Access Bank PLC, a leading Nigerian financial institution, has received final approvals from key regulatory authorities in Kenya to fully acquire the National Bank of Kenya (NBK). The Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning have both given the green light to the acquisition, marking a significant step in Access Bank’s expansion strategy across the African continent.
This acquisition will see Access Bank take 100% ownership of NBK, a bank originally founded in 1968 to support the economic development of post-independence Kenya. The deal also involves the transfer of certain assets and liabilities from NBK to KCB Bank Kenya Limited, a subsidiary of the KCB Group, which had previously owned NBK since 2019.
Access Bank’s acquisition of NBK was granted approval by the CBK on April 4, 2025, under Section 13(4) of the Banking Act, while the Cabinet Secretary for the National Treasury and Economic Planning approved the transaction on April 10, 2025, in accordance with Section 9 of the same Act. The approval process has cleared the way for Access Bank to fully integrate NBK into its operations.
In addition to this, the asset transfer process will see the liabilities and assets of NBK shifted to KCB Bank Kenya Limited. This part of the deal has also been approved by both the CBK and the National Treasury. The transaction is expected to be fully concluded once the transfer is complete, at which point Access Bank will own 100% of NBK.
The acquisition of NBK is part of Access Bank’s broader strategy to strengthen its position in Africa, particularly in East Africa. Access Bank is part of Access Holdings PLC, a Nigerian-based financial conglomerate that has rapidly expanded its footprint across Africa. With operations in over a dozen countries including Kenya, Ghana, Rwanda, Mozambique, Zambia, South Africa, and more, Access Bank has been steadily increasing its presence in global financial markets, including the UK, UAE, China, Lebanon, and India.
In Kenya, the acquisition of NBK will help Access Bank solidify its standing in one of the region’s most competitive banking environments. Kenya has a vibrant banking sector with both local and international players, and Access Bank’s full ownership of NBK is expected to enhance the bank’s ability to serve both existing customers and new clients in the East African market.
The acquisition of NBK will also bring new opportunities for growth in Kenya’s rapidly evolving digital financial services sector, a key area of focus for Access Bank.
The CBK has expressed support for the acquisition, citing its potential to strengthen the stability and resilience of Kenya’s banking sector. In a statement, the CBK highlighted that the acquisition aligns with its mandate to foster sound financial sector development and protect the interests of depositors and investors.
The regulator also noted that Access Bank’s acquisition would allow for continued service continuity at NBK while improving the development of digital banking and other financial services in Kenya. This is particularly significant in the context of Kenya’s growing digital banking ecosystem, where innovations such as mobile money services have rapidly transformed the way citizens access financial services.
In addition to the positive impacts on Kenya’s banking sector, the acquisition is seen as a step towards the consolidation of financial services in East Africa. Access Bank’s ability to leverage NBK’s infrastructure and customer base will likely allow the bank to offer more comprehensive financial services, particularly in areas such as mobile banking, fintech solutions, and digital payment systems.
Founded in 1968, the National Bank of Kenya was originally a government-owned institution with a focus on providing credit access to Kenyans and promoting indigenous economic control in the post-independence era. It was a key player in supporting the economic empowerment of local communities.
In September 2019, NBK was acquired by KCB Group, Kenya’s largest banking group. Under KCB’s ownership, NBK was operated as a subsidiary, offering banking services to individuals and businesses in Kenya. However, despite efforts to streamline its operations, NBK continued to face significant challenges in achieving profitability and gaining market share.
In March 2024, Access Bank entered into an agreement with KCB Group to acquire 100% ownership of NBK, marking the start of the process that has now culminated in the final approvals from Kenyan regulators. The acquisition will provide Access Bank with a strong foothold in the Kenyan banking market, bolstering its East African expansion strategy.
The acquisition of NBK marks a new chapter for Access Bank as it continues to expand its influence across Africa. Kenya, with its stable economy and growing middle class, represents a lucrative market for Access Bank as it looks to diversify its portfolio of products and services.
Access Bank’s leadership in Nigeria, including its Group Managing Director, Herbert Wigwe, has emphasized the bank’s commitment to providing innovative banking solutions to meet the evolving needs of customers across Africa. The full integration of NBK into Access Bank’s operations is expected to enhance the bank’s ability to offer a wide range of services, including retail banking, corporate banking, and investment services.
