Central Bank of Kenya building in Nairobi /FILE

The Central Bank of Kenya (CBK) has approved the transfer of all assets and liabilities of Access Bank (Kenya) Plc to National Bank of Kenya Limited (NBK).

The transfer follows CBK approval granted 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.

CBK said the transfer will take effect once the transaction is completed in accordance with the terms of the Business and Assets Transfer Agreement between Access Bank (Kenya) and NBK.

“CBK welcomes this transaction as it will ensure continued stability and enhance resilience of the Kenyan banking sector and promote competition,” the central bank said in a statement issued on Wednesday.

NBK was incorporated in 1968 as a wholly owned government entity with the objective of helping Kenyans access credit and supporting control of the economy after independence.

In September 2019, KCB Group Plc acquired 100 per cent of NBK's shareholding. The ownership of the bank changed again in May 2025 when Access Bank PLC acquired 100 per cent of NBK's issued share capital from KCB Group Plc.

Access Bank PLC had entered the Kenyan market in February 2020 after acquiring 100 per cent of the issued share capital of Transnational Bank Plc, which was subsequently renamed Access Bank (Kenya) Plc.

Transnational Bank Plc began operations in December 1985 and Access Bank PLC was incorporated in February 1989 and is a wholly owned subsidiary of Access Holdings PLC.

The Nigerian banking group has subsidiaries in several African countries, 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.

CBK said the transaction would support stability and resilience in Kenya's banking sector while promoting competition.

The central bank said the transfer had been approved under the relevant provisions of the Banking Act and will proceed once the transaction is completed in accordance with the agreement between the two banks.