Access Bank PLC has successfully met all legal and regulatory requirements to complete its acquisition of African Banking Corporation (Tanzania) Limited (BancABC).
With this acquisition, Access Bank solidifies its presence in the East African region and builds on its recent acquisition of the consumer, private, and business banking operations of Standard Chartered Bank Tanzania.
In making this strategic move, Access Bank Tanzania is poised to leverage the strengths of its parent business, Access Bank Plc, to offer a comprehensive suite of financial solutions aimed at fostering economic growth in Tanzania
Seyi Kumapayi, Executive Director of African Subsidiaries at Access Bank Plc, emphasized that this acquisition is a pivotal step in the bank’s East African growth strategy.
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He stated, “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, the Managing Director of Access Bank Tanzania, expressed enthusiasm about this new chapter, saying, “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 our customers’ needs. Our shared commitment to delivering excellent service and driving financial inclusion will guide us as we integrate and grow in Tanzania.”
Customers of Access Bank Tanzania will benefit from advanced banking services, including a world-class payment gateway supported by a dynamic ecosystem of local and international partnerships.
Access Bank’s international expansion and enhanced presence in key trading corridors across Africa position it to efficiently manage cross-border and domestic transfers, as well as global payments and remittances.
