Access Bank has solidified its ambition of expanding across Africa by acquiring key subsidiaries in Angola and Tanzania. The bank finalized the purchase of Finibanco Angola S.A., a deal announced in 2023, which received approvals from the Central Banks of Angola and Nigeria. This acquisition is expected to bolster Access Bank’s presence in Angola’s financial sector by leveraging advanced technology and governance practices .
Similarly, Access Bank completed its acquisition of BancABC Tanzania, marking its continued growth in the East African market. The Tanzanian operations will merge with the local operations of Standard Chartered Bank to create a stronger financial entity under Access Bank Tanzania. This merger is designed to enhance customer offerings, expand service reach, and promote intra-African trade .
These acquisitions align with Access Bank’s broader strategy to dominate the African banking landscape. The bank has invested heavily in its expansion, with a reported $300 million dedicated to acquiring financial institutions across Africa in recent years. These moves have been strategic in deepening financial inclusion and fostering innovation in target markets .
However, not all expansion efforts have succeeded. Earlier this year, Access Bank announced its withdrawal from a planned acquisition of Kenya’s Sidian Bank due to unmet conditions. Despite this setback, the bank remains committed to exploring opportunities in Kenya and the broader East African region, signaling its determination to solidify its footprint across the continent .
Access Bank’s Chief Executive Officer, Herbert Wigwe, emphasized the importance of these acquisitions in creating value for stakeholders and fostering financial sector growth. The bank also aims to leverage its expansive network and resources to deliver innovative solutions to consumers and businesses in these new markets .
With operations in at least 20 African countries and plans for further growth, Access Bank is positioning itself as a leading force in the continent’s financial sector. Its aggressive expansion strategy highlights its vision of becoming the most respected African bank, a goal it continues to pursue through both organic and inorganic growth opportunities .
