Access Bank acquires BancABC in Tanzania

Access Bank PLC has successfully satisfied all legal and regulatory requirements to complete its acquisition of African Banking Corporation (Tanzania) Limited (“BancABC Tanzania” or “BancABC”).

With the acquisition now finalized, the entity in Tanzania will operate under the name Access Bank Tanzania Limited, further consolidating Access Bank’s presence in the East African region.

This milestone also builds on Access Bank’s recent acquisition of the consumer, private, and business banking operations of Standard Chartered Bank Tanzania.

The newly formed Access Bank Tanzania will leverage its inherent strength and that of its parent company, Access Bank Plc, to offer a comprehensive suite of financial solutions aimed at fostering economic growth in Tanzania.

Commenting on the development, Seyi Kumapayi, Executive Director, African Subsidiaries, of the bank, 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.

Our goal is to facilitate greater inter- and intra-African trade, while empowering local communities, especially women and youth, through improved access to banking services and financial opportunities.”

John Imani, Managing Director of Access Bank Tanzania, also shared his perspective, saying, “We are excited to officially become part of the 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.

“Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania.”

With the conclusion of the acquisition, Access Bank Tanzania customers will benefit from banking with an institution possessing a world-class class payments gateway and supported by a dynamic ecosystem of local and international partnerships.

Furthermore, Access Bank’s international expansion and its deepened presence in key trading corridors across Africa, enables it to bridge the gap between cross-border and domestic transfers across all business segments while servicing global payments and remittances efficiently.

The Bank brings its proven track record of positively impacting communities and the environment from across the countries in which it operates to the forefront of its Tanzanian operations.

Access Bank PLC:

Access Bank Plc is one of Nigeria’s leading financial institutions, providing innovative banking solutions to individuals, businesses, and corporations.

Established in 1989, Access Bank has grown from a modest beginning to become a pan-African bank with operations in 12 countries, including the UK, Ghana, Rwanda, and Zambia.

With over 40 million customers, the bank offers a wide range of services, including retail banking, corporate banking, investment banking, and digital banking.

It’s commitment to sustainability and social responsibility is evident in its initiatives, such as the Access Bank/UNICEF Charity Shield, which supports education and healthcare projects.

The bank has received numerous awards, including “Best Bank in Nigeria” and “Best Digital Bank in Africa.”

It’s strategic expansion, innovative products, and dedication to customer satisfaction have solidified its position as a leader in Nigeria’s banking industry, driving economic growth and financial inclusion across Africa.

BancABC:

BancABC is a pan-African bank with a strong presence in six countries, including Botswana, Zambia, Zimbabwe, Mozambique, Tanzania, and Kenya.

Founded in 1997 as a discount house in Botswana, the bank has expanded through strategic acquisitions and partnerships, listing on the Botswana Stock Exchange in 2000.

BancABC offers a range of financial services, including retail banking, corporate banking, investment banking, and digital banking.

With a focus on innovation and customer satisfaction, the bank has received numerous awards, such as “Best Bank in Botswana” and “Best Investment Bank in Africa.”

As a subsidiary of Atlas Mara, BancABC continues to drive financial inclusion and economic growth across Africa, providing tailored solutions to individuals, businesses, and corporations.

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