By Niyi Jacobs
Access Bank PLC has successfully acquired African Banking Corporation (Tanzania) Limited (BancABC Tanzania) and completed all necessary legal and regulatory requirements. The entity will now operate as Access Bank Tanzania Limited, solidifying Access Bank’s presence in the East African region.
This acquisition follows Access Bank’s recent purchase of Standard Chartered Bank Tanzania’s consumer, private, and business banking operations. The merged entity, Access Bank Tanzania, will offer a comprehensive suite of financial solutions to foster economic growth in Tanzania.
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.”
John Imani, Managing Director of Access Bank Tanzania, added, “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.”
The acquisition enables Access Bank Tanzania customers to benefit from banking with an institution possessing a world-class payments gateway and supported by a dynamic ecosystem of local and international partnerships. Access Bank’s international expansion and deepened presence in key trading corridors across Africa will also bridge the gap between cross-border and domestic transfers.
Access Bank is committed to making a positive impact on the communities it serves, ensuring that its growth supports economic progress, environmental preservation, and community development. Through these efforts, Access Bank Tanzania will contribute to creating a more sustainable future for the nation.
