The name Access Bank is one that has been coming up often in recent times; be it about the bank’s immense growth or, specifically in Tanzania, the news that it is acquiring BancABC Tanzania and Standard Chartered Bank’s Consumer, Private and Business Banking operations in the country. What is less known about Access Bank is where the bank comes from and that it has been in East Africa since 2009.
The story of Access Bank dates back to the early 2000s when two young men in their thirties embarked on a journey to transform the African financial services sector by changing the narrative of the continent. Their ambition was clear – to create a globally connected community and ecosystem, inspired by Africa, for the world. Many did not believe in the possibility of what Aigboje Aig-Imoukhuede, and the now late Herbert Wigwe wanted to achieve but they set their sights and focused on the end game – to uplift the African continent through what they termed sustainable banking.
Starting with Nigeria where Access Bank was the 65th largest bank in 2003, to its current position as the largest bank in Nigeria, the duo leveraged on their strong corporate banking foundation to achieve exponential growth through a consistent achievement of five-year strategic plans that have been aimed at creating the World’s most respected African Bank.
Today, Access Bank is Africa’s largest bank by customer numbers and services over 60 million customers through operations across 21 markets including 14 in Africa, a presence in the UAE, UK and France as well as rep offices in China, Hong Kong, India and Lebanon.
This solid banking base is the anchor vertical of the larger group – the Access Corporation – a holding company that creates a globally connected community and ecosystem, inspired by Africa, providing new interconnected services across customer needs. The Access Corporation builds on the scale and ethical standards of Access Bank with portfolio companies ranging from banking to insurance brokerage, lending and payments services, insurance and pensions and ambitions to broaden this service offering. At this point in time, these verticals are available in Nigeria, with plans to extend the pensions business across its Access Bank’s African footprint by 2027.
A presence in Tanzania to bolster financial inclusion in East Africa
What is clear is that the journey of Access Bank is one of resilience. Despite the hurdles encountered, the Bank continues to expand its territories and revenues. With the much-anticipated conclusion of the BancABC and the Standard Chartered Bank acquisitions in Tanzania, it is evident that the Bank’s resolve is to strengthen its presence in the country and ultimately expand its to unbanked communities to deliver a new era of banking. This foray into Tanzania is in line with Access Bank’s global expansion strategy and will enable the Group to solidify and enhance its presence across the East African region, adding on to the existing operations in Kenya, Rwanda and the DRC and the impending acquisitions of a majority stake in Uganda’s Finance Trust Bank Limited, and 100 percent shareholding in National Bank of Kenya Limited will further strengthen the bank’s presence in the region.
By bringing on the Tanzania business, Access Bank will further entrench its access to the SADC banking opportunity. With a particular focus on Corporates, SMEs, women and youths, once the acquisitions are complete, Access Bank will continue to provide a full range of banking services and continuity for its stakeholders including employees and customers in Tanzania. Leveraging on the strengths of the Access UK Private Bank brand, the private banking segment in Tanzania will ensure the wealth portfolio needs of High-Net-worth Individuals (HNI) and Ultra High Net worth Individuals (UHNI), both locally and abroad are met by providing them with bespoke services.
Looking ahead, the bank will continue to invest in technological advancements which will enable the migration of the majority of its customers to digital platforms across touchpoints. The bank will also continue to grow its subsidiary network – with plans to have a footprint across 26 African countries as well as the USA, Europe and Asia by the end of 2027. Access Bank is well on its journey to building a strong global franchise focused on serving as a gateway for payments, investment and trade in Tanzania, the continent at large and the rest of the world.
