Access Microfinance Bank Tanzania Limited (AMBT) has officially transitioned to Selcom Microfinance Bank, following a change in majority ownership. Selcom Paytech Limited, a prominent Tanzanian fintech company, along with other individual investors, have acquired the majority stake from the outgoing shareholders, Access Microfinance Holding AG, IFC, KfW, and MicroVest.

This landmark transaction, effective December 29, 2023, marks a significant shift in the Tanzanian financial landscape. While the African Development Bank retains its 5.06% stake in the bank, the new ownership structure promises to infuse fresh capital and innovative digital solutions into AMBT’s operations.

A Legacy of Financial Inclusion

Access Microfinance Bank has played a crucial role in Tanzania’s financial sector for over 15 years, providing essential financial services to small businesses and underserved communities. With a client base exceeding 50,000, AMBT has disbursed over 260,000 loans totaling more than €630 million, contributing significantly to economic growth and financial inclusion in the country.

“We are immensely proud of our achievements at AMBT,” said Thomas Engelhardt, CEO of AccessHolding. “We have fostered financial inclusion, empowered women entrepreneurs, and supported youth-led businesses. As we pass the baton to the new investors, we are confident that they will continue this mission and propel the bank to new heights.”

Selcom Paytech: A Digital Powerhouse

Selcom Paytech, known for its expertise in digital financial solutions, is expected to play a pivotal role in AMBT’s future. The company’s robust technology platform and innovative product offerings will enhance AMBT’s ability to reach a wider customer base and provide a more comprehensive suite of financial services.

Julius Ruwaichi, CEO of AMBT, expressed optimism about the bank’s future, stating, “This ownership change is a catalyst for growth. We are confident that it will enable us to deliver an even more exceptional banking experience, leveraging the latest digital tools, seamless transactions, and personalized services tailored to the modern era.”

AMBT has assured its customers and partners that the transition will not impact their accounts, transactions, or existing contracts. The bank remains committed to providing uninterrupted, high-quality services and maintaining its strong relationships with all stakeholders.

This acquisition is expected to have a positive impact on Tanzania’s financial sector, fostering greater competition, innovation, and financial inclusion. As Selcom Microfinance Bank embarks on this new journey in Tanzania, it aims to build on the legacy of Access Microfinance Bank and contribute to the economic development and financial empowerment of Tanzanians.