The Central Bank of Kenya (CBK) has approved the transfer of all assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK). This move follows the CBK's approval granted on August 17, 2026, under Section 13 (4) of the Banking Act. The approval was also granted by the Cabinet Secretary for the National Treasury and Economic Planning on September 21, 2026.
The transfer will take effect once the transaction is completed in accordance with the terms of the Business and Assets Transfer Agreement between Access Bank (Kenya) and NBK. According to the CBK, this transaction will ensure continued stability and enhance resilience of the Kenyan banking sector and promote competition. The central bank has welcomed this transaction, citing its potential to support stability and resilience in Kenya's banking sector.
National Bank of Kenya (NBK) was incorporated in 1968 as a wholly owned government entity. Its primary objective was to help Kenyans access credit and support control of the economy after independence. In September 2019, KCB Group Plc acquired 100 per cent of NBK's shareholding. However, the ownership of the bank changed again in May 2025 when Access Bank PLC acquired 100 per cent of NBK's issued share capital from KCB Group Plc.
Access Bank PLC entered the Kenyan market in February 2020 after acquiring 100 per cent of the issued share capital of Transnational Bank Plc, which was subsequently renamed Access Bank (Kenya) Plc. Transnational Bank Plc began operations in December 1985, while Access Bank PLC was incorporated in February 1989. Access Bank PLC is a wholly owned subsidiary of Access Holdings PLC, a Nigerian banking group with subsidiaries in several African countries.
The Nigerian banking group has subsidiaries in several African countries, including Botswana, Cameroon, the Democratic Republic of Congo, The Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa, and Zambia. It also has a subsidiary in the United Kingdom, representative offices in China, India, and Lebanon, and a branch in the United Arab Emirates.
The CBK's approval of the asset transfer is in line with the relevant provisions of the Banking Act. The central bank has stated that the transfer will proceed once the transaction is completed in accordance with the agreement between the two banks. This move is expected to promote competition in the Kenyan banking sector.
The transaction is expected to support stability and resilience in Kenya's banking sector. Key stakeholders, including the banking sector and regulatory bodies, will be watching closely as this transaction unfolds.
Key points
- The Central Bank of Kenya has approved the transfer of Access Bank Kenya's assets to National Bank of Kenya.
- The transfer aims to promote stability and resilience in Kenya's banking sector.
- The transaction is expected to be completed in accordance with the Business and Assets Transfer Agreement between Access Bank (Kenya) and NBK.
