Access Bank acquires Standard Chartered Tanzania operations… all you should know
Access Bank acquires Standard Chartered Tanzania operations… all you should know
Access Bank has officially acquired Standard Chartered’s consumer, private, and business banking operations in Tanzania, marking a major milestone in the Nigerian lender’s strategic expansion across East Africa. The transaction, which has now been finalized following regulatory approval in Tanzania on June 23, 2025, aligns with Access Bank’s broader ambition to establish a strong foothold across the African continent, especially in underserved markets.
The deal, initially announced in 2022 as part of Standard Chartered’s plan to streamline its operations and exit select markets, is part of a phased divestment strategy. Standard Chartered is focusing more on corporate, commercial, and institutional banking, and has been actively selling its retail banking units in several countries, including Botswana, Angola, Zimbabwe, and now Tanzania. By transferring these portfolios to Access Bank, both institutions aim to ensure continuity for customers and employees while refining their respective market focuses.
With this acquisition, Access Bank has merged the newly acquired business with BancABC Tanzania, which it acquired in 2024, to form an enlarged, stronger franchise now operating as Access Bank Tanzania. This positions the bank to offer a wider range of digitally-led banking solutions across Tanzania, including retail, SME, private, and corporate services. The bank has pledged to maintain a seamless transition for customers, promising enhanced service delivery and improved access to digital banking infrastructure.
Herman Kasekende, CEO of Standard Chartered Tanzania, confirmed the bank’s continued presence in the country, but with an exclusive focus on corporate and investment banking. He emphasized that all necessary measures had been taken to ensure that the migration process does not disrupt service to existing customers. Access Bank, in turn, noted that the transaction complements its commitment to deepening financial inclusion and promoting cross-border banking across the continent.
Industry analysts have described the acquisition as a strategic leap for Access Bank in East Africa. It not only bolsters the bank’s regional influence but also enhances its capabilities in international trade, treasury operations, and payments infrastructure. The integration of Standard Chartered’s portfolio will allow Access Bank to scale its operations significantly and leverage its strong brand to attract new customers.
The acquisition also comes at a time when the Central Bank of Nigeria (CBN) has placed restrictions on foreign acquisitions by Nigerian banks due to foreign exchange concerns. However, the Access-StanChart deal was allowed to proceed as it had been initiated and approved before the new rules took effect, highlighting the importance and timeliness of the transaction.
Access Bank’s East African expansion is part of a larger pan-African strategy that has seen it extend its footprint into countries like Kenya, South Africa, Rwanda, Mozambique, and the United Kingdom. With the successful entry into Tanzania, Access Bank reiterates its goal of becoming Africa’s gateway to the world, offering innovative financial services to a broad spectrum of customers across borders.