Access Bank Finalizes Acquisition of National Bank of Kenya, Expands African Footprint

Access Bank Plc, Nigeria’s largest lender by assets, completed its acquisition of the National Bank of Kenya (NBK) from KCB Group on May 30, 2025, in a $100 million deal, strengthening its East African presence.

The transaction, announced in March 2024, received approvals from Kenya’s Central Bank and Nigeria’s Central Bank, transferring NBK’s 14 branches, $1.1 billion in assets, and 1.2 million customers to Access Bank. The acquisition, Access Bank’s fourth in five years, aligns with its goal to operate in 20 African countries by 2027, following expansions in Ghana, Zambia, and Uganda.

NBK, founded in 1968, struggled with $50 million in non-performing loans, prompting KCB’s sale to focus on core markets. Access Bank’s Group CEO, Herbert Wigwe, outlined plans to invest $20 million in NBK’s digital banking and SME lending, targeting Kenya’s 7% GDP growth. The bank rebranded NBK branches under Access Bank Kenya, retaining 1,200 staff and adding 300 jobs.

Customers gain access to Access Bank’s 600-branch network and $30 billion asset base. The deal has boosted Nigeria-Kenya trade ties, with analysts predicting a 15% revenue increase for Access Bank by 2026. However, concerns linger over NBK’s loan portfolio, with Access Bank pledging rigorous restructuring to ensure stability.