Access Bank Plc has finalized its acquisition of full control over the National Bank of Kenya (NBK), marking a significant development in the East African banking landscape. The Central Bank of Kenya (CBK) approved the transaction on April 4, 2025, signaling confidence in the strategic move aimed at boosting the stability and resilience of Kenya’s financial sector.
The CBK, in a statement released last week, confirmed that it had also approved the transfer of certain assets and liabilities from NBK to KCB Bank Kenya Limited, a move sanctioned under Section 9 of the Banking Act. This transfer was further ratified by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025.
NBK, which had been under the umbrella of KCB Group since its acquisition in 2019 due to prolonged financial instability, has shown signs of recovery. According to its audited financial results for the year ending December 31, 2024, NBK posted a profit after tax of Ksh 1.06 billion, a remarkable turnaround from the Ksh 3.3 billion loss recorded in 2023. However, the group’s total assets decreased from Ksh 161.2 billion to Ksh 148.3 billion, and its liabilities declined by 10.2 percent, from Ksh 150.3 billion to Ksh 134.9 billion.
Access Bank, a Nigerian multinational with a footprint in 18 countries, including Kenya, sees the move as part of its broader strategy to deepen its presence across Africa. With an asset base of $25.5 billion, Access Bank has been steadily expanding, positioning itself as a key player in the continent’s banking sector.
The CBK welcomed the transaction, noting that the consolidation will strengthen Kenya’s banking industry. “CBK welcomes this transaction as it will ensure stability and enhance the resilience of the Kenyan banking sector,” the regulator said.
With this acquisition, Access Bank not only solidifies its presence in Kenya but also signals growing regional integration in Africa’s financial services sector, setting the stage for a more competitive and dynamic banking environment.
