The Central Bank of Kenya (CBK) has approved Nedbank Group Limited's proposed acquisition of up to 66% of the issued share capital of NCBA Group PLC, a prominent financial services provider in East Africa. The approval, granted on August 28, 2026, was issued under Section 13(4) of Kenya's Banking Act, as announced by the regulator on X (Twitter). The acquisition will take effect once the two entities finalise all transaction terms. Under Kenya's regulatory framework, the CBK must vet any transfer of significant shareholding in a licensed banking institution before it can proceed, making this approval a key prerequisite for the deal.

NCBA Group was established in 2019 through the merger of NIC Group and the Commercial Bank of Africa (CBA), one of the largest bank combinations in the region at the time. Based in Nairobi, the group is listed on the Nairobi Securities Exchange and maintains a significant banking presence in Kenya, Uganda, Tanzania, and Rwanda, alongside a joint venture in Côte d'Ivoire. Beyond its core banking services, NCBA also operates in stock brokerage, insurance, investment banking, and leasing. The group is also known in the Kenyan market for its digital and mobile banking offerings, a legacy of the combined institutions' partnerships in mobile financial services.

For Nedbank, the acquisition represents a strategic opportunity to expand its footprint in East Africa by integrating NCBA's established regional banking network with its existing operations in Southern Africa. Headquartered in South Africa and listed on the Johannesburg Stock Exchange, Nedbank operates in multiple African markets, including Lesotho, Mozambique, Namibia, Eswatini, and Zimbabwe. Its portfolio spans banking, financial services, investment, insurance, and stockbroking. A controlling stake in NCBA would give Nedbank a substantially strengthened position in the East African Community, one of Africa's larger regional trading blocs, complementing its existing continental footprint.

The Central Bank of Kenya has expressed support for the proposed deal, stating that it will help stabilise the country's banking sector and encourage competition, although the transaction must still be finalised according to the agreed terms. The regulator believes the move will enhance the stability and competitiveness of Kenya's banking industry.

The transaction forms part of a broader trend of cross-border activity in Africa's financial sector, as major banking groups expand into new markets through acquisitions. Should Nedbank acquire up to 66% of NCBA, it would gain control of a financial group operating in key East African markets, while NCBA would benefit from becoming part of a larger regional financial services organisation. Key remaining steps before completion include finalising the transaction terms between the two parties and satisfying any other applicable regulatory requirements in the relevant jurisdictions.