The Central Bank of Kenya (CBK) on Wednesday, September 23 gave the not to the transfer of all assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK).

The greenlight follows the approval by CBK on August 17, 2026, under Section 13 (4) of the Banking Act and the subsequent approval by Treasury Cabinet Secretary John Mbadi on September 21, 2026, pursuant to Section 9 (1) of the Banking Act.

According to the financial regulator, 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.

This transaction means Nigeria-based Access Bank Plc’s is shutting down as a standalone brand in Kenya and folding entirely into the NBK.

Because both banks are already owned by the same parent company—Nigeria’s Access Bank Plc—this is not a merger of competitors, but an internal reorganisation to consolidate their operations into one larger, stronger entity.

NBK was incorporated in 1968 as a wholly-owned Government entity with the objective of assisting Kenyans to access credit and control the economy after independence. In September 2019, KCB Group Plc acquired 100 percent shareholding of NBK.

Subsequently, in May 2025, Access Bank PLC acquired 100 percent of the issued share capital of NBK from KCB Group Plc.

Access Bank PLC was incorporated in February 1989 and is among the largest banking groups in Nigeria. It is a wholly owned subsidiary of Access Holdings PLC and has subsidiaries in various African countries including; Botswana, Cameroon, Democratic Republic of Congo, Gambia, Ghana, Guinea, Kenya, Mozambique, Nigeria, Rwanda, Sierra Leone, South Africa and Zambia. It also has a subsidiary in the United Kingdom and operates representative offices in China, India and Lebanon, and a branch in United Arab Emirates.

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