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.

The approval comes with a stipulation that requires Access Bank to retain at least 80% of NBK’s workforce, as well as all of its own local employees, for one year following the deal’s completion. 

The acquisition, which still awaits endorsement from the Central Bank of Kenya (CBK), is part of Access Bank’s expansion in the East African financial market.

Although the exact transaction value remains undisclosed, KCB Group had previously indicated a sale price for NBK based on a 1.25 times book value calculation. 

With NBK’s book value standing at approximately $79.77 million in 2023, reports estimate the acquisition could be worth around $100 million. Finalisation of the deal is expected by November.

The acquisition will boost Access Bank’s footprint in Kenya. Currently, Access Bank operates 23 branches across 12 counties, while NBK has a network of 77 branches in 28 counties, making it a notable presence in retail, corporate, and Islamic banking. 

This merger elevates Access Bank’s market reach in Kenya, enhancing its capacity to compete within East Africa’s largest economy.

Before the acquisition, Access Bank’s operations in Kenya were classified as tier 3, ranking 37th among the 39 licensed commercial banks in the country. In contrast, NBK holds a stronger position as a tier 2 bank. 

The merged entity is projected to command a 1.9% market share in Kenya’s banking sector, a modest figure that, according to CAK, is unlikely to disrupt competitive dynamics within the market.

Again, Access Bank’s acquisition of NBK includes NBK’s insurance subsidiary, NBK Bancassurance Intermediary Limited, which will add an insurance dimension to Access Bank’s offerings in Kenya. 

The acquisition depicts growth for Access Bank, which has expanded aggressively across Africa, acquiring financial institutions in various countries, including Kenya’s Transnational Bank in 2019.

The CAK’s approval of the merger also considers the impact on employment. CAK’s conditions are designed to mitigate job losses by requiring Access Bank to retain a significant portion of NBK’s employees for at least one year. The bank has committed to providing compensation in line with Kenyan labour laws for any staff affected by restructuring post-merger.

In a broader regional context, the Common Market for Eastern and Southern Africa (COMESA) Competition Commission had previously greenlit portions of this acquisition in markets outside Kenya, passing the Kenyan aspect to CAK for further review.

The acquisition aligns with Access Bank’s strategy of consolidating its influence in East Africa and potentially leveraging NBK’s established customer base and service scope. 

In a statement released today on its social media platforms, LinkedIn and Twitter, Access Bank emphasized its focus on enhancing economic growth and prosperity across borders by boosting Nigerian-Kenyan businesses. 

The bank sees the acquisition as a stimulus for collaboration that will drive both economies forward and redefine the future of banking in Africa.

“Our strengthened presence in Kenya provides more opportunities for trans-African trade and financial inclusion, fostering economic growth and prosperity across borders. By boosting Nigerian-Kenyan businesses, we are fueling collaboration that will drive our economies forward.”

Together, both organizations seek to redefine the future of banking in Africa, empowering businesses to reach new heights.

The acquisition comes after a failed attempt to acquire Sidian Bank in 2023. NBK has a substantial presence in Kenya with over $1.1 billion in total assets. Following regulatory approvals, NBK will be merged with Access Bank Kenya to establish a larger Kenyan franchise.

This move aligns with Access Bank’s five-year plan to become Africa’s Gateway to the World. It positions Access Bank as a well-known player in the Kenyan market and a key participant in the East African economic bloc.

Both Access Bank and KCB Group are optimistic about the deal’s potential to benefit Kenyan and Nigerian businesses. The combined entity is expected to boost cross-border trade and financial inclusion across Africa.

The acquisition also follows Access Bank’s recent deal to acquire a majority stake in Uganda’s Finance Trust Bank. With regulatory approvals pending, the Ugandan acquisition is expected to close in the first half of 2024.

Upon completion of the acquisition, NBK will be merged with Access Bank Kenya Plc, creating an enlarged franchise to pursue Access Bank’s strategic objectives in the Kenyan and East African markets.

Access Bank CEO Roosevelt Ogbonna sees the acquisition as a milestone in achieving the bank’s strategic plan and increasing its market share in Kenya.

Ms. Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc, emphasized the strategic importance of the acquisition in the execution of the group’s five-year plan. Agbede highlighted the clear opportunity to scale up growth in the East African market and deliver significant value to shareholders, customers, and stakeholders.

KCB Group’s CEO, Paul Russo, expressed optimism about the transaction, noting its importance in providing a predictable future for NBK and its staff.

Since its acquisition by KCB in 2019, NBK has undergone significant restructuring efforts to restore profitability and meet regulatory requirements.