December 09, (THEWILL) — Standard Chartered Bank has completed the transfer of its Cameroun business to Access Bank Plc, solidifying the Nigerian lender’s position as one of the most rapidly expanding financial institutions on the African continent.
The move marks a major milestone in Standard Chartered’s multi-year strategy to streamline operations across Africa and the Middle East, while opening a new phase of growth for Access Bank in Central Africa.
The transaction, which received all required regulatory approvals from authorities in Cameroon and Nigeria, includes the handover of Standard Chartered’s retail, commercial, and corporate banking operations in the country.
With the transition now finalized, Access Bank assumes full control of the business and has reiterated its commitment to ensuring a seamless migration for customers, employees, and local partners.
Industry analysts say the deal reflects a broader trend in African banking: global lenders recalibrating their regional strategies while African-owned banks pursue aggressive expansion to capture growing markets. Access Bank already one of the continent’s largest by customer base, has been particularly active, acquiring or establishing operations across Southern, Eastern, and now Central Africa.
For Standard Chartered, the exit is part of a portfolio rebalancing programme announced in 2022. The bank has already divested from several smaller African markets as it refocuses capital and resources on markets where it anticipates stronger, long-term returns. Despite the divestiture, Standard Chartered has reaffirmed its continued commitment to key African economies where it maintains sizeable operations.
Access Bank, on the other hand, sees Cameroon as a strategic entry point into the Central African Economic and Monetary Community (CEMAC). The acquisition is expected to bolster its regional competitiveness, expand its corporate and retail offerings, and enhance cross-border trade banking services.
Both institutions emphasized continuity and customer protection during the integration period. Access Bank stated that former Standard Chartered clients in Cameroon will retain access to their accounts and services without disruption, while new digital and commercial offerings will be introduced gradually.
With this deal complete, the African banking landscape continues to evolve signalling rising confidence among regional players and a more prominent role for African institutions in shaping the continent’s financial future.
Ogochukwu Onwaeze
