In a move that marks another strategic milestone in it’s aggressive pan-African expansion, Access Bank PLC, a subsidiary of Nigeria’s Access Holdings Plc, has received final regulatory approvals to acquire 100% ownership of National Bank of Kenya (NBK). This further solidifies its footprint in East Africa’s dynamic banking sector.
The acquisition was approved by both the Central Bank of Kenya (CBK) and Kenya’s National Treasury and Economic Planning, following a rigorous review process. In October 2024, the Competition Authority of Kenya (CAK) gave its approval for the acquisition. The CBK’s endorsement came on April 4, 2025, under Section 13(4) of the Banking Act, while the Cabinet Secretary’s approval followed on April 10, under Section 9 of the same Act.
The deal will see Access Bank acquire NBK’s entire shareholding from KCB Group PLC, which has fully owned the bank since 2019. As part of the transaction, specific assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. This transfer has also received the green light from regulators and is expected to be completed in line with the agreed terms.
Access Bank’s acquisition of NBK is expected to strengthen the Nigerian lender’s position in Kenya’s competitive financial services market, enhance its customer base, and accelerate digital and retail banking growth across the region. The move is consistent with Access Bank’s long-term strategy to become Africa’s most respected bank, with a presence in over a dozen countries including Kenya, Rwanda, South Africa, Ghana, Zambia, and Mozambique — as well as global financial hubs like the UK, UAE, and China.
According to the Central Bank of Kenya, the transaction will contribute to the resilience and stability of Kenya’s banking sector, aligning with the regulator’s mandate to foster a sound financial system that safeguards depositor and investor interests.
NBK, originally founded in 1968 as a fully government-owned bank, was established to provide greater credit access to Kenyan citizens and support indigenous economic empowerment in the post-independence era. In September 2019, KCB Group acquired NBK and integrated it as a subsidiary alongside its other financial services arms.
With this acquisition, Access Bank is not only expanding its geographical reach, but also gaining access to NBK’s existing branch network, digital infrastructure, and loyal customer base. This synergy is expected to unlock new opportunities in retail banking, SME financing, and digital innovation within Kenya.
The deal, which follows a binding agreement signed in March 2024, reflects the growing trend of cross-border mergers and acquisitions reshaping Africa’s banking sector. It also signals a vote of confidence in Kenya’s financial ecosystem, which continues to attract strong interest from pan-African and global financial institutions.