Access Bank Acquires Standard Chartered’s Branches in Angola and Sierra Leone Expansion Operation

Access Bank, Nigeria’s largest bank by assets, is making waves in the African banking sector with its recent acquisition of Standard Chartered Bank’s operations in Angola and Sierra Leone. These strategic moves are more than expansions—they’re a step towards fostering financial inclusion and regional economic integration across the continent.

By integrating Standard Chartered’s well-established networks, Access Bank aims to meet the increasing demand for financial services in these regions. This acquisition comes amid the bank’s ambitious plan to operate in 26 countries within the next five years, highlighting its goal to redefine banking accessibility across Africa.

Angola, renowned as one of Africa’s leading oil producers, has been focusing on diversifying its economy. Access Bank’s entry into this market provides much-needed financial solutions to support local businesses, especially as the country expands into industries beyond oil. In Sierra Leone, where banking services have historically lagged, Access Bank’s presence promises to revolutionise access to credit and banking tools, empowering entrepreneurs and small businesses.

The integration of Standard Chartered’s operations allows Access Bank to leverage existing frameworks, making cross-border banking more seamless and facilitating investment flows. These moves are pivotal in reducing trade barriers and enabling small and medium-sized enterprises (SMEs) to thrive, particularly under the African Continental Free Trade Area (AfCFTA) framework.

In June 2024, Access Bank completed its acquisition of African Banking Corporation of Tanzania, a move set to merge with Standard Chartered Tanzania’s consumer and business banking segments. These initiatives underscore Access Bank’s commitment to enhancing cross-border financial connectivity and supporting the underbanked populations across Africa.

Experts suggest that the bank’s focus on technology and innovation will play a crucial role in its mission. By leveraging advanced banking solutions and fostering entrepreneurship, Access Bank is creating opportunities for economic growth in underserved regions.