(NAIROBI, KENYA) – Access Bank Kenya will close a KES 2.11 billion ($16.30 million / GBP 12.28 million) capital shortfall through its merger with National Bank of Kenya (NBK), as its parent firm consolidates Kenyan operations amid higher regulatory capital requirements.
The Central Bank of Kenya (CBK) said on Wednesday it approved the transfer of all assets and liabilities of Access Bank Kenya to NBK, after approval on 17th August under the Banking Act and clearance by the Treasury on 21st September.
Nigeria’s Access Bank Plc bought NBK from KCB Group in May 2025. The NBK purchase was Access’ second acquisition in Kenya, after its 2020 deal for Transnational Bank, which it rebranded as Access Bank Kenya.
“The CBK announces the transfer of all assets and liabilities of Access Bank Kenya to NBK…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,” the CBK said.
Completion of the transfer under the business and assets transfer agreement will ease pressure on Access Bank Kenya, which had core capital of KES 892 million ($6.89 million / GBP 5.19 million) at the end of June 2026 against a required minimum of KES 3 billion ($23.17 million / GBP 17.46 million).
NBK held core capital of KES 12.01 billion ($92.75 million / GBP 69.90 million) over the same period, making it fully compliant with the Business Laws (Amendment) Act 2024, which raised the minimum core capital from KES 1 billion ($7.72 million / GBP 5.82 million) and triggered a wave of fundraising among 10 banks.
Access Bank Kenya said in June it was counting on the NBK merger to reach compliance rather than seek additional funding from its parent company.
“Access Bank (Kenya) Plc’s core capital currently stands at KES 892 million ($6.89 million / GBP 5.19 million), which is below the regulatory minimum of KES 3 billion ($23.17 million / GBP 17.46 million). The proposed merger with NBK is expected to fully close this shortfall, strengthen the combined entity’s core capital and ensure regulatory compliance,” Access Bank Kenya said in August in a commentary on its half-year 2026 financial results.
The transfer also brings Access Bank’s Kenyan operations under NBK, potentially giving the group a larger balance sheet.
The deal comes as Kenyan banks face progressively higher capital requirements after changes to the Banking Act.
Under the Business Laws (Amendment) Act 2024, the minimum core capital requirement rose from KES 1 billion ($7.72 million / GBP 5.82 million) to KES 3 billion ($23.17 million / GBP 17.46 million) by December 2025. The law initially provided for further increases to KES 5 billion ($38.61 million / GBP 29.10 million) by the end of 2026, KES 6 billion ($46.34 million / GBP 34.92 million) in 2027, KES 8 billion ($61.78 million / GBP 46.56 million) in 2028 and KES 10 billion ($77.23 million / GBP 58.20 million) by 2029.
The higher requirements triggered a wave of capital raising, mainly among smaller lenders seeking to stay compliant.
The government has since adjusted implementation of the KES 10 billion ($77.23 million / GBP 58.20 million) requirement. In June, Treasury Cabinet Secretary John Mbadi scrapped the staggered compliance timeline, extended the deadline to December 2032 and set a single deadline for banks to meet the threshold.