On Monday, December 2, 2024, Access Bank, Nigeria’s largest bank by assets, made a significant move to boost its presence across Africa. The bank has acquired the operations of Standard Chartered in Angola and Sierra Leone, furthering its goal of driving economic integration on the continent.
This acquisition is part of Access Bank’s broader strategy to expand its reach across Africa and provide more accessible financial services. By bringing in Standard Chartered’s established branches in these two countries, Access Bank aims to meet the growing demand for banking in regions that still face challenges with financial access.
With operations already in over 20 countries, Access Bank is making bold moves to increase its presence across Africa, from Mauritius to Kenya, Angola, and beyond. The bank is not just growing its footprint, but also reshaping the African banking landscape, improving financial inclusion, and boosting regional trade.
Angola and Sierra Leone represent major opportunities for growth. Angola, one of Africa’s largest oil producers, is working to diversify its economy, opening doors for businesses and investors. With Access Bank’s entry into Angola, the bank aims to provide essential financial services to support the country’s economic transformation.
The purchase of Standard Chartered’s operations is part of Access Bank’s goal to operate in 26 countries by 2029. These new acquisitions join a series of strategic deals, including the purchase of AfrAsia Bank in Mauritius and National Bank in Kenya. These moves align with Access Bank’s mission to facilitate Africa’s economic integration through the African Continental Free Trade Area (AfCFTA).
In June 2024, Access Bank also acquired African Banking Corporation of Tanzania (ABCT), which it plans to merge with Standard Chartered’s Tanzanian operations to form Access Bank Tanzania. These expansions aim to streamline cross-border banking services and reduce trade barriers across the continent.
By acquiring these established networks, Access Bank is boosting financial inclusion, providing access to credit, and supporting local businesses, especially small and medium-sized enterprises (SMEs). The bank’s entry into Angola and Sierra Leone will help foster entrepreneurship, support agriculture, trade, and manufacturing, and stimulate local economies.
Through these strategic acquisitions, Access Bank is positioning itself as a key player in creating a more connected and innovative African banking system, improving access to banking for millions of people across the continent.
