Access Bank plc has strengthened its regional footprint in East Africa following the successful acquisition of Standard Chartered Bank’s consumer, private, and business banking (CPBB) division in Tanzania — a major strategic move the bank says will deepen its commitment to digital innovation and financial inclusion across the region.
The acquisition, which was formally announced via access bank Tanzania’s official Instagram page on Monday, marks another milestone in the Nigerian banking group’s rapid pan-African expansion.
“This strategic move significantly expands our capacity to offer inclusive, digitally-driven financial services across Tanzania, East Africa, and beyond,” the Bank stated.
“It allows us to drive innovation, deepen financial inclusion, and unlock economic potential for the benefit of all Tanzanians.”
For standard chartered bank, the transaction forms part of a broader strategy to exit select African markets.
The global lender has already divested from subsidiaries in Angola, Cameroon, the Gambia, and Sierra Leone, citing a renewed focus on its core wealth management operations and the need to reallocate capital for higher returns.
Herman Kasekende, CEO of Standard Chartered Tanzania, described the deal as a “pivotal moment.”
“This transition represents a turning point as we realign around our strategic priorities. our key focus throughout has been ensuring a seamless and respectful transition for our clients and staff,” Kasekende said.
“We are confident access bank will uphold the high standards our customers expect.”
The timing of the acquisition has raised regulatory eyebrows in Nigeria, where the CBN recently issued a directive restricting banks under regulatory forbearance from foreign acquisitions and offshore investments.
The directive, sent to financial institutions earlier this month, instructed banks benefitting from temporary regulatory relief — such as waivers for single obligor limit (sol) breaches or significant loan defaults — to suspend dividend payments, defer executive bonuses, and halt all overseas expansions until they improve their financial health.
The Apex Bank said the move is part of a broader effort to strengthen capital buffers and mitigate systemic risks in the banking sector, especially given recent macroeconomic shocks.
In response to the directive, access holdings plc, the parent company of access bank, said it expects to exit the forbearance framework by June 30, 2025.
The group also confirmed that it has exceeded the new capital requirement of N500 billion set by the CBN, signaling its readiness to comply with stricter regulatory thresholds.
“Access holdings is clearly trying to send a signal of strength,” said Ifeanyi Ezeanya, a Lagos-based financial analyst.
“The Tanzania acquisition is part of a broader vision to cement its position as a pan-African powerhouse. but in the current regulatory environment, ambition must be balanced with compliance.”
Dr. Damilola Oladimeji, an economist at the Centre for financial policy studies, also weighed in: “this transaction demonstrates confidence in access bank’s operational strength. but it also tests regulatory limits.