Access Bank completes acquisition of BancABC Tanzania, now operating as Access Bank Tanzania Limited
What you need to know:
- This acquisition follows Access Bank’s earlier purchase of Standard Chartered Bank Tanzania’s consumer, private, and business banking operations, further strengthening its foothold in the Tanzanian market.
Dar es Salaam. Access Bank PLC has officially completed the acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania), having met all legal and regulatory requirements.
The acquisition marks a major milestone in Access Bank’s East African expansion strategy, with the entity now operating under the name Access Bank Tanzania Limited.
This acquisition follows Access Bank’s earlier purchase of Standard Chartered Bank Tanzania’s consumer, private, and business banking operations, further strengthening its foothold in the Tanzanian market.
By merging BancABC Tanzania’s operations into its structure, Access Bank aims to deliver a wide range of financial solutions designed to foster economic growth and financial inclusion in Tanzania.
In a statement issued to public on September 25, 2024 Executive Director of African Subsidiaries at Access Bank, Seyi Kumapayi, highlighted the significance of this deal in the bank’s growth strategy.
“This milestone reinforces our commitment to Tanzania’s economic development. By integrating BancABC Tanzania, we will enhance our ability to provide innovative financial services that meet the evolving needs of our customers while empowering local communities, especially women and youth,” the statement reads.
Managing Director of Access Bank Tanzania, John Imani, expressed optimism for the future, saying, “Joining the Access Bank family signals a new era for our operations. We are combining the best of both institutions to create a more competitive bank that prioritizes financial inclusion and excellent customer service.”
Customers of Access Bank Tanzania can look forward to enhanced banking services backed by a world-class payments gateway and a network of local and international partnerships.
The bank’s expansion across Africa also allows it to facilitate cross-border and domestic transfers, improving global payment and remittance services.
Access Bank emphasized its commitment to making a positive impact on communities and the environment, pledging to support sustainable growth in Tanzania through its financial and environmental initiatives.
With this acquisition, Access Bank Tanzania is set to play a key role in driving the nation’s financial progress while ensuring long-term, positive contributions to the community and environment.
