FinTech

Access Bank Acquires Kenyan Bank to Boost Financial Inclusion in Africa

Wigwe
Herbert Wigwe, the Group Managing Director and CEO of Access Bank is also the chairman of UP

Access Bank Plc said it has secured final approval from all relevant authorities in Kenya to proceed with the acquisition of majority stakes in Kenyan-based Transnational Bank (TNB).

The bank said, Friday, in a regulatory filing that the approval followed a ‘no objection’ granted it by the Central Bank of Nigeria (CBN) in October last year.

According to the bank, the acquisition is in line with its strategic objective of becoming Africa’s gateway to the world and ties into its strategy to establish footprints in key Kenyan markets.

“The acquisition will further complement the bank’s franchise in Rwanda, Congo DRC and Zambia,” the bank said in a statement signed by its company secretary, Sunday Ekwochi.

Herbert Wigwe, Group Managing Director, Access Bank, speaking on the acquisition, said: “The acquisition aligns with our objective to become Africa’s gateway to the world and we are excited about the potential that reside in the East African market.

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We will leverage our presence in key payment corridors, strong partnerships in non-presence countries, robust technology platforms as well as world-class risk management to provide cutting edge financial solutions to our clients. “We will build on TNB’s existing expertise in agricultural financing and deploy our resources to optimise other business segments.