October 27, (THEWILL) — Nigeria’s Access Holdings Plc has confirmed that its subsidiary, Access Bank Plc, expended approximately N179.1 billion (US$109.6 million) for the complete acquisition of the National Bank of Kenya (NBK) from the KCB Group Plc.
The deal was formally executed on May 30, 2025, after regulatory approvals were obtained in Kenya and Nigeria.
The acquisition is central to Access Bank’s ambition to deepen its presence in East Africa, leveraging Kenya’s role as a regional commerce hub.
Under the terms of the deal, certain assets and liabilities of NBK were transferred to KCB Bank Kenya Limited (a subsidiary of KCB Group) in line with the approvals from the Central Bank of Kenya (CBK) and Kenya’s National Treasury.
Despite completion, Access Holdings noted that control of NBK had not fully transferred as of June 30, 2025, meaning NBK’s results were not yet consolidated into the group’s financial statements.
The transaction, valued at US$109.6 million, represents a sizable capital deployment for Access Holdings in its pan-African growth strategy.
To secure the seller’s payment while regulatory conditions were being finalised, Access Holdings, KCB Group and the African Export‑Import Bank (AFREXIM) entered into a guarantee agreement covering up to US$89.5 million (N142.3 billion).
For Nigeria, the acquisition signals a growing confidence in Nigerian banking groups as regional financiers and underlines the trend of cross-border consolidation in Africa’s financial services sector.
For Kenya, NBK’s transfer to Access Bank introduces fresh capital and digital banking capability, potentially heightening competition in the Kenyan banking sector. The CBK has publicly welcomed the move as enhancing sector stability.
For Access Holdings shareholders, the acquisition offers exposure to Kenya’s East African market while positioning Kenya as a gateway for intra-African banking flows and trade finance. The deal further reinforces Access’s “Africa’s gateway to the world” ambition.
While the acquisition is now legally complete, full integration of NBK into Access’s systems, culture and governance will take time. Some legacy clients of NBK were retained by KCB after the sale, suggesting transition complexity.
The success of the deal depends on realising synergies in digital banking, cost structure optimisation, and leveraging Access’s pan-African network. Execution risk remains high in cross-border banking mergers.
With NBK now part of the Access Bank family, the group is well placed to accelerate its East African operations, expand digital banking solutions, and support intra-African trade flows. For stakeholders, this move underlines Nigerian banks’ growing continental ambition and the value of regional diversification in African financial services.
Ogochukwu Onwaeze
