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Access Bank Acquires BancABC Tanzania

By Oluchukwu Ikemefuna

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Access Bank BancABC Tanzania Acquisition: Expansion is a major pointer of any successful business. Access Bank Plc has finally acquired African Banking Corporation Limited (BancABC) Tanzania.

This development aligns with its strategic expansion goals across Africa.

Access Bank BancABC Tanzania Acquisition

Access Bank noted that following the acquisition, BancABC Tanzania’s operations will be incorporated with the consumer, private, and banking divisions of Standard Chartered Bank, Tanzania.

Access Bank BancABC Tanzania acquisition

However, Access Bank is currently in the process of acquiring Standard Chartered Bank Tanzania

The merger of the acquisitions will result in the formation of a new entity, Access Bank Tanzania.

Roosevelt Ogbonna, the Managing Director of Access Bank Plc noted that the acquisition was crucial to the bank’s entry to the East African market. The move will create a path for intra-trade within the region. 

Also Read: Access Bank and MasterCard Collaborate to Enhance Cross-Border Payments

He said, “This strategic move represents a notable step towards setting a railroad in Tanzania for intra-African trade within the East African region, Africa, and the rest of the world.”

“It underscores our commitment to creating a robust East African banking network, driving positive change and innovation.”  

Access Bank BancABC Tanzania Acquisition Fosters Opportunities 

The transaction also brings new opportunities to the acquired companies’ employees and stakeholders. It also fosters Access Bank’s dedication to facilitating innovation in Tanzania. 

Managing Director of ABC (Tanzania) Limited, John Imani, said, “The completion of our transaction with Access Bank, not only underscores Access Bank’s strong confidence in our operations and the Tanzanian market but brings new and exciting opportunities for our customers, employees, and stakeholders.

Conclusion 

The acquisition aligns with Access Corporation’s vision of being one of the most prominent African banks on the continent. 

Therefore, the bank’s access to Tanzania brings it closer to a near-term plan of targeting different sectors of revenue opportunities. 

The opportunities cut across trade, payments, and specialized commerce for business and retail customers within the East African region.

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Abdullahi Kafayat
Abdullahi Kafayat

Abdullahi Kafayat is an enthusiastic writer interested in the tech world. She's a graduate of Obafemi Awolowo University and has a BSc in Chemistry. You can reach her at Kafayatabdullahi17@gmail.com.

Articles: 328

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