Access Bank PLC, a leading Nigerian commercial bank under Access Holdings PLC, has finalized the acquisition of 100% ownership of the National Bank of Kenya (NBK), following approval from Kenyan financial authorities. This strategic move highlights Access Bank’s continued ambition to expand its presence across Africa and deepen its influence in East Africa’s growing financial sector.

The Central Bank of Kenya (CBK) confirmed the transaction on April 14, 2025, stating it had given approval earlier on April 4 under Section 13(4) of the Banking Act. The country’s National Treasury and Economic Planning Ministry also gave its go-ahead on April 10 under Section 9 of the same law. These approvals officially pave the way for the completion of the acquisition.

Why Access Bank Acquired NBK

This acquisition is a key part of Access Bank’s wider strategy to strengthen its footprint across the continent. The bank has been actively seeking to establish a stronger presence in high-potential markets, and Kenya, as East Africa’s largest economy and financial hub, presents a prime opportunity.

Several key factors motivated the deal:

1. East Africa’s Growing Banking Market: Kenya has a rapidly developing financial sector supported by strong technology adoption, a young population, and a growing middle class. By entering the Kenyan market, Access Bank positions itself to tap into these opportunities and offer innovative banking services.

2. NBK’s Legacy and Market Reach: NBK, which has operated in Kenya since 1968, has a strong heritage and a wide customer base, especially among government-related institutions. This existing infrastructure provides Access Bank with a ready-made entry point into Kenya’s competitive banking environment.

3. Access Bank’s Continental Strategy: Access Bank has spent the past few years expanding beyond West Africa, with a presence in countries like Ghana, South Africa, Rwanda, Zambia, and Mozambique. The acquisition of NBK fits into its broader plan to build a unified African banking network that supports trade, investment, and cross-border financial services.

4. KCB Group’s Refocus: For KCB Group, the former owner of NBK, the sale reflects a strategic decision to concentrate on other parts of its business. KCB acquired NBK in 2019 as part of a recapitalization effort but has now opted to streamline its portfolio and redirect resources.

Key Details of the Transaction

Access Bank is acquiring NBK by purchasing the bank’s shares directly from KCB Group PLC, which had been its sole owner since the 2019 takeover. As part of the acquisition, certain NBK assets and liabilities will be transferred to KCB Bank Kenya Limited, another subsidiary of KCB Group. These asset transfers were also approved by the CBK and Kenya’s National Treasury as part of the broader deal structure.

The transaction will be completed once all legal formalities, due diligence checks, and final integration steps are finalized. Once done, Access Bank will assume full control of NBK’s operations.

Expanding Access Bank’s African Footprint

This acquisition solidifies Access Bank’s expansion into East Africa, a region the bank sees as critical to its long-term growth. Over the past few years, Access Bank has become one of the fastest-growing financial institutions in Africa, extending its services to over a dozen countries.

Its international reach also includes operations in the United Kingdom and the United Arab Emirates, as well as representative offices in China, Lebanon, and India. This global presence allows the bank to facilitate international trade and investment across borders, offering seamless services to individuals and businesses.

By adding NBK to its portfolio, Access Bank will gain access to a larger customer base in Kenya and greater leverage in East Africa’s economic corridor.

Support from the Central Bank of Kenya

The Central Bank of Kenya has welcomed the transaction, expressing confidence in Access Bank’s ability to enhance service delivery in the country. The regulator highlighted that Access Bank’s entry would contribute to a stronger and more stable banking sector, especially as digital transformation becomes central to modern banking in the region.

CBK emphasized that the acquisition aligns with its broader goals of promoting financial inclusion, protecting depositors, and strengthening banking institutions through consolidation and modernization.

NBK’s Historical Role in Kenya

The National Bank of Kenya has a long and significant history. It was established in 1968 as a fully government-owned bank to help Kenyans gain access to credit and promote economic empowerment after the country’s independence. For decades, NBK played a vital role in providing financial services to underserved populations, including public sector workers and small businesses.

However, in recent years, the bank faced challenges including capital shortfalls and rising bad loans. In response, the Kenyan government facilitated its acquisition by KCB Group in 2019. Under KCB, NBK underwent reforms aimed at restoring stability and improving operations. With its takeover by Access Bank, NBK enters a new phase that promises further investment, innovation, and modernization.

Implications for Kenya’s Banking Sector

Access Bank’s arrival in Kenya is likely to bring fresh energy to the country’s competitive banking landscape. Customers may benefit from improved digital services, broader product offerings, and better access to cross-border banking solutions.

For Kenya, the deal also signals increasing integration with the rest of Africa’s financial markets, potentially opening new opportunities for trade and investment. As Access Bank deepens its regional presence, it is expected to play a more active role in driving innovation, financial literacy, and inclusion in Kenya.

Conclusion

Access Bank’s full acquisition of the National Bank of Kenya marks a major milestone in the bank’s pan-African expansion plan. The deal reflects a calculated move to enter a high-growth market, take advantage of existing infrastructure, and deliver modern banking services across East Africa.

Backed by regulatory approval and a clear strategic vision, Access Bank is set to introduce new energy into Kenya’s financial sector while strengthening its role as one of the continent’s leading financial institutions. As the transaction nears completion, all eyes will be on how the bank integrates NBK’s operations and delivers on its promise of innovation, stability, and cross-border financial growth.