Dar es Salaam, Tanzania – Access Microfinance Bank Tanzania Limited (AMBT) announced a significant development in its ownership structure, marking a new chapter in the Bank’s journey. The transaction, set to take effect on 29th December 2023, involves the transfer of the majority stake from outgoing shareholders Access Microfinance Holding AG, IFC, KfW, and MicroVest, to incoming shareholders, Selcom Paytech Limited and other individuals. The African Development Bank will continue to hold a 5.06% stake in AMBT, demonstrating its unwavering commitment to the Bank’s development in the financial sector of Tanzania.

Access Microfinance Bank Tanzania Limited is a leading financial institution dedicated to providing responsible financial products and services to small businesses and underserved populations in developing countries. The Bank is committed to driving economic growth, financial inclusion, and gender equality in the regions it serves. AMBT is looking forward to a smooth ownership change and to being able to serve its customers even better in the future. Incoming Selcom Paytech Limited is well known in Tanzania for its expertise in digital financial solutions, which will be pivotal for the Bank as AMBT seeks to enhance accessibility to its services and expand its range of products and solutions.

Statement of AMBT: “We express our deep appreciation for the invaluable contributions made by the outgoing shareholders over the past 15 years, which have been instrumental in shaping the Bank’s success. At the same time, we are excited about the development opportunities and prospects that this ownership change brings to Access Microfinance Bank Tanzania Limited. This change is the catalyst for growth, and we believe that it positions us to deliver an even more exceptional banking experience with wider range of financial solutions, latest digital tools, seamless transactions, and personalized services designed for the modern era. The transition will not impact accounts, transactions, or contracts with the Bank. We remain committed to providing excellent quality services to our clients and partners, which is at the core of our mission and brand.” said the CEO of the Bank, Julius Ruwaichi.

Statement of Thomas Engelhardt, CEO of AccessHolding: “We established AMBT in 2007 and take great pride in our accomplishments. These include serving over 50,000 active clients, with 34% being female and 24% being young clients. We have disbursed over 260,000 loans totaling more than 630 million EUR, significantly contributing to the growth of the financial sector and the economy. Our heartfelt gratitude goes to our dedicated management, staff, valued customers, the Bank of Tanzania, and other esteemed authorities. As we transition ownership, we entrust the Bank to a robust consortium of new investors who will continue its mission and chart new horizons. During the transition phase, AccessHolding will retain its role as a service partner to the bank in key business areas.”

About Access Microfinance Holding AG (AMH): AccessHolding operates a network of investees that offer responsible financial products and services tailored to the needs of small businesses and underserved populations in developing countries. It envisions an inclusive financial sector that improves livelihoods, drives local economic growth, and promotes equal rights and gender equality. AMH’s strategic management support to its investees includes broad-based capacity building through the corporate academy, comprehensive network-wide e-learning, and the steering of strategic projects in the areas of digitalization and technology.

About The International Finance Corporation (IFC): IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people. IFC connects economic development with humanitarian needs to create real progress for the people and places that need it most.

About KfW: KfW Bankengruppe is the German promotional bank and one of the world’s leading promotional banks. The business sector KfW Development Bank carries out Financial Cooperation projects with developing countries and emerging economies on behalf of the German Federal Government. KfW’s goal is to combat poverty, secure peace, protect the environment and the climate as well as ensure fair globalisation.”

About MicroVest: MicroVest is an asset manager that specializes in allocating private debt capital to microfinance and SME financial institutions in emerging markets. As one of the earliest U.S.-based microfinance investors, the company has built a track record since 2003 of investing in microfinance institutions and SME financial institutions whose interests are aligned with the borrowers and communities they serve. Since its founding in 2003, MicroVest has disbursed more than $1.6 billion to over 200 responsible financial institutions in 60 emerging and frontier countries. MicroVest is a registered investment adviser, Certified B Corporation, and wholly-owned subsidiary of DAI Global, LLC. 

About African Development Bank (AfDB): The AfDB is a multilateral financial institution committed to promoting economic development, job creation, and improved living conditions in African countries. It plays a vital role in promoting sustainable development in Africa by providing financial resources, technical expertise, and fostering partnerships to address the continent’s socio-economic challenges.

About Selcom Paytech Limited.: Selcom Paytech, founded in 2001 in Tanzania, it is a financial technology (fintech) company based in Tanzania, initially focused on prepaid airtime and internet services. Today, it offers an extensive range of financial services, including cash transactions through agents, bill payments, card services (Visa, Mastercard, American Express, Union Pay), and mobile banking for banks and mobile wallets. Selcom Paytech is known for its wealth of experience and focus on digital payment solutions, and it holds licenses from the Tanzania Communications Regulatory Authority (TCRA) and the Bank of Tanzania (BOT) and serves customers nationwide.

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