Access Bank has officially taken over the National Bank of Kenya (NBK), pulling off a huge acquisition that shows its aggressive push deeper into East Africa.
The approvals came in quick succession. First, the Central Bank of Kenya (CBK) signed off on the deal on April 4. Then, six days later, Kenya’s Treasury gave its nod. With these cleared, Access Bank is now the outright owner of NBK, having secured all of KCB Group’s shares in the institution.
This is not a merger of equals. Access Bank didn’t just walk into Kenya’s banking space yesterday. Back in 2020, it snapped up Transnational Bank, and now, with NBK under its belt, it’s laying down roots in one of East Africa’s most competitive markets. I’ve been following Access for years, and this move doesn’t surprise me—it’s the kind of daring expansion they’ve made a habit of.
The structure of the deal? Straightforward enough. KCB Group, which acquired NBK in 2019, is now exiting. But before stepping out, KCB will shift certain NBK assets and liabilities to its own subsidiary, KCB Bank Kenya. Both CBK and the Treasury signed off on that too. It’s all part of a bigger clean-up—make the books neat, get out, hand it over.
No word yet on the final deal value, but industry estimates put it around $100 million, based on NBK’s 2023 book value. That figure could still change. For context, KCB had spent over $63 million propping NBK up since it took over. Now, with Access stepping in, the expectation is fresh capital injections and possibly a strategic overhaul.
Kamau Thugge, the CBK Governor, made the announcement official in a government notice: “Pursuant to section 13 (4) of the Banking Act, the Central Bank of Kenya on 4th April, 2025, approved the acquisition of 100 percent of the issued share capital of National Bank of Kenya Limited by Access Bank PLC.”
The Finance Cabinet Secretary, John Mbadi, followed with his own approval on April 10. It’s all above board, legally watertight.
But what does this really mean for Kenyans?
NBK has been around since 1968. It was built as a fully government-owned lender—its mission was to give Kenyans more financial control in the years following independence. That mission eventually got muddled, and by 2019, it was bleeding badly. KCB took it in, tried to revive it, and now Access is taking on the burden—and opportunity.
For Access Bank, this is about scale and reach. NBK has an extensive branch network. That infrastructure—combined with Access’s digital playbook—could unlock serious potential. Think retail banking expansion, fintech innovation, and cross-border offerings. The CBK, for one, sees it as a win. “This transaction will ensure continued stability and enhance the resilience of the Kenyan banking sector,” it said.
Access Holdings, the parent company, has been eyeing pan-African dominance for a while. With a presence in over a dozen African countries and beyond—from Ghana to Zambia, London to Dubai—it’s been building quietly but steadily. The Kenya move is just the latest in a pattern that shows no signs of slowing.
Of course, the deal isn’t sealed until Nigeria’s regulators give their go-ahead. But with approvals on the Kenyan side sorted, it’s hard to see this falling through.
Bottom line? This is a power play. Access Bank is not here to play small. Kenya, it seems, is just the next frontier.
