Access Holdings Plc, parent company of Access Bank, has finalised its N179.1 billion ($109.6 million) acquisition of the National Bank of Kenya (NBK), enhancing its foothold in East Africa’s financial market.
The acquisition, first announced in May 2025, marks one of the most significant expansion steps by a Nigerian bank in the region. It underscores Access Holdings’ long-term goal of building a strong pan-African franchise that connects markets across the continent.
In its 2025 half-year financial report, the group announced it received completion documents from KCB Group of Kenya on May 30, 2025, confirming fulfilment of the deal’s key requirements. “As part of the completion process, the Group received the completion documents from the Seller for a total estimated consideration of $109.6 million (N179.1 billion),” the statement read.
Regulatory clearance and financial safeguards
The acquisition was finalised in May, but as of June 2025, full integration of the National Bank of Kenya into the Access Bank network is still pending final regulatory approvals.
Access Holdings secured the transition with a guarantee agreement effective May 30, 2025, with KCB Group and Afreximbank. This agreement guarantees a maximum of $89.5 million (N142.3 billion), protecting KCB Group’s payment rights pending final regulatory approval and ensuring financial security for both parties during the transfer.
Access Holdings’ acquisition of NBK received regulatory approval from the Central Bank of Kenya on April 4, 2025, under Section 13(4) of the Banking Act, and from Kenya’s Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025. These approvals were required for Access Holdings to operate legally in Kenya’s financial sector and acquire ownership of NBK.
NBK’s restructuring involved transferring specific assets and liabilities to KCB Bank Kenya Limited, a KCB Group subsidiary, to facilitate a seamless transition and ensure financial stability before its complete integration into Access Bank.
Strengthening Access Bank’s African footprint
Access Holdings’ acquisition of NBK for N179 billion significantly expands its presence in East Africa. It advances its strategy to connect African markets through robust financial and digital infrastructure, solidifying its ambition to be Africa’s gateway to the world.
By entering Kenya, one of Africa’s most dynamic financial hubs, Access Bank is positioning itself to tap into the region’s growing retail and corporate banking segments. The acquisition will enable the bank to extend its digital banking services, support small and medium-sized enterprises, and strengthen trade finance activities between East and West Africa.
“This transaction reflects our commitment to building a strong pan-African banking franchise,” Access Holdings said in its official statement. “By combining NBK’s local expertise with Access Bank’s global network, we aim to create a more innovative and efficient banking ecosystem in Kenya.”
The move builds on Access Bank’s recent expansions into South Africa, Ghana, Zambia, and Mozambique, demonstrating a consistent push toward regional diversification. It also enables the group to mitigate risks associated with Nigeria’s fluctuating economy and currency challenges, while capturing new opportunities in high-growth African markets.
Also read: Access Bank gets final approval to acquire National Bank of Kenya
For Kenya, the acquisition brings more than just a change in ownership. NBK’s integration into Access Bank’s system promises broader access to credit and digital finance for individuals and businesses. Leveraging Access Bank’s robust technological infrastructure, Kenyan customers can expect improved service delivery, innovative banking tools, and enhanced cross-border transaction capabilities.
Economically, the deal is expected to attract foreign investment, create new jobs, and boost confidence in Kenya’s financial system. It could also inspire further collaborations in fintech and digital payments, helping bridge financial gaps across the continent.
Once regulatory approvals are completed, Access Bank will assume control of NBK and commence operations in Kenya, a move that strengthens not just its portfolio but Africa’s collective financial network.
