Access Bank completes ₦179bn acquisition of Kenya’s National Bank, expands footprint to 14 African countries

Access Bank Holdings Plc has finalized the ₦179 billion ($109.6 million) acquisition of National Bank of Kenya (NBK), marking a major milestone in its aggressive pan-African expansion strategy.

The landmark deal, completed in mid-2025 following regulatory approvals from both Nigerian and Kenyan authorities, was announced with an image showing executives from both banks signing the agreement against a backdrop of Nigerian and Kenyan flags.

Under the new structure, Access Bank will fully integrate NBK’s $1.1 billion in assets and approximately 400,000 customers into its growing continental network.

The acquisition officially establishes Access Bank’s presence in Kenya, one of Africa’s most competitive and technologically advanced banking markets, increasing its operational reach from 13 to 14 countries.

Group Chief Executive Officer Herbert Wigwe described the move as “a strategic leap toward deepening regional integration and financial inclusion,” noting that the transaction will unlock greater value for shareholders and customers across both markets. The merger positions Access Bank to leverage Kenya’s role as an East African financial hub, complementing its already strong presence in West and Southern Africa.

The acquisition also aligns with the broader goals of the African Continental Free Trade Area (AfCFTA), enhancing Nigeria–Kenya trade flows through improved cross-border payment systems, digital finance innovations, and credit access for small and medium enterprises. Analysts believe the deal could set the tone for a new wave of intra-African banking mergers, as institutions seek scale and continental competitiveness amid tightening global finance conditions.

This development cements Access Bank’s reputation as Nigeria’s most internationally diversified lender, underscoring its ambition to build a unified African banking network capable of competing on a global stage.