Nigerian banking giant Access Bank has received final approval from Kenyan authorities to acquire the National Bank of Kenya, moving the long-awaited deal into its final stages.
Both the Central Bank of Kenya and the National Treasury confirmed the green light on Monday, nearly a year after acquisition talks began.
This clearance allows Access Bank to move ahead with buying all the issued shares of the struggling Kenyan lender. While the transaction still requires final sign-off from regulators in Nigeria, the latest decision signals a major advance in the regional expansion strategy of one of Africa’s largest financial institutions.
Access Bank has been actively expanding beyond Nigeria, targeting key markets across East and Southern Africa. The planned acquisition of NBK is seen as a gateway into Kenya’s competitive banking sector and an opportunity to scale operations in the region’s biggest economy.
NBK, a state-owned bank with a long history in Kenya’s financial landscape, has faced years of underperformance and struggled to stay profitable. Its full acquisition by a foreign lender underscores growing foreign interest in the Kenyan banking space, especially among West African institutions seeking cross-border influence.
Once completed, the deal will significantly boost Access Bank’s footprint across East Africa, with Kenya expected to serve as a hub for further regional operations. For NBK, the takeover could offer a lifeline, giving the bank a chance to restructure under stronger financial backing and modernised systems.
The final decision from Nigerian regulators is expected soon. If cleared, the deal will mark another milestone in Access Bank’s transformation into a pan-African banking leader.