Access Bank has announced a landmark agreement to acquire South Africa’s Bidvest Bank in a transaction valued at $159 million, marking another bold step in its aggressive expansion drive across Africa.
The Nigerian lender, which has rapidly grown into one of the continent’s biggest financial institutions by customer base, revealed that it has secured a 100% equity stake in Bidvest Bank Holdings Limited.
The deal, however, is still subject to regulatory approvals and is expected to be completed within the next three months.
Bidvest bows out of financial services
For South Africa’s Bidvest Group, the transaction signals the final phase of a long-running exit from the financial services space. Since 2024, the company has been restructuring its operations by selling off non-core assets.
Among its divestments are FinGlobal, Bidvest Asset Management, and Bidvest Life. Its insurance operations have also been merged into its automotive division, underscoring a sharper focus on logistics, automotive, and commercial services.
Bidvest confirmed that the bank had already been classified as “held-for-sale” in its financial statements, clearing the way for its handover to Access Bank.
Access Bank’s expansion strategy
The acquisition of Bidvest Bank fits neatly into Access Bank’s continental ambition. With over 60 million customers, more than 700 branches, and a presence in 23 countries, the bank has built a reputation for expansion through strategic takeovers.
Just months earlier, Access Bank completed the acquisition of Standard Chartered Bank’s operations in five African countries one of the most significant consolidation moves in recent African banking history.
By adding Bidvest Bank to its portfolio, Access is not only gaining entry into South Africa’s highly competitive financial market but also inheriting valuable businesses such as forex trading and fleet management.
Roosevelt Ogbonna, Access Bank’s Group Managing Director, has been at the forefront of this expansion, positioning the bank as a truly pan-African institution capable of competing with long-established players across the continent.
It is a mixed year for Bidvest
The sale also comes at a time when Bidvest Group is dealing with varied financial results. While some divisions, including branded products and international services, recorded growth, other areas like freight and commercial products saw significant declines.
Still, the company maintained strong cash generation and pursued new investments, including a North American hygiene company and a major port concession in Richards Bay.
This restructuring effort further justifies its decision to exit financial services entirely, freeing up capital for investments in its core businesses.
Implications for African banking
Industry analysts believe the deal could reshape banking competition across Africa. By securing a foothold in South Africa while consolidating in West Africa through the Standard Chartered acquisition, Access Bank is creating a strong north-south financial corridor on the continent.
The move also comes at a time when Nigerian banks are under pressure to meet the Central Bank of Nigeria’s new recapitalisation target of N500 billion by March 2026. Access Bank has already crossed this threshold, putting it in a strong position to finance acquisitions and expansion without regulatory constraints.
For customers, the deal could mean wider access to cross-border financial services, improved forex options, and greater competition in South Africa’s retail and commercial banking sector.
What you should know
Access Bank’s acquisition of Bidvest Bank is more than just a financial transaction—it is a strategic leap that strengthens its claim as Africa’s most ambitious lender. By combining scale, aggressive expansion, and a focus on underserved markets, the bank is steadily transforming from a Nigerian powerhouse into a pan-African giant with global reach.
If regulatory approvals go through as expected, the deal could mark the beginning of a new era in African banking, with Access Bank at the heart of it.