Access Holdings Plc, the parent company of Access Bank, has completed its acquisition of the National Bank of Kenya (NBK) for N179.1 billion ($109.6 million), significantly strengthening its presence in East Africa’s banking sector.
This deal, initially revealed in May 2025, represents a major milestone for a Nigerian financial institution expanding within the region. It highlights Access Holdings’ strategic vision to establish a robust pan-African banking network that seamlessly links various markets across the continent.
According to the group’s mid-2025 financial report, Access Holdings received the final transaction documents from Kenya’s KCB Group on May 30, 2025, confirming that all critical conditions for the acquisition were met. The statement noted, “The Group has obtained completion documents from the Seller for a total consideration estimated at $109.6 million (N179.1 billion).”
Regulatory Approvals and Financial Protections
Although the acquisition was officially concluded in May, the full integration of NBK into Access Bank’s operations remains subject to final regulatory endorsements as of June 2025.
To safeguard the transition, Access Holdings entered into a guarantee agreement with KCB Group and Afreximbank on May 30, 2025. This arrangement secures up to $89.5 million (N142.3 billion), ensuring KCB Group’s payment entitlements are protected while awaiting regulatory clearance, thereby providing financial assurance to all parties involved.
The Central Bank of Kenya granted regulatory consent for the acquisition on April 4, 2025, under Section 13(4) of the Banking Act, followed by approval from Kenya’s Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025. These authorizations were essential for Access Holdings to legally operate within Kenya’s banking industry and assume ownership of NBK.
As part of NBK’s restructuring, certain assets and liabilities were transferred to KCB Bank Kenya Limited, a subsidiary of KCB Group, to ensure a smooth handover and maintain financial stability ahead of NBK’s full integration into Access Bank.
Expanding Access Bank’s Reach Across Africa
The acquisition of NBK for N179 billion marks a significant leap forward in Access Holdings’ strategy to deepen its footprint in East Africa. This move aligns with the group’s ambition to interlink African economies through advanced financial and digital platforms, positioning itself as a key gateway for Africa’s global financial interactions.
By establishing a presence in Kenya, one of the continent’s most vibrant financial centers, Access Bank is poised to capitalize on the expanding retail and corporate banking markets. The acquisition will facilitate the extension of digital banking solutions, bolster support for small and medium enterprises, and enhance trade finance between East and West Africa.
“This acquisition embodies our dedication to creating a formidable pan-African banking institution,” Access Holdings stated. “Merging NBK’s local market knowledge with Access Bank’s extensive international network will foster a more innovative and efficient banking environment in Kenya.”
This development complements Access Bank’s recent expansions into countries such as South Africa, Ghana, Zambia, and Mozambique, reflecting a deliberate effort to diversify regionally. It also helps the group reduce exposure to Nigeria’s economic volatility and currency fluctuations while tapping into emerging opportunities in fast-growing African markets.
Also read: Access Bank secures final approval to acquire National Bank of Kenya
For Kenya, this acquisition signifies more than a change in ownership. Integrating NBK into Access Bank’s ecosystem promises expanded access to credit and digital financial services for both individuals and businesses. Leveraging Access Bank’s cutting-edge technology infrastructure, Kenyan customers can anticipate enhanced service quality, innovative banking products, and improved cross-border transaction capabilities.
From an economic perspective, the transaction is expected to attract increased foreign direct investment, generate employment opportunities, and boost confidence in Kenya’s financial sector. It may also catalyze further partnerships in fintech and digital payment solutions, helping to close financial inclusion gaps across Africa.
Once all regulatory conditions are met, Access Bank will officially take over NBK’s operations in Kenya, reinforcing not only its own portfolio but also contributing to the strengthening of Africa’s integrated financial landscape.