Access Bank PLC’s strategic expansion into East Africa has taken a significant step forward after securing full regulatory approval to acquire 100 percent of the issued share capital of the National Bank of Kenya Limited (NBK). The acquisition, which has now been formally gazetted and approved by Kenyan authorities, marks a major milestone for the Nigerian banking giant as it seeks to expand its footprint across the continent.
According to an official notice published by the Central Bank of Kenya (CBK) and dated 11 April 2025, the transaction was approved by all relevant parties, including the boards of both Access Bank PLC and KCB Group Plc – the current owners of NBK – as well as the Cabinet Secretary for the National Treasury and Economic Planning.
The takeover, which is guided by Section 9(5) of Kenya’s Banking Act, is expected to reshape the competitive landscape of Kenya’s banking sector, bringing with it new opportunities for innovation, digital banking, and regional financial integration.
KCB Group Plc, one of Kenya’s largest banking conglomerates, confirmed through a resolution passed on 20 March 2024 that it had approved the acquisition of NBK by Access Bank PLC. KCB had acquired the struggling state-owned National Bank of Kenya in 2019, seeking to turn it around after years of financial underperformance.
Access Bank PLC, on its part, passed a resolution on 16 March 2024, affirming its intent to acquire NBK’s entire issued share capital. The move aligns with the Nigerian bank’s ongoing mission to become Africa’s gateway to the world.
The Central Bank of Kenya officially approved the acquisition on 4 April 2025 under Section 13(4) of the Banking Act, followed closely by approval from the Cabinet Secretary of the National Treasury and Economic Planning on 10 April 2025, as required under Section 9(1) of the same Act.
The approvals come after a rigorous review process that assessed the transaction’s alignment with Kenya’s financial stability framework, banking laws, and the broader economic development strategy.
Dr. Kamau Thugge, Governor of the Central Bank of Kenya, signed off on the official gazette notice confirming the acquisition. He noted that a public announcement will be made by KCB Group Plc once the transaction has been completed in accordance with the terms of the Share Purchase Agreement.
NBK, which has a long legacy in the Kenyan market but has struggled in recent years, will now potentially benefit from Access Bank’s international reach and robust digital banking infrastructure.
Access Bank PLC, headquartered in Lagos, Nigeria, is part of Access Holdings and operates in more than a dozen African countries. Access Bank acquisition of NBK underscores its long-term vision to become a Pan-African banking powerhouse.
As African economies continue to push for greater financial integration under the African Continental Free Trade Area (AfCFTA), cross-border banking operations such as this one are seen as critical enablers for trade, investment, and inclusive growth.
The Access Bank acquisition of NBK reinforces a broader trend of Nigerian financial institutions expanding aggressively across East and Southern Africa. Access Bank’s expansion comes after earlier entries into South Africa, Botswana, and Mozambique, as it leverages scale, capital, and technology to position itself as a leading player on the continent.
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