Access Bank has officially signed a deal to invest in Finance Trust Bank (FTB) Uganda, acquiring an impressive 80% ownership. The agreement is pending regulatory approvals from the Central Bank of Nigeria and Bank of Uganda, with the completion expected in the first half of 2024.
FTB, a major financial institution in Uganda, operates 35 branches, serving over 500,000 savers and 42,000 borrowers, with 40% being women. Established in 1984 as Uganda Women's Finance Trust, it transformed over the years, becoming Finance Trust Bank in 2013.
Access Bank's move aligns with its strategic plan, emphasizing regional expansion within the East African Community trade region. The acquisition aims to foster growth, enhance financial inclusion, and provide innovative products and services to FTB's customers.
Roosevelt Ogbonna, Access Bank's Managing Director, highlighted the bank's commitment to community impact initiatives and women empowerment. The collaboration is expected to bring about technological advancements, offering FTB customers secure access to digital platforms provided by Access Bank.
Annet Nakawunde Mulindwa, FTB's Managing Director, expressed excitement about the partnership, anticipating growth and a broader array of services for their customers. The acquisition signifies Access Bank's dedication to sustainable growth and value creation for stakeholders, marking a significant step in reshaping East Africa's financial landscape
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