Access Bank has announced the acquisition of Standard Chartered Bank’s Consumer, Private, and Business Banking (CPBB) operations in Tanzania, reinforcing its aggressive push to expand across Africa.
The deal, which was confirmed on Monday via the bank’s Tanzania branch on Instagram, marks another strategic move as Access Bank continues its continent-wide acquisition spree, aiming to consolidate its position as Africa’s largest bank by assets.
“This strategic move significantly expands our capacity to offer inclusive, digitally-driven financial services across Tanzania, East Africa, and beyond,” the bank said in a public statement. “It allows us to solidify drive innovation, deepen financial inclusion, and unlock economic potential for the benefit of all Tanzanians.”
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The sale is part of Standard Chartered’s multi-country withdrawal strategy, which has seen it offload operations in Angola, Cameroon, The Gambia, Sierra Leone, Zimbabwe, and now Tanzania. The British bank is redirecting capital into wealth management and corporate banking in core markets.
Herman Kasekende, Chief Executive of Standard Chartered Tanzania, described the divestment as a “pivotal moment” for the bank, adding that “our priority throughout this process has been to ensure a seamless transition for our employees and clients.”
Access Bank’s Aggressive Footprint Across Africa
Access Bank has now acquired Standard Chartered’s retail operations in five African countries: Angola, Cameroon, The Gambia, Sierra Leone, and Tanzania. These transactions are part of a broader, aggressive expansion strategy under Access Holdings Plc, the bank’s parent company.
Below are some of Access Bank’s recent acquisition trail across the continent:
- Angola (2023): Acquired majority stake in Finibanco Angola, marking its first entry into Lusophone Africa.
- South Africa (2022): Launched Access Bank South Africa through the acquisition of Grobank.
- Botswana (2021): Acquired African Banking Corporation of Botswana Limited, enhancing its presence in Southern Africa.
- Kenya (2020): Purchased Transnational Bank, cementing entry into East Africa.
- Zambia (2019): Acquired Cavmont Bank, a move that expanded its footprint in the Southern African banking market.
With a presence now in over 18 African countries, Access Bank has grown its assets to become the largest bank in Africa by asset size, surpassing $30 billion. The bank says its cross-border expansion is motivated by the African Continental Free Trade Area (AfCFTA), which it views as a catalyst for regional banking integration.
CBN’s Regulatory Forbearance Clouds Cross-Border Deals
Access Bank’s announcement comes at a time when the Central Bank of Nigeria (CBN) has issued a circular barring banks under regulatory forbearance from investing in foreign subsidiaries. The directive also restricts dividend payments and executive bonuses, urging banks to retain capital and reinforce balance sheet strength amid domestic economic challenges.
The move primarily affects institutions with stressed credit portfolios or Single Obligor Limit (SOL) breaches.
Access Holdings Plc has responded swiftly. The group has stated it intends to exit regulatory forbearance by June 30, 2025, noting it has already exceeded the new N500 billion capital requirement for international banks introduced by the CBN.
This proactive posture suggests Access is keen to avoid regulatory backlash while continuing its cross-border growth strategy.
Market Reaction and Long-Term Strategy
Access Holdings’ share price rose by 0.5% in the 24 hours following the announcement, trading at N22.4, signaling cautious investor optimism. Market analysts say the Tanzania acquisition is unlikely to run afoul of CBN’s directive, as it was initiated before the regulatory update.
Analysts also note that Access Bank’s expansion is not just about scale, but strategic positioning. Access is building a pan-African payments and trade platform that could rival multinationals in the long run by acquiring banks across Anglophone, Francophone, and Lusophone Africa.
With a stated ambition to become “Africa’s Gateway to the World,” Access Bank is also increasingly focused on digitization. The bank has invested in mobile banking platforms, digital lending tools, and fintech partnerships to scale its retail offerings across the continent’s underbanked population.
A Shifting African Banking Landscape
The acquisition of Standard Chartered Tanzania underscores a wider shift in African banking, as legacy institutions retreat and homegrown giants like Access Bank rise. For Tanzania, the transaction signals a potential boost in digital financial inclusion, especially for small businesses and unbanked communities.
As Access Bank integrates the new assets, its challenge will lie in navigating differing regulatory environments, merging corporate cultures, and maintaining service standards across its ever-expanding footprint.
Nonetheless, if recent history is any indicator, the lender is unlikely to ease off the acquisition pedal. Its East African ambitions, backed by a fortified capital base and digital strategy, appear well aligned with its broader goal of becoming the dominant banking force across the continent.