Banks, insurers and telcos lead BRICS+ M&A surge in 2025

Mergers and acquisitions across 2025 put a premium on regional scale and balance sheet strength as banks, insurers and telecoms adjusted to tighter regulation and rising capital demands. The year’s deals, centred in East Africa but driven by groups with BRICS+ connections, focused on consolidation, operational separation and expansion of digital services.

BRICS+ M&A 2025 shows regional consolidation

One of the largest transactions in the region is Access Bank PLC’s planned purchase of an 80% stake in Uganda’s Finance Trust Bank. Largely prompted by the Bank of Uganda’s decision to raise minimum capital requirements to Shs 150 billion in 2022, the move highlights cross-border capital flows within BRICS+ markets and signals further banking consolidation.

Finance Trust’s managing director, Annet Nakawunde Mulindwa, said the partnership would strengthen the bank’s market position and expand its digital offerings by drawing on Access Bank’s broader presence. The transaction includes technology integration and remains subject to approvals from both the Bank of Uganda and the Central Bank of Nigeria.

In the insurance sector, Sanlam and Allianz combined their Ugandan general insurance operations to form SanlamAllianz Uganda. Approved by Uganda’s Insurance Regulatory Authority, the merged business now holds the second-largest market share in a market where the top five players account for nearly 60% of a Shs 1.76 trillion premium pool. The new group reports gross written premiums approaching Shs 200 billion and plans to broaden access through digital platforms and partnerships with banks and telecoms.

Pan-African broker OLEA Group completed the integration of Marsh Uganda into its local operations, concluding a five-year strategic collaboration. OLEA said the merger will deepen regional capabilities in risk management and insurance services, and strengthen client relationships across East and Southern Africa.

Telecom group MTN announced the structural separation of its Uganda fintech and mobile money business into a separate legal entity majority-owned by MTN Group Fintech Holdings. Approved by shareholders in July 2025, the spin-off aims to sharpen operational focus, accelerate financial inclusion and prepare the fintech arm for potential listing on the Uganda Securities Exchange. MTN Uganda serves more than 23.5 million mobile subscribers, including 14.2 million fintech users and 11.0 million data customers.

Absa Bank Uganda expanded its retail reach by acquiring Standard Chartered Bank Uganda’s Wealth and Retail Banking portfolio in October, transferring clients and staff and reinforcing Absa’s retail and wealth capabilities. Standard Chartered said the sale reflects its strategic concentration on affluent and cross-border segments, while Absa described the move as a step towards deeper market penetration and customer-centric solutions.

Taken together, these transactions reflect a wider BRICS+ trend in 2025: regional players are prioritising scale, technological integration and clearer corporate structures to meet regulatory demands and compete in a concentrated market. For customers and businesses, the deals promise broader product ranges and expanded digital services. Regulators across jurisdictions will play a decisive role as approvals and integration processes move forward.