Nigeria’s Access Bank Plc is consolidating its Kenyan operations as the Central Bank of Kenya (CBK) approves the transfer of all the business, assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK).
The CBK announced the transaction in a statement dated September 23, 2026, saying the transfer followed its approval on August 17 under Section 13(4) of Kenya’s Banking Act and subsequent approval by the Cabinet Secretary for the National Treasury and Economic Planning on September 21 under Section 9(1) of the Banking Act.
The transfer will take effect once the parties complete the transaction in line with their Business and Assets Transfer Agreement.
The agreement is the legal document setting out how the business, assets and liabilities will move from one entity to the other.
The transaction effectively brings Access Bank’s Kenyan operations under NBK, which is also owned by Access Bank.
The development comes after Access Bank Plc acquired 100 per cent of NBK’s issued share capital from KCB Group Plc in May 2025.
Access Bank had earlier entered the Kenyan market in February 2020 by acquiring 100 per cent of Transnational Bank Plc and renaming it Access Bank (Kenya) Plc.
NBK was incorporated in 1968 as a wholly owned government entity to help Kenyans access credit and support economic control after independence.
KCB Group acquired 100 per cent of the bank in September 2019 before selling the entire shareholding to Access Bank in 2025.
CBK cites stability, stronger competition
The Kenyan regulator said the transfer would support stability in the country’s banking sector and strengthen the ability of banks to withstand financial and economic pressures.
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“CBK welcomes this transaction as it will ensure continued stability and enhance resilience of the Kenyan banking sector and promote competition,” the regulator said.
Pinnacle Daily reports that Access Bank Plc is a subsidiary of Access Holdings Plc and operates across several African markets, 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 Kenyan consolidation follows Access Bank’s broader expansion across Africa and comes days after the Nigerian lender redeemed a $500 million senior unsecured Eurobond that matured on September 21, 2026.
The Eurobond was issued in 2021 for five years at an annual interest rate of 6.125 per cent.
Access Bank said the principal was repaid entirely from its foreign-currency liquidity, with all scheduled interest payments made throughout the life of the bond.
The latest Kenyan transaction therefore adds another major balance-sheet development to Access Bank’s recent activities as the group manages its international operations, funding obligations and regional banking structure.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X