Access Holdings Plc, the parent company of Access Bank, has successfully completed its acquisition of the National Bank of Kenya (NBK) for N179.1 billion ($109.6 million). This strategic move significantly enhances Access Holdings' presence in the East African financial market.
The acquisition, initially announced in May 2025, represents a major expansion for a Nigerian bank within the region. It aligns with Access Holdings' overarching objective to establish a robust pan-African franchise that facilitates connections across the continent's markets.
According to the group's 2025 half-year financial report, completion documents were received from KCB Group of Kenya on May 30, 2025, confirming that the key conditions of the deal had been met. A statement from the group indicated, "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)."
Regulatory Clearance and Financial Safeguards
While the acquisition was finalized in May, the complete integration of the National Bank of Kenya into the Access Bank network is still contingent upon final regulatory approvals, which were pending as of June 2025.
Access Holdings secured the transition with a guarantee agreement, effective May 30, 2025, involving KCB Group and Afreximbank. This agreement guarantees a maximum of $89.5 million (N142.3 billion), protecting KCB Group's payment rights while awaiting final regulatory approval and ensuring financial security for both parties during the transfer period.
The acquisition received crucial regulatory endorsement from the Central Bank of Kenya on April 4, 2025, under Section 13(4) of the Banking Act. Further approval was granted by Kenya’s Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025. These clearances were essential for Access Holdings to legally operate within Kenya's financial sector and to proceed with the ownership acquisition of NBK.
As part of the restructuring process for NBK, specific assets and liabilities were transferred to KCB Bank Kenya Limited, a subsidiary of KCB Group. This measure was implemented to ensure a smooth transition and maintain financial stability prior to the full integration of NBK into Access Bank.
Strengthening Access Bank’s African Footprint
Access Holdings' acquisition of NBK for N179 billion represents a substantial expansion of its presence in East Africa. This move is central to its strategy of connecting African markets through advanced financial and digital infrastructure, reinforcing its ambition to serve as Africa’s gateway to the global economy.
By establishing a presence in Kenya, a prominent financial hub in Africa, Access Bank is positioning itself to capitalize on the region's expanding retail and corporate banking sectors. The acquisition is expected to facilitate the extension of its digital banking services, provide support for small and medium-sized enterprises, and bolster trade finance activities between East and West Africa.
Access Holdings conveyed in an official statement, "This transaction reflects our commitment to building a strong pan-African banking franchise. 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."
This strategic expansion follows Access Bank's recent ventures into South Africa, Ghana, Zambia, and Mozambique, underscoring a persistent drive for regional diversification. Furthermore, this diversification strategy helps the group mitigate risks associated with Nigeria’s volatile economic conditions and currency fluctuations, while simultaneously pursuing new opportunities in Africa’s high-growth markets.
For Kenya, this acquisition brings more than just a change in ownership. The integration of NBK into Access Bank's operational framework promises to broaden access to credit and digital finance for individuals and businesses. By leveraging Access Bank's sophisticated technological infrastructure, customers in Kenya can anticipate improvements in service delivery, access to innovative banking tools, and enhanced capabilities for cross-border transactions.
From an economic perspective, the deal is anticipated to attract foreign investment, generate new employment opportunities, and enhance confidence in Kenya's financial system. It may also foster further collaborations in the fintech and digital payments sectors, contributing to the reduction of financial disparities across the continent.
Upon completion of all necessary regulatory approvals, Access Bank will assume full control of NBK and commence its operations in Kenya. This development is set to strengthen not only Access Bank's portfolio but also the collective financial network across Africa.