Access Bank Eyes Growth Through Acquisitions
Access Bank is pursuing a strategic expansion into Botswana, Uganda, and Zambia. The bank’s interest in acquiring Standard Chartered’s assets in these nations follows its recent successful acquisitions in Angola and Sierra Leone.
The MD Roosevelt Ogbonna confirmed this ambition, stating, “Yes, we are interested in Standard Chartered’s assets in Botswana, Uganda, and Zambia.” 
This move underlines the Access Bank acquisitions strategy to become one of Africa’s top five financial institutions. By extending its network in Southern and East Africa, the bank aims to strengthen its role in facilitating intra-African trade and supporting seamless global payments.
Expanding Footprint Across Africa
As part of its broader vision, Access Bank has recently completed several acquisitions. Earlier this year, the bank acquired African Banking Corporation Tanzania (BancABC Tanzania) under a three-year deferred payment plan.
This deal resulted in a N3.3 billion ($2 million) gain and led to the establishment of Access Bank Tanzania Limited.
Additionally, Access Bank finalized the purchase of Standard Chartered’s consumer, private, and business banking operations in Tanzania. The acquisition has bolstered its presence in East Africa, complementing its expansion into Namibia, where it secured a provisional license for commercial banking in October.
These moves exemplify Access Bank’s ambition to solidify its operations in key Southern African markets, including Angola, Mozambique, South Africa, and Zambia. By 2027, the bank plans to operate in 19 African markets outside Nigeria.
Standard Chartered Collaboration and Beyond
In July 2023, Access Bank entered agreements with Standard Chartered to acquire its subsidiaries in Angola, Cameroon, Gambia, and Sierra Leone, as well as its Consumer, Private, and Business Banking (CPBB) operations in Tanzania.
This followed Standard Chartered’s strategic decision to exit markets like Zimbabwe, Lebanon, and Jordan, and to divest its CPBB business in Côte d’Ivoire and Tanzania.
By November 2024, Access Bank had completed acquisitions in Angola and Sierra Leone. Efforts to finalize acquisitions in Cameroon, Gambia, and Tanzania are ongoing.
Now, the bank is setting its sights on Standard Chartered’s assets in Botswana, Uganda, and Zambia.
Strengthening Southern and East African Presence
The Access Bank acquisitions strategy continues to indicate its commitment to becoming a major player in Africa’s financial landscape.
With its sights firmly set on Botswana, Uganda, and Zambia, Access Bank is advancing its mission to create a comprehensive network that promotes seamless financial transactions across the continent.
Do you believe Access Bank’s expansions will drive stronger competition in Africa’s banking industry? Let’s know your thoughts.
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