Nigerian banking giant Access Bank PLC, a subsidiary of Access Holdings PLC, has received the green light from Kenyan authorities to acquire full ownership of the National Bank of Kenya (NBK) a move that marks a significant leap in its East African expansion drive.
The Central Bank of Kenya (CBK) confirmed the development on Monday, stating that it approved the deal on April 4, 2025, in accordance with Section 13(4) of the Banking Act. The transaction also gained the blessing of Kenya’s Cabinet Secretary for the National Treasury and Economic Planning on April 10, in line with Section 9 of the same Act.
Under the agreement, Access Bank will acquire 100% of NBK’s shareholding from KCB Group PLC, which had fully owned the bank since its 2019 acquisition. As part of the transition, certain NBK assets and liabilities will be shifted to KCB Bank Kenya Limited, another subsidiary of KCB Group. Both transfers have received all necessary regulatory approvals.
A Historic Bank Changes Hands
Founded in 1968, NBK was originally established as a government-owned financial institution aimed at boosting access to credit for Kenyans and increasing local participation in the economy after independence.
KCB Group acquired NBK in September 2019, integrating it into its wider financial services ecosystem, including NBK Bancassurance Intermediary Limited. But by March 2024, KCB and Access Bank had entered into a binding agreement to hand over full control of NBK to the Nigerian lender.
This acquisition adds another notch to Access Bank’s aggressive African expansion, positioning it as a major player in Kenya’s highly competitive banking market.
Access Bank’s Rapid Rise Across Africa
The acquisition is the latest in a series of strategic moves by Access Bank, which is building a formidable pan-African and global presence. The bank now operates in over a dozen countries across Africa including Kenya, Ghana, Rwanda, Mozambique, Zambia, and South Africa and maintains international outposts in the UK, UAE, and representative offices in China, Lebanon, and India.
By absorbing NBK, Access Bank strengthens its foothold in East Africa’s economic hub, gaining scale, customer base, and market share.
A Vote of Confidence from Kenya’s Regulator
In its statement, the Central Bank of Kenya welcomed the transaction, citing its alignment with long-term goals to promote a stable, robust, and resilient financial system. The regulator expressed confidence that Access Bank’s entry would boost competition, foster innovation, and reinforce investor confidence in the Kenyan banking sector.
“The transaction supports the CBK’s objective of enhancing the resilience of Kenya’s banking sector while safeguarding the interests of depositors and investors,” the statement read.
As Access Bank sets its sights on even broader horizons, the NBK acquisition signals a new chapter not only for the bank itself but also for the future of regional banking integration across Africa.
