Nigeria’s Access Bank Plc, one of Africa’s largest financial institutions, has solidified its position as a pan-African banking powerhouse by completing the acquisition of Standard Chartered Bank’s Consumer, Private, and Business Banking (CPBB) operations in Tanzania.
Announced on June 20, 2025, this strategic move, alongside the earlier acquisition of African Banking Corporation Tanzania (BancABC), marks a significant step in Access Bank’s aggressive expansion across East Africa.
With regulatory approvals secured and a vision to become the “World’s Most Respected African Bank”, is Access Bank reshaping the region’s financial landscape?
Access Bank’s Strategic Push into East Africa
Access Bank, a subsidiary of Access Holdings Plc, has been on a mission to expand its footprint across Africa, operating in over 20 countries with more than 700 branches and 42 million customers as of 2024.
The acquisition of Standard Chartered’s retail banking operations in Tanzania, finalised in June 2025, follows the bank’s purchase of BancABC Tanzania in May 2024.
READ ALSO:Access Bank Completes Key Acquisitions in Angola and Sierra Leone
These deals are part of a broader strategy to create a robust East African banking network, leveraging Tanzania’s strategic position in regional commerce.
The Tanzanian acquisitions align with Access Bank’s goal to facilitate intra-African trade and serve as a gateway for payments, investment, and trade between Africa and global markets.
The bank plans to merge BancABC Tanzania with Standard Chartered’s CPBB operations to form Access Bank Tanzania, a new entity positioned to enhance service offerings and drive financial inclusion.
Details of the Standard Chartered Tanzania Acquisition
Standard Chartered’s decision to divest its wealth and retail banking operations in Tanzania is part of a global strategy launched in April 2022 to exit select markets and focus on corporate and investment banking.
The sale, announced in July 2023 and completed in June 2025, included Standard Chartered’s CPBB business in Tanzania and its subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone.
The transaction received regulatory approvals from the Bank of Tanzania and the Central Bank of Nigeria, ensuring compliance with local and regional banking regulations.
The acquisition complements Access Bank’s earlier purchase of BancABC Tanzania, completed on May 31, 2024, for N23.3 billion ($14.16 million), which resulted in a bargain purchase gain of N3.3 billion ($2 million) due to the fair value of net assets exceeding the purchase price.
The merged entity, Access Bank Tanzania, will combine BancABC’s local expertise with Standard Chartered’s retail banking infrastructure, creating a stronger player in Tanzania’s financial sector.
Why Tanzania? A Strategic Market for Access Bank
Tanzania’s banking sector is experiencing robust growth, with a 35% year-on-year increase in net income in Q3 2024, driven by mobile money transactions (up 26.73% to 6.41 billion) and virtual card registrations (up 60.37% to 820,832 cards).
The country’s strategic location in East Africa, along with its role in the African Continental Free Trade Area (AfCFTA), makes it a prime target for Access Bank’s expansion.
READ ALSO:Why Nigeria’s Banking Regulator Has Frozen Access Bank’s Acquisition of NBK
Access Bank’s Broader East African Ambitions
The Tanzania acquisitions are part of Access Bank’s aggressive East African strategy, which includes:
- Kenya: Acquisition of National Bank of Kenya (NBK) from KCB Group in May 2025 for approximately KSh 12.95 billion ($100 million), strengthening its presence in Kenya’s competitive banking market.
- Uganda: Acquisition of an 80% stake in Finance Trust Bank in January 2024, focusing on lending to women-led businesses.
- Zambia: Acquisition of African Banking Corporation Zambia in January 2024, aiming to create one of Zambia’s top five lenders by 2027.
These moves reflect Access Bank’s ambition to dominate East Africa’s banking sector, challenging regional giants like Kenya’s Equity Bank, KCB Group, and NCBA.
Nigerian competitor United Bank for Africa (UBA) is also expanding in the region, but Access Bank’s scale, over $30 billion in assets, positions it as a strong player.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, and digital finance at Africa Digest News.
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