Access Bank Zambia Solidifies Position with Acquisition of Atlas Mara
Access Bank Zambia has successfully acquired the Atlas Mara brand, propelling itself toward becoming one of the top five banks in the country by assets. The Nigerian-originated bank had previously acquired Cavmont Bank, and the recent acquisition of Atlas Mara further cements its commitment to the Zambian market.
Mr. Kelvin Chisanga, an economic analyst, highlighted Access Bank’s rapid growth plans and the significant impact of the recent acquisitions on the Zambian banking landscape. The fusion of Atlas Mara, comprising Finance Bank Zambia Limited and Banc ABC, positions Access Bank as a formidable player not only in Zambia but also in the Southern Africa region.
Mr. Chisanga noted that Cavmont Bank had introduced innovative digital solutions through its partnership with Spenn, an ICT enabler, facilitating integrated interoperability between banks and individuals. This move showcased the bank’s commitment to adapting to modern banking technologies and fostering mobile transaction transfers.
Access Bank’s entry into the Zambian market was spearheaded by its first Managing Director, Dr. David Chewe, formerly of Barclays Bank Zambia. The acquisition of Atlas Mara is expected to drive rapid growth in operational reach across the Southern African market.
Despite the challenges posed by ICT disruptions, the Zambian financial market is projected to experience growth. Mr Chisanga emphasized the positive outlook on financial indicators, such as return on assets, return on equity, and net interest margins, signaling a favorable investment climate.
However, the Zambian market faces stability concerns, with economic growth expected to progress at a relatively slow pace. The local currency, Kwacha, has experienced a decline due to reduced US Dollar supply and trade imbalances, exacerbated by a 20% reduction in copper outputs during the 2023 financial year.
As Access Bank continues to make strategic moves in Zambia, all eyes are on the evolving dynamics of the banking sector and the potential impact on the broader economy. The acquisition of Atlas Mara positions Access Bank as a key player in shaping the future of Zambia’s financial landscape.
