inclusion across Tanzania.”

Access Bank’s presence in over 22 countries provides a robust platform to boost intra and inter-Africa trade and payments. The bank remains committed to enhancing customer satisfaction and fostering the aspirations of its customers through a comprehensive suite of offerings.