By Ed Malik, A | ed@ddnewsonline.com | posted 5th June, 2025
Access Bank PLC has officially acquired the National Bank of Kenya (NBK), marking a strategic expansion into East Africa and reinforcing its ambition to become a pan-African financial powerhouse. The Central Bank of Kenya praised the acquisition for strengthening financial sector resilience and maintaining banking system stability.
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The transaction was confirmed by the Central Bank of Kenya (CBK), with regulatory approvals granted on April 4, 2025, and ratified by Kenya’s Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025.
The key highlights of the transaction worth noting is that while Access Bank PLC (Nigeria), is a subsidiary of Access Holdings PLC, the acquired National Bank of Kenya (NBK), was formerly owned 100% by KCB Group PLC. The acquisition aims to deepen Access Bank’s presence in East Africa and expand its integrated banking solutions across the region, bringing its operations to 13 African countries accentuating its global footprint in other countries like the UK, UAE, China, Lebanon, and India.
The intrinsic benefits of the acquisition is that NBK has a strong market presence in Kenya. Unarguably, Kenya, as a regional economic hub, offers Access Bank a strategic advantage for regional trade and public-sector partnerships. The acquisition will bring together NBK’s local legacy and expertise with Access Bank’s innovation and digital banking capacity, promising enhanced service delivery in retail, corporate, and public-sector banking.
The timeline of NBK’s operations began in 1968 when it was founded as a government vehicle to expand credit access to indigenous Kenyans post-independence. In 2019, NBK became a full subsidiary of KCB Group, which has now sold it to Access Bank. As part of the transaction, some assets and liabilities will be transferred to KCB Bank Kenya Limited, another KCB Group subsidiary.
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A statement by Access Bank said: “With NBK’s heritage and local expertise, combined with our innovative, global network, we are ready to drive growth and support progress where it matters most.”
This move aligns with Access Holdings’ broader strategy to build a globally connected ecosystem that fosters intra-African trade and enhances access to financial services across key markets.