Access Bank secures $500 million IFC deal to boost local currency financing in Africa
Access Holdings Plc chairman Mr Aigboje Aig-Imoukhuede (right) and IFC managing director Mr Makhtar Diop sign a $500 million agreement under which IFC, the private sector arm of the World Bank Group, will support Access Bank Group's efforts to deepen local currency capital markets and expand access to finance for businesses across Africa, including Tanzania. PHOTO | COURTESY
Dar es Salaam. Access Bank Plc, the parent company of Access Bank Tanzania, has signed a $500 million agreement with the International Finance Corporation (IFC) aimed at deepening local currency capital markets and expanding access to finance for businesses across Africa.
The partnership is expected to support markets where the bank operates, including Tanzania, by addressing one of the key challenges facing businesses: access to financing in local currency, the bank said in a statement in Dar es Salaam on Wednesday.
Many businesses in Tanzania rely on foreign currency loans, exposing them to exchange rate fluctuations that can affect profitability, disrupt planning and discourage investment.
The agreement seeks to expand local currency financing options, reducing such risks and improving access to affordable credit.
Access Bank Tanzania, which completed the acquisition of Standard Chartered Bank's consumer, private and business banking operations in 2025, is expected to leverage the partnership to strengthen its financing offerings.
The bank operates branches in Dar es Salaam, Mwanza, Arusha and Dodoma, supported by 936 Access Wakala agents and 98 BancEasy satellite outlets.
Access Bank Tanzania managing director Imani John said the agreement would help the bank meet growing demand for financing solutions that minimise exposure to currency risk.
"The IFC agreement is a Group milestone, but its impact will be felt here in Tanzania. Our customers, whether they are running a small business in Mwanza or managing a corporate operation in Dar es Salaam, need access to financing that does not expose them to currency risk," he said.
He said that the partnership would strengthen the bank's ability to provide such solutions, backed by the expertise and reach of the World Bank Group.
The lender said the agreement would also enhance its ability to support businesses seeking to expand, attract investment and access regional markets.
Through IFC's involvement, customers are expected to benefit from broader financing structures, market expertise and cross-border banking solutions.
The agreement comes as Access Bank Tanzania continues to expand its presence in the country. The bank was recognised at the Global Brand Frontier Awards 2025 for acquisition integration and market expansion.
According to the bank, the partnership with IFC strengthens its capacity to support businesses and contribute to economic growth through improved access to finance.
