Access Bank completes acquisition of BancABC Tanzania, now operating as Access Bank Tanzania Limited

Access Bank completes acquisition of BancABC Tanzania, now operating as Access Bank Tanzania Limited

Dar es Salaam.  Access Bank PLC has officially completed the acquisition of African Banking Corporation (Tanzania) Limited (BancABC Tanzania), having met all legal and regulatory requirements.

The acquisition marks a major milestone in Access Bank’s East African expansion strategy, with the entity now operating under the name Access Bank Tanzania Limited.

This acquisition follows Access Bank’s earlier purchase of Standard Chartered Bank Tanzania’s consumer, private, and business banking operations, further strengthening its foothold in the Tanzanian market.

By merging BancABC Tanzania’s operations into its structure, Access Bank aims to deliver a wide range of financial solutions designed to foster economic growth and financial inclusion in Tanzania.

In a statement issued to public on September 25, 2024 Executive Director of African Subsidiaries at Access Bank, Seyi Kumapayi, highlighted the significance of this deal in the bank’s growth strategy.

“This milestone reinforces our commitment to Tanzania’s economic development. By integrating BancABC Tanzania, we will enhance our ability to provide innovative financial services that meet the evolving needs of our customers while empowering local communities, especially women and youth,” the statement reads.

Managing Director of Access Bank Tanzania, John Imani, expressed optimism for the future, saying, “Joining the Access Bank family signals a new era for our operations. We are combining the best of both institutions to create a more competitive bank that prioritizes financial inclusion and excellent customer service.”

Customers of Access Bank Tanzania can look forward to enhanced banking services backed by a world-class payments gateway and a network of local and international partnerships.

The bank’s expansion across Africa also allows it to facilitate cross-border and domestic transfers, improving global payment and remittance services.

Access Bank emphasized its commitment to making a positive impact on communities and the environment, pledging to support sustainable growth in Tanzania through its financial and environmental initiatives.

With this acquisition, Access Bank Tanzania is set to play a key role in driving the nation’s financial progress while ensuring long-term, positive contributions to the community and environment.

Original Media Source

Share this news

Facebook
Twitter
LinkedIn
WhatsApp

This Year's Most Read News Stories

European Union Bans Air Tanzania Over Safety Concerns
Tanzania Foreign Investment News
Chief Editor

European Union Bans Air Tanzania Over Safety Concerns

European Union Bans Air Tanzania Over Safety Concerns

Kampala — The European Commission added Air Tanzania to the EU Air Safety List, banning the airline from operating within European Union airspace. This decision follows the denial of Air Tanzania’s Third Country Operator (TCO) authorization by the European Union Aviation Safety Agency (EASA), citing significant safety deficiencies.

The EU Air Safety List includes airlines that fail to meet international safety standards. Commissioner Tzitzikostas emphasized the importance of passenger safety, stating: “The decision to include Air Tanzania in the EU Air Safety List underscores our unwavering commitment to ensuring the highest safety standards. We strongly urge Air Tanzania to take swift action to address these safety issues. The Commission has offered its assistance to Tanzanian authorities to enhance safety performance and achieve compliance with international aviation standards.”

Air Tanzania joins several African airlines banned from EU airspace, including carriers from Angola, the Democratic Republic of Congo, Sudan, and Kenya. Notable names include Congo Airways, Sudan Airways, and Kenyan carriers Silverstone Air Services and Skyward Express. The ban reflects the EU’s strict approach to aviation safety worldwide.

Source: allafrica.com

Continue Reading