The Central Bank of Kenya (CBK) has approved Access Bank Plc, one of Nigeria’s biggest financial institutions, to take full control of the National Bank of Kenya (NBK). This move marks a big step for Access Bank in its expansion across East Africa.
In a statement posted on the CBK’s website on Monday, April 14, 2025, the regulator confirmed that the approval for the takeover was granted on April 4, 2025. The green light was given under Section 13(4) of Kenya’s Banking Act. It was also confirmed that the country’s Cabinet Secretary for the National Treasury and Economic Planning, Mr. John Mbadi, approved the deal on April 10, 2025.
The deal will allow Access Bank to acquire 100 per cent of NBK’s issued share capital. However, the transaction is still waiting for final approval from Nigerian regulators, including the Central Bank of Nigeria (CBN), before it is fully completed.
CBK said the acquisition is expected to improve the stability and performance of Kenya’s banking system. The bank regulator believes it will also support regional financial integration between East and West Africa. CBK further explained that the move is part of a wider plan to consolidate Kenya’s banking sector and attract more foreign investment.
Access Bank, which is part of Access Holdings Plc, has been pushing to grow its presence across Africa. In the past few years, the bank has entered new markets in countries like South Africa, Mozambique, Zambia, and now Kenya. The acquisition of NBK will give Access Bank a strong platform in Kenya’s financial market, which is one of the biggest in East Africa.
The National Bank of Kenya, which was established in 1968, is currently owned by the Kenya Commercial Bank Group (KCB). Despite its long history, NBK has been struggling financially and has faced several challenges in recent years. KCB took over the bank in 2019 in an effort to revive it, but results have remained below expectations. This led the group to seek a new buyer.
With Access Bank stepping in, NBK is expected to undergo significant restructuring and integration into the Access brand. Access Bank has said its goal is to provide top-class financial services and digital banking options to customers across Africa.
The acting Governor of the Central Bank of Kenya, Dr. Susan Koech, said in the statement that the approval was based on the strategic fit of Access Bank’s plans for NBK and its financial strength. She noted that CBK will continue to monitor the process to ensure it benefits Kenya’s financial sector.
While Access Bank continues to wait for final approvals in Nigeria, industry watchers say the deal will further increase Nigeria’s influence in Africa’s banking space. Nigerian banks, including GTBank, UBA, and Zenith Bank, have been expanding their operations to other African countries as part of efforts to boost foreign revenue and reduce reliance on the domestic market.
Access Bank’s Chief Executive Officer, Mr. Roosevelt Ogbonna, had earlier stated that the bank’s goal is to become Africa’s gateway to the world by building strong ties between African markets. He said the Kenyan acquisition is a bold move that fits into the bank’s long-term growth strategy.
Once finalised, this takeover will be one of the biggest cross-border banking deals involving a Nigerian lender. It will also be another major win for Access Bank, which has continued to grow both organically and through acquisitions.
