Access Bank PLC, one of Nigeria's leading commercial banks, has officially acquired the National Bank of Kenya (NBK), marking a significant expansion of its footprint in East Africa.

The Nigerian financial institution announced the acquisition on Monday through its official X (formerly Twitter) account, stating that the move is part of its strategic plan to strengthen its presence in the East African market.

The Central Bank of Kenya (CBK) confirmed the transaction, revealing that the necessary regulatory approvals had been granted earlier in April 2025. "This follows CBK's approval on April 4, 2025, and approval by the Cabinet Secretary for the National Treasury and Economic Planning on April 10, 2025," the Kenyan regulator stated.

According to the CBK, "The acquisition and transfer shall take effect upon completion of the transaction in accordance with the terms of the agreement between the parties." The financial details of the acquisition have not been disclosed.

Strategic Expansion

This acquisition represents a significant milestone in Access Bank's pan-African expansion strategy. The bank has been actively pursuing growth opportunities across the continent in recent years, with Kenya being a key market in East Africa's financial landscape.

The National Bank of Kenya, established in 1968, has been a significant player in Kenya's banking sector. The acquisition will likely provide Access Bank with an established network and customer base in the Kenyan market, further solidifying its position as one of Africa's leading financial institutions.

This move aligns with the growing trend of Nigerian banks expanding their operations across Africa, seeking growth opportunities beyond their home market and contributing to financial integration across the continent.

The acquisition is expected to enhance Access Bank's competitive position in East Africa and potentially create new opportunities for cross-border banking services between Nigeria and Kenya, two of Africa's largest economies.