access holdings kenya

Nigerian banking giant Access Holdings Plc is making a big move in the East African market by acquiring the National Bank of Kenya (NBK) from KCB Group Plc. This deal strengthens Access Holdings’ position in Kenya and expands its reach across the continent.

About the deal, it’s important to note that Access Holdings is buying NBK for roughly $100 million. The deal still needs approval from the central banks of Kenya and Nigeria, with companies expecting it to be finalized within the next six to nine months. This acquisition supports Access Holdings’ goal of becoming “Africa’s Gateway to the World” within the next five years.

Sunday Ekwoche, Company Secretary, in a corporate disclosure on the NGX website; stated that “the transaction is in furtherance of the Bank’s African expansion strategy and will reposition it as a stronger and significant player in the Kenyan market whilst serving as a regional hub for our East African bloc anchored by a solidified balance sheet.”

This move could have several implications for Kenya. Access Holdings entering the Kenyan market means more competition among banks, potentially leading to better services and products for customers. Additionally, this deal shows confidence in Kenya’s economy, which might encourage more businesses to invest in the country. Access Holdings’ focus on digital banking could help bring banking services to more Kenyans, especially in underserved areas.

Access Holdings is clearly on a growth trajectory. This marks its third bank acquisition in Kenya, demonstrating a strong commitment to the region. The company continues to expand, with a significant presence in Nigeria, Ghana, South Africa, and other African countries.

AlSO READ:  Google's LookMeUp Campaign Will Support African Female Entrepreneurs During International Women’s Month

The acquisition of NBK highlights the growing connections between African financial markets. Access Holdings’ move is a major step and could inspire even more growth across the continent.

Follow Techspace Africa on Facebook and Twitter. For the latest news, tech news, breaking news headlines, reviews and live updates check out tech-space.africa


Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

You may also like