Nigeria’s Access Bank PLC has sealed a landmark deal to acquire full ownership of the National Bank of Kenya (NBK), tightening its grip on the East African banking industry and pushing forward a continental expansion strategy that has seen it move rapidly beyond its domestic borders.
The acquisition received final regulatory clearance from the Central Bank of Kenya (CBK) on April 4, 2025, and from Kenya’s National Treasury on April 10, confirming that the transfer of 100% shareholding from KCB Group PLC to Access Bank met all statutory requirements under the country’s Banking Act.
The transaction is a key step in Access Bank’s aggressive regional growth push, consolidating its footprint in one of Africa’s most competitive banking environments and deepening its presence in the East African Community (EAC) bloc. Access Bank already operates in Kenya, but the acquisition of NBK provides it with a broader customer base, additional infrastructure, and deeper roots in a market long considered strategic for pan-African expansion.
Carving New Territory in Kenya’s Financial Space
The Central Bank of Kenya has publicly welcomed the deal, casting it as a win not just for Access Bank but for Kenya’s entire banking sector.
“This transaction will enhance the resilience and stability of the Kenyan banking sector,” the CBK said in its statement issued Monday, April 14.
The endorsement signals a vote of confidence in the Nigerian lender’s ability to maintain continuity at NBK, safeguard depositor interests, and boost Kenya’s evolving financial services sector.
CBK’s posture is notably more supportive than in some past foreign acquisition cases, hinting that Access Bank’s prior track record in Kenya, however limited, and its broader African experience played a role in allaying regulatory concerns.
As part of the transition, some assets and liabilities of NBK will be transferred to KCB Bank Kenya Limited, a wholly owned subsidiary of KCB Group. This restructuring will take effect once all formalities are concluded, per the tripartite agreement between Access Bank, KCB Group, and relevant Kenyan authorities.
End of an Era as KCB Group Exits NBK
NBK’s ownership has shifted hands twice in less than a decade. Founded in 1968 to help drive indigenous financial empowerment after Kenya’s independence, the bank operated for years as a state-controlled lender. In 2019, KCB Group acquired the troubled NBK in a deal framed as a bailout and recapitalization effort. Since then, KCB has managed NBK as a subsidiary, operating alongside its core banking units and other ventures like NBK Bancassurance Intermediary Limited.
But KCB’s decision to divest NBK now reflects a broader reshuffling of priorities. While the group remains one of Kenya’s largest financial institutions, shedding NBK allows it to consolidate around stronger, more profitable units. Access Bank’s entry, coming barely a year after both parties signed a binding acquisition agreement in March 2024, suggests the Nigerian lender saw long-term value where KCB may have seen legacy baggage.
Access Bank’s East African Ambitions and Continental Reach
Access Bank’s strategy over the past few years has been clear: become Africa’s gateway to the world. Through a string of cross-border acquisitions and partnerships, the bank has grown from a Nigerian retail heavyweight into a full-fledged pan-African financial powerhouse. It now operates in more than a dozen African countries—including Ghana, Rwanda, Mozambique, Zambia, and South Africa—and has strategic outposts in the United Kingdom, United Arab Emirates, China, Lebanon, and India.
This acquisition marks another bold stroke in Access Bank’s East African strategy. Kenya, with its relatively mature financial system and central role in regional trade, offers Access Bank a platform not only to scale locally but to connect markets across the EAC and beyond.
Analysts note that while Access Bank faces stiff competition from entrenched players like Equity Bank, Co-operative Bank, and KCB itself, its entry via NBK gives it an immediate branch network and existing clientele to build on. The bank is expected to focus heavily on digital banking and financial inclusion, two pillars that have defined Kenya’s financial revolution over the past decade.
However, the full implications of the NBK acquisition are expected to unfold over time. Access Bank has not yet detailed its integration roadmap or whether it plans to rebrand NBK entirely. Questions remain about staff retention, overlap in branch networks, and product consolidation. However, CBK’s emphasis on continuity signals that there may be no abrupt changes to NBK’s operations in the near term.
Access Bank is also expected to leverage its digital banking expertise to drive new growth in Kenya. The bank has made significant investments in fintech and mobile-first banking services across Africa and may use NBK as a springboard to introduce new products tailored to Kenya’s digitally savvy population.
A Strategic Win or a Costly Bet?
However, some industry watchers caution that Access Bank may be inheriting more than it bargained for. NBK, despite its legacy, has struggled with profitability, asset quality, and management turnover over the years. Turning it around will require more than fresh branding—it will demand strategic vision, capital, and an ability to navigate Kenya’s crowded, tech-forward banking environment.
Against this backdrop, many believe that whether this becomes a strategic win or a costly bet will depend on how quickly Access Bank can integrate NBK, extract value from its operations, and deploy its signature expansion model in a different economic terrain.
