Access Bank Tanzania completes acquisition of Standard Chartered’s retail division

DAR ES SALAAM :  Access Bank Tanzania has announced the successful completion of its acquisition of the Consumer, Private, and Business Banking division of Standard Chartered Bank Tanzania, following receipt of all regulatory approvals.

The transaction marks a significant step in Access Bank Tanzania’s strategic growth, positioning it as a full-service commercial bank committed to delivering inclusive, secure, and digitally-driven financial services to individuals, entrepreneurs, and businesses across the country.

Speaking in Dar es Salaam yesterday, Access Bank Tanzania Managing Director, Mr Imani John, said the acquisition is not just about expanding the bank’s footprint but also about strengthening its commitment to providing more Tanzanians with world-class, customer-focused banking solutions.

“By combining Standard Chartered’s legacy in private and business banking with Access Bank’s innovation-led approach and pan-African reach, we are creating a stronger platform for inclusive financial empowerment,” he said.

Through the acquisition, the bank has significantly broadened its reach and capacity to support the country’s financial inclusion agenda. The expanded services will cater to a wide range of clients, including the unbanked, high-net-worth individuals, SMEs, women, and the youth.

Clients of the bank will now benefit from a more robust portfolio of services, including savings and lending products, improved digital banking platforms, SME financing, trade finance, and investment services.

In addition, the bank has strengthened its private banking division to offer bespoke wealth management services, multicurrency investment options, and exclusive relationship management. Clients will also enjoy seamless cross-border banking facilitated by Access Bank Group’s presence in 24 global markets.

Access Bank Tanzania has reiterated its commitment to empowering small and medium-sized enterprises through its PrimusPlus platform, offering secure and efficient internet banking, alongside working capital solutions, trade finance, advisory services, and financial literacy programmes.

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Further, the bank will continue to promote women’s economic participation through the W Initiative, which provides targeted loan programmes, business training, and market access support tailored for women entrepreneurs.

Mr John emphasised that a seamless transition remains a top priority, with dedicated relationship teams and enhanced customer support channels in place to ensure service continuity and satisfaction.

The bank is also intensifying its digital banking solutions through platforms such as the AccessMore mobile app, USSD banking, and expanded offerings under the PrimusPlus suite, aimed at simplifying banking and enhancing accessibility for all client segments.

“Tanzania’s economy is vibrant and full of potential, but many communities remain financially underserved. This integration allows us to better serve key client segments with solutions that are not only accessible but also empowering,” Mr John added.

He welcomed former Standard Chartered clients to the Access Bank family, expressing confidence in the positive impact the transition will have on the country’s financial sector.