Zenith Bank Plc, Nigeria’s second-largest bank by assets, has confirmed that its planned entry into Kenya is now awaiting final regulatory approvals.
The confirmation follows Kenyan media reports that Zenith is in advanced talks to acquire Paramount Bank Ltd, a mid-tier lender. While the lender did not name the institution it plans to buy, it told in an email: “Please note that the Bank is going to Kenya as part of our ongoing expansion and the details will be communicated after final approvals by regulators.”
If completed, the deal will mark Zenith’s first move into East Africa, joining other Nigerian lenders, Access Bank, UBA, and GTBank, that have expanded into Kenya as West African banks pursue growth beyond their home markets. Access Bank recently completed the takeover of the National Bank of Kenya.
A deal shaped by regulation and opportunity
Business Daily reports that the deal is expected to close within months, subject to approvals from both the Central Bank of Nigeria and the Central Bank of Kenya.
In July, Kenyan outlets reported that Zenith Bank was in advanced talks to acquire a tier-two bank.
Zenith already operates in Ghana, the UK, Sierra Leone, and the Gambia, and recently outlined expansion plans for Côte d’Ivoire and Kenya. “We were already an adult bank by the time we were seven, competing with banks that were 100 years old,” Henry Oroh, an executive director who has led several of Zenith’s international expansions, told The Africa Report in September.
Kenya is East Africa’s financial hub with macro stability, a relatively predictable exchange rate, and a large GDP of over $136 billion. An acquisition would give Zenith immediate access to customers, staff, and local operational capacity—key advantages in a market where organic entry is slow and costly. Oroh told The Africa Report that due diligence was complete on an undisclosed bank. “One of the smaller two to three banks,” he said at the time.
Zenith’s move comes as smaller Kenyan banks face pressure to beef up their capital positions under the Central Bank of Kenya (CBK)’s recapitalisation framework. Introduced through the Business Laws (Amendment) Act in December 2024, the law mandates a phased increase in minimum core capital, from KSh 1 billion ($7.7 million) to KSh 3 billion ($24 million) by December 2025, and further to KSh 10 billion ($77 million) by 2029.
As of June 2025, 27 of Kenya’s 39 licenced banks had met this requirement, leaving more than a dozen looking for investors, mergers, or outright buyers.
If Zenith completes the acquisition, it will become the latest Nigerian bank to use Kenya’s consolidation moment to secure a strategic East African base.
