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.

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.

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.

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.