One of Nigeria’s biggest financial institutions, Zenith Bank Plc, has started discussions to buy a mid-level Kenyan bank, as part of its expansion strategy into East Africa. This planned move, though still in the early stages, signals Zenith Bank’s intention to increase its presence across the continent by entering one of East Africa’s most vibrant financial markets.
Sources close to the deal said the name of the Kenyan bank being targeted is still under wraps, but a team from Zenith Bank is expected to visit Nairobi in the next three months to push the talks forward. The bank is looking at a full acquisition as part of efforts to diversify its business and tap into new income streams outside Nigeria and West Africa.
Zenith Bank, led by its Group Managing Director and CEO, Dr. Ebenezer Onyeagwu, has long been known for its strong performance, innovation, and regional ambitions. With operations already in Ghana, Sierra Leone, and the Gambia, the move to Kenya is part of a wider plan to strengthen the bank’s position across Africa.
Kenya’s banking sector is regarded as one of the most advanced in the region, with a strong mobile money presence, growing fintech industry, and a rising middle class. The country’s financial market has attracted interest from several international players, including Nigerian banks like Access Bank and Guaranty Trust Bank (GTBank), which already operate in Kenya through subsidiaries.
Zenith Bank is hoping to replicate the success of Access Bank, which acquired Transnational Bank in 2020 and later took over National Bank of Kenya in 2024. These acquisitions allowed Access Bank to grow quickly in the East African market and gave it a foothold in Kenya’s retail and corporate banking space.
If the Zenith deal is successful, it would allow the bank to join its Nigerian peers in competing for a share of the East African financial market. GTBank Kenya, which operates as a subsidiary of Guaranty Trust Bank Plc, has already established itself as a mid-sized player in the region, focusing mainly on retail and business banking.
However, for Zenith Bank to complete the acquisition, it will need to secure approval from the Central Bank of Nigeria and the Central Bank of Kenya. These regulatory bodies will review the financials, compliance records, and market impact of the proposed deal, as is standard with cross-border banking transactions.
The bank is also expected to carry out due diligence on the target Kenyan lender, evaluating everything from its loan book and technology systems to staff strength and customer base. Analysts say such steps are necessary to avoid future shocks and ensure smooth integration post-acquisition.
Experts in the financial services sector believe that Zenith Bank’s move is a strong signal of confidence in regional banking integration and Africa’s potential as a unified market. They also believe that the entry of more Nigerian banks into Kenya will increase competition, drive down lending costs, and possibly improve the quality of banking services in the region.
While Zenith Bank has not officially confirmed the identity of the Kenyan bank it is targeting, its plans align with its long-term strategy of pan-African expansion and digital transformation. In recent years, the bank has invested heavily in technology and customer experience, and a move into Kenya would give it access to new markets where digital banking is gaining ground rapidly.
The Managing Director of Zenith Bank Kenya, when appointed, will play a key role in steering the transition and ensuring the new business aligns with the parent company’s goals. The bank is also expected to bring its well-known products and services—such as corporate loans, mobile banking, SME financing, and trade support—to the Kenyan market.
Observers say that if the acquisition goes through, it could serve as a model for future Nigerian-Kenyan financial collaborations. Already, trade between the two countries is growing, and stronger banking links could support regional businesses, encourage investment, and deepen economic ties.
As of now, Zenith Bank has not released an official statement on the progress of the talks, but industry insiders believe the deal could be finalised before the end of 2025, depending on regulatory approvals and financial negotiations.
The bank’s move comes as Nigerian financial institutions continue to explore growth beyond the domestic market due to local challenges such as naira depreciation, inflation, and limited consumer credit growth. Expanding into high-potential markets like Kenya offers them a way to hedge risks and boost long-term profitability.
