CBK Orders Transfer of Access Bank Kenya to National Bank - THISDAYLIVE

Central Bank of Kenya (CBK) has approved the transfer of the business, assets, and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK), in a development that reshapes the Nigerian lender’s operations in the Kenyan market.

The regulator said the transfer was approved on August 17, 2026, under Section 13(4) of the Banking Act, while the Cabinet Secretary for the National Treasury and Economic Planning gave the required approval on September 21, 2026, pursuant to Section 9(1) of the Act.

The development comes days after Central Bank of The Gambia (CBG) directed commercial banks operating in the country, including subsidiaries of Nigerian lenders, such as Access Bank, to begin a phased replacement of non-Gambian employees with suitably qualified Gambian nationals.

The latest action in Kenya adds to a series of regulatory developments affecting Nigerian banks with operations across African markets, as regulators seek to strengthen local participation and ensure stability within their respective banking systems.

According to CBK, the transfer of Access Bank Kenya’s business, assets, and liabilities to NBK would take effect upon completion of the transaction in line with the terms of the Business and Assets Transfer Agreement between the parties.

A statement from the regulator yesterday said, “The Central Bank of Kenya announces the transfer of all assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK).

“This follows the approval by CBK on August 17, 2026, under Section 13(4) of the Banking Act and approval by the Cabinet Secretary for the National Treasury and Economic Planning on September 21, 2026, pursuant to Section 9(1) of the Banking Act.

“The transfer shall take effect upon completion of the transaction in accordance with the terms of the Business and Assets Transfer Agreement between the parties.”

NBK was established in 1968 as a wholly owned government entity to expand access to credit and support Kenya’s economic development after independence. KCB Group Plc acquired 100 per cent of the bank in September 2019, before Access Bank Plc acquired the entire issued share capital of NBK from KCB Group in May 2025.

Access Bank had entered the Kenyan market in February 2020 through the acquisition of Transnational Bank Plc, which was subsequently renamed Access Bank (Kenya) Plc.

Transnational Bank commenced operations in 1985.

CBK said it welcomed the transaction, stating that it would support continued stability, enhance the resilience of Kenya’s banking sector, and promote competition.

It stated, “CBK welcomes this transaction as it will ensure continued stability and enhance resilience of the Kenyan banking sector and promote competition.”

Access Bank has banking subsidiaries in several African countries, including The Gambia, Ghana, Guinea, Sierra Leone, South Africa, Zambia, Rwanda, Mozambique, Botswana, Cameroon, and the Democratic Republic of Congo.

The Nigerian lender also operates in the United Kingdom, with representative offices in China, India, and Lebanon, as well as a branch in the United Arab Emirates.

When contacted for comments on the development, the spokesperson for Access Bank did not respond as of the time of filing this report.

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