Grace Ashiru
Access Bank is driving a groundbreaking economic initiative through its strategic acquisitions across Africa. These recent developments underscore the bank’s dedication to promoting financial inclusion, boosting cross-border trade, and fostering a more unified African economy.
With a presence in over 20 countries, Access Bank’s expansion—from Mauritius to Kenya and Angola—carries significant implications for economic connectivity and improved access to financial services. These efforts are not just about increasing the bank’s reach; they are actively transforming the African banking sector to better cater to underbanked communities and support regional trade.
Angola and Sierra Leone, in particular, offer promising opportunities for financial growth. As one of Africa’s leading oil producers, Angola is working to diversify its economy, paving the way for new prospects for businesses and investors. Access Bank’s entry into Angola is set to play a crucial role in facilitating financial transactions that underpin this diversification, providing essential credit and banking services to local businesses.
The integration of Standard Chartered’s operations forms part of Access Bank’s ambitious plan to expand its presence to 26 countries within the next five years. These acquisitions are accompanied by other significant deals, such as the purchase of AfrAsia Bank in Mauritius and National Bank in Kenya. Collectively, these strategic moves establish Access Bank as a key driver in advancing Africa’s economic transformation through the African Continental Free Trade Area (AfCFTA).
In June 2024, Access Bank finalised the acquisition of African Banking Corporation of Tanzania (ABCT) Limited, a subsidiary of Atlas Mara Limited. The bank intends to merge ABCT with the consumer, private, and business banking divisions of Standard Chartered Bank Tanzania, creating Access Bank Tanzania.
Through its acquisition of established networks in Angola and Sierra Leone, Access Bank aims to enhance cross-border banking services, minimise trade barriers, and encourage investment flows.
These acquisitions are expected to create significant ripple effects, promoting financial inclusion and enabling SMEs to gain access to credit and modern banking services. Improved financial connectivity in Angola and Sierra Leone is also anticipated to energise local economies by fostering entrepreneurship and bolstering key sectors such as agriculture, trade, and manufacturing.
Furthermore, Access Bank’s expansion into these markets aligns with its mission to establish a more unified African banking system. By harnessing its expertise and resources, the bank is well-positioned to drive financial innovation and improve access to essential banking services for millions of individuals.
