After 130 years of continuous operations, Standard Chartered Bank has officially exited The Gambia. The bank’s departure, which took effect on 13 June 2025, follows the acquisition of its Gambian business by Nigeria’s Access Bank. The announcement was made by the Governor of the Central Bank of The Gambia, Buah Saidy, during a press briefing held in Banjul.
“The process was done very well, in a very prudent manner and in a transparent manner. The buyer is Access Bank Limited, they bought Standard Chartered Bank. And as of tomorrow, Friday, 13th June, Standard Chartered Bank will cease to operate and we will ask them to return the licence of Standard Bank,” he said.
“It’s going to be another big bank with strong financial muscles to help finance economic activity in The Gambia, so it’s a development. The transition has been very smooth and the regulatory authorities have been working with both banks, their senior management, their board.” he added.
Why Standard Chartered Exited The Gambia
Standard Chartered’s decision to leave The Gambia is part of an ongoing effort to reshape its global operations and focus on markets with higher returns. In 2022, the bank announced its intent to exit seven markets across Africa and the Middle East, including Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, Lebanon, and Jordan, citing limited returns from these operations. Collectively, the markets contributed less than 1% to the group’s total income and profit before tax in 2021.
Standard Chartered is aiming at retaining operations in countries where it can scale its Corporate, Commercial, and Institutional Banking (CCIB) segment.
What Access Bank Gains from the Deal
Access Bank’s acquisition of Standard Chartered’s Gambian operations gives it control of an established institution with a loyal customer base and a physical footprint that includes four branches, one agency, and 13 ATMs in key urban centres like Banjul and Serrekunda.
With a population of over 2.8 million and an economy projected to grow at 5.6% annually from 2024 to 2026, The Gambia presents a new growth opportunity for Access Bank. The deal positions the Nigerian lender among the top four banks in the country, alongside Trust Bank Gambia, Ecobank, and GTBank.
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The acquisition also complements Access Bank’s recent moves in other African markets. In the past two years, it has acquired operations in Angola, Cameroon, Sierra Leone, Tanzania, and Kenya, while also securing a provisional banking license in Namibia.
What Happens to Standard Chartered Staff in The Gambia?
Governor Saidy confirmed that the Central Bank had worked closely with both Standard Chartered and Access Bank to ensure a smooth transition for employees. The staff, totaling around 140 as of 2020, will be absorbed into Access Bank. The regulator also oversaw the licensing process and system migration, ensuring compliance with Section 71 of the Central Bank Act 2018.
Access Bank has a track record of retaining staff and integrating operations in past acquisitions. In similar transactions in Kenya, Tanzania, and Sierra Leone, the bank maintained employment continuity while gradually aligning systems with its Flexcube core banking platform.
Banking Trend in Africa
Standard Chartered’s exit mirrors a trend of global banks scaling back operations in African markets with lower returns or high regulatory burdens. Barclays, for instance, divested its African business to Absa in 2017, while Société Générale recently announced plans to withdraw from Tunisia and Mauritius. As global banks retreat, African lenders like Access Bank are stepping in.
Deal Structure and Transition Timeline
Access Bank acquired a 75% stake in Standard Chartered Bank Gambia Ltd., while the remaining 25%, held by local investors including the Social Security and Housing Finance Corporation, was also part of the transaction. The deal included the bank’s assets, customer deposits (D5.4 billion as of 2020), and all infrastructure.
System integration and transition planning began shortly after the deal was signed in July 2023. Over the last two years, both banks worked together to migrate customers, systems, and regulatory functions. On 13 June 2025, Standard Chartered formally handed back its banking license to the Central Bank, concluding its 130-year legacy in the country.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.