Access entered Kenya in 2020 by acquiring Transnational Bank (now Access Bank Kenya), but until now, its presence remained modest. The NBK deal changes that. While the purchase price wasn’t publicly disclosed, NBK was valued at 1.25x its book value—roughly pegging the deal around $102 million.
Why it matters: The acquisition isn’t just about scale for Access Bank. NBK has deep ties with Kenya’s public sector and strong brand equity. That means Access gets not only infrastructure and licenses but also instant credibility. As the East African region becomes more interconnected, Access Bank sees Kenya as a launchpad into regional trade and finance flows.
The acquisition—first announced in March 2024—marks a significant step in the Nigerian lender’s aggressive East Africa expansion. With all regulatory green lights now secured, NBK becomes a fully owned subsidiary of Access Bank Plc.
The transaction gives Access Bank a substantial footprint in Kenya. Access Bank will gain access to NBK’s 77 bank branches across its 28 counties, elevating Access Bank Kenya to a tier-two bank status. The acquisition also increases Access Bank’s market share from 0.2% to 1.9%.
CEO Roosevelt Ogbonna called the move a “springboard” into East Africa, aligning with the bank’s wider pan-African ambitions. Beyond Kenya, Access has recently expanded into Angola and Guinea, with sights set on Morocco, Namibia, and Ethiopia.
