The Independent Uganda: You get the Truth we Pay the Price
Mergers and acquisitions in 2025 reflected a shift toward consolidation, regional scale and restructuring as firms responded to tighter regulation and rising capital demands. From cross-border bank takeovers and insurance mergers to fintech spin-offs, companies moved to strengthen balance sheets and position for long-term growth. The Independent highlights the key deals that shaped the year.
Capital pressures drive Finance Trust Bank’s sale to Access Bank
Although formally initiated earlier and spanning multiple years, the merger and acquisition of Finance Trust Bank by Nigeria’s Access Bank PLC remains significant for Uganda’s banking sector. The deal, in which Access Bank will acquire an 80% stake, was largely prompted by the Bank of Uganda’s decision to raise minimum capital requirements fivefold to Shs 150 billion in 2022. Upon completion, it will reshape competitive dynamics and signal continued cross-border consolidation.
FTB MD Annet Nakawunde Mulindwa stated the partnership would strengthen the bank’s market position and expand its digital offerings by leveraging Access Bank’s global presence.
The transaction, which includes technological integration, remains subject to regulatory approvals from both the Bank of Uganda and the Central Bank of Nigeria.
Sanlam and Allianz merge Uganda units
Two of Uganda’s leading insurers, Sanlam General Insurance and Allianz (via Jubilee Allianz) merged their general insurance businesses recently to create SanlamAllianz Uganda, one of the country’s largest general insurance operators.
Approved by the Insurance Regulatory Authority of Uganda, the merger combines the scale, assets, and expertise of the two firms, giving the new entity the second-largest market share and positioning it as a strong competitor to long-time market leader Old Mutual.
The combined firm now manages a gross written premium nearing Shs 200 billion and draws on over 200 years of cumulative African insurance experience. By pooling resources, SanlamAllianz aims to expand product offerings, enhance service delivery, and extend coverage to underserved segments, including SMEs and individual policyholders.
Uganda’s insurance sector remains highly concentrated, with the top five players controlling nearly 60% of the Shs 1.76 trillion premium pool. The merger underscores a wider trend: in a market dominated by a few major firms, scale and financial strength are increasingly essential to compete effectively.
Sanlam’s operations in Uganda date back to 2009 with the launch of Sanlam Life Uganda and were strengthened through acquisitions of NIKO Insurance and Lion Assurance, cementing its position in the non-life market. The merger also aligns with a Pan-African strategy to create a leading non-banking financial services group spanning 27 countries.
SanlamAllianz plans to leverage digital platforms and partnerships with banks and telecom operators to broaden access to insurance and financial services.
OLEA absorbs Marsh Uganda in pan-African expansion push
Pan‑African insurance broker, OLEA Group, completed the merger of Marsh Uganda with its existing operations in the country, marking the end of a five-year strategic collaboration and a major step in the company’s continental expansion.
The deal strengthens OLEA’s presence in East Africa and positions the firm to deliver more tailored risk management and insurance solutions across the region. The integration is expected to enhance client relationships, expand service offerings, and consolidate local expertise.
OLEA Group CEO, Olivier Canuel, said, “We are delighted to welcome the team from Marsh Uganda into the OLEA network. This milestone enables us to deepen our relationships with clients in a key market and broaden the range of services we offer across East and Southern Africa.”
Vincent de Charnacé, CEO of OLEA East and Southern Africa, highlighted the focus on local talent and continuity. “This investment reflects our commitment to maintain responsiveness and excellence. The integration is about expanding capabilities while remaining close to the markets we serve,” he said.
The merger positions OLEA to leverage combined expertise and resources to meet rising demand for sophisticated, locally attuned insurance and risk management solutions. It also aligns with the group’s broader Pan-African strategy to build a robust network across East and Southern Africa, targeting both corporate and institutional clients in key growth markets.
MTN Uganda Fintech Unit to spin off into a separate company
MTN Uganda, the country’s largest telecom operator, announced plans to spin off its fintech and mobile money business into a separate legal entity majority-owned by MTN Group Fintech Holdings.
The structural separation was approved by shareholders at an Extraordinary General Meeting in Kampala on 22 July, 2025, marking a pivotal strategic shift. While not a traditional acquisition, this restructuring prepares the fintech arm for independent growth and a potential listing on the Uganda Securities Exchange (USE) in the coming years.
Under the approved plan, the new entity will be majority-owned by the MTN Group, with the remaining shares held in a dedicated trust for MTN Uganda’s minority shareholders.
Leadership said the move is designed to “unlock value” and enhance operational focus to accelerate financial inclusion and shareholder value, aligning with the broader MTN Group’s “Ambition 2025” strategy. The transaction’s completion remains subject to final regulatory approvals.
MTN Uganda serves more than 23.5 million mobile subscribers, including 14.2 million fintech users and 11.0 million data customers.
Absa expands retail footprint with Standard Chartered WRB deal
Absa Bank Uganda, a wholly owned subsidiary of the Absa Group, acquired Standard Chartered Bank Uganda’s Wealth and Retail Banking (WRB) portfolio in October, marking a significant step in Absa’s Pan-African expansion strategy.
The deal transferred all WRB clients and staff to Absa, broadening the bank’s retail and wealth management capabilities and reinforcing its presence in Uganda’s financial services market.
The integration positioned Absa to deliver enhanced customer service, deepen market penetration, and expand tailored financial solutions. Both banks worked closely over several months to ensure continuity for clients and employees during the transition.
Kariuki Ngari, MD and CEO of Standard Chartered Kenya and Africa, said the sale of the WRB business reflected the bank’s strategic focus on affluent and cross-border segments. He added that the transition was carried out with attention to safeguarding the interests of clients and employees.
David Wandera, MD of Absa Bank Uganda, described the acquisition as a “pivotal step” toward market leadership in customer-centric solutions, welcoming new clients and colleagues to the Absa network.
