Access Bank Tanzania Completes Acquisition of StanChart’s Retail Unit
TLDR
- Access Bank Tanzania has finalized its acquisition of Standard Chartered Bank Tanzania’s Consumer, Private, and Business Banking division
- The acquisition significantly enhances Access Bank Tanzania’s footprint, client base, and service offerings
- Customers will now benefit from a broader suite of products, including personal and SME lending, savings, wealth management, digital banking, and trade finance
Access Bank Tanzania has finalized its acquisition of Standard Chartered Bank Tanzania’s Consumer, Private, and Business Banking division, following regulatory approval. The deal marks a key milestone in Access Bank’s expansion strategy and reinforces its commitment to providing inclusive, digital-first financial services across the country.
The acquisition significantly enhances Access Bank Tanzania’s footprint, client base, and service offerings. Customers will now benefit from a broader suite of products, including personal and SME lending, savings, wealth management, digital banking, and trade finance. The bank also gains cross-border capabilities through Access Bank Group’s presence in 24 global markets.
Managing Director Imani John said the integration merges Standard Chartered’s strong legacy in business banking with Access Bank’s innovation and pan-African reach, creating a more inclusive platform to support Tanzania’s financial inclusion goals.
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Key Takeaways
The acquisition marks Access Bank Tanzania’s evolution into a full-service commercial bank, well-positioned to serve high-net-worth clients, SMEs, youth, women, and the unbanked. The move aligns with the bank’s regional strategy to become Africa’s most respected banking group by expanding through targeted acquisitions and digital innovation. The bank has reinforced its private banking division, adding bespoke wealth management, multicurrency investments, and dedicated relationship managers. Simultaneously, it is expanding digital offerings via its AccessMore app, USSD banking, and the PrimusPlus platform for SMEs, which includes trade finance, advisory, and working capital tools. Initiatives like the W Initiative—designed to boost women-led businesses through loans, training, and market access—will now have greater reach. Meanwhile, a dedicated transition team is supporting customer migration to ensure continuity and satisfaction. As Tanzania’s economy grows, Access Bank’s expanded platform could play a pivotal role in extending financial services to underserved populations, while creating value for a broader range of stakeholders across sectors.
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