Access Bank Kenya Plc has announced plans to transfer its entire business, including assets and liabilities, to National Bank of Kenya Limited (NBK). This move is part of the Nigerian lender's efforts to consolidate its operations in the Kenyan market. The Central Bank of Kenya (CBK) confirmed the transaction, stating that it was approved on August 17, 2026, under Section 13(4) of the Banking Act.
The CBK approval was followed by a nod from the Cabinet Secretary for the National Treasury and Economic Planning on September 21. According to the CBK, the transfer will take effect upon completion of the transaction in accordance with the terms of the Business and Assets Transfer Agreement between the parties. The financial value of the transaction and its implications for branches, customers, or employees were not disclosed.
Access Bank entered the Kenyan market in February 2020 after acquiring 100 percent of Transnational Bank Plc and renaming it Access Bank (Kenya). In May 2025, Access Bank acquired 100 percent of NBK from KCB Group, bringing both Kenyan operations under the same Nigerian banking group. This latest transaction will consolidate the two businesses under NBK.
NBK was established in 1968 as a wholly government-owned bank to support access to credit and economic development. The bank was acquired by KCB Group in 2019 before being sold to Access Bank six years later. The transfer marks another restructuring of Access Bank's Kenyan operations as the lender continues to build a pan-African banking network.
Access Bank operates across several African markets, including Ghana, Nigeria, South Africa, Rwanda, Mozambique, Zambia, the Democratic Republic of Congo, and Tanzania, among others. The bank's expansion efforts aim to create a robust presence in the African banking sector. The CBK stated that the transaction would ensure continued stability and enhance resilience of the Kenyan banking sector and promote competition.
The regulator did not provide a completion date, stating that the transfer will become effective once the transaction is completed in line with the Business and Assets Transfer Agreement. The move is expected to have a positive impact on the Kenyan banking sector, with the CBK emphasizing its commitment to maintaining stability and promoting competition.
The consolidation of Access Bank's Kenyan operations under NBK is a significant development in the country's banking sector. With a presence in multiple African markets, Access Bank is well-positioned to leverage its expanded network and offer a wider range of services to its customers. The transaction is expected to be completed in the near future, subject to the terms of the agreement.
Key points
- Access Bank to consolidate Kenyan operations under National Bank of Kenya
- Transaction approved by Central Bank of Kenya and Cabinet Secretary for National Treasury
- Consolidation aims to promote stability and competition in Kenyan banking sector
