Visionary Reports

Standard Chartered Bank has officially handed over its Cameroon operations to Access Bank, marking the completion of a divestment process that began in 2022 as part of the global banking group’s strategy to streamline operations and boost efficiency.The transfer, was announced in a communiqué dated Friday December 5th in Douala. It follows Standard Chartered’s decision three years ago to exit several markets across Africa and the Middle East, including Cameroon. The move, executives say, is intended to reduce operational complexity while sharpening focus on high-impact markets.According to Anna Asonganyi, Chief Executive Officer of Standard Chartered Cameroon, the transition is a significant milestone for the institution.“This transition represents a pivotal moment for Standard Chartered as we refocus our efforts on our core strengths,” she said. “Our priority throughout this process has been to ensure a seamless transition for our employees and clients, who are at the heart of everything we do. We are confident that under Access Bank, our clients and staff will continue to receive the high level of service and support they have been accustomed to.” she noted On his part, Kariuki Ngari, Managing Director and CEO of Standard Chartered Kenya & Africa, underscored that the divestment aligns with a continent-wide restructuring plan.“In 2022, Standard Chartered announced the strategic decision to sell our business in seven markets in Africa and the Middle East to deliver efficiencies, reduce complexity, drive scale and serve our clients where we can make the most impact,” he said. “Today’s transfer marks the official conclusion of that process in Cameroon. We thank regulators in Cameroon for their support and all employees for their contributions, and we wish them well in their future careers with Access Bank.”Ngari emphasised that despite withdrawing from onshore operations, Standard Chartered will continue to facilitate international capital flows into Cameroon.

The transition follows years of coordinated work between the two financial institutions to integrate operations, including branch networks, staff, and client accounts, into Access Bank Cameroon. The integration is expected to create new opportunities in digital innovation, customer experience, and expansion of financial services across the bank’s network.Industry analysts say the acquisition positions Access Bank to deepen its footprint in the sub-region, strengthening competition in Cameroon’s banking sector and widening service options for clients.

By Elizabeth BanyiTabi