Nigeria’s Zenith Bank PLC has officially entered the Kenyan market after completing the 100% acquisition of Paramount Bank Kenya Limited, the lender announced on April 7, 2026. The deal, first disclosed in November 2025, represents Zenith’s inaugural direct foothold in East Africa and the latest example of Nigerian banks expanding across the continent amid rising cross-border trade and competition.
The transaction value was reported at more than $7.7 million (approximately KSh1 billion), the value of all the Bank's issued and assigned capital. Zenith acquired the entire issued share capital of Paramount Bank Kenya, gaining immediate access to a licensed commercial banking operation with an established local presence.
The deal secured all necessary clearances from regulators in both countries. Kenya’s Competition Authority of Kenya (CAK) granted approval on January 22, 2026, determining that the acquisition would not substantially lessen competition in the Kenyan banking sector. The CAK classified the deal as a notifiable merger due to its value. A key condition attached to the CAK approval requires Zenith to retain all 78 Paramount Bank employees for at least 12 months post-completion to safeguard jobs and ensure a smooth transition. Final nods also came from the Central Bank of Kenya (CBK)on March 9, 2026, the Central Bank of Nigeria (CBN), and Kenya's Cabinet Secretary, National Treasury and Economic Planning on March 16, 2026.
The acquisition is expected to help Paramount strengthen its balance sheet to meet Kenya’s phased increase in minimum core capital requirements under ongoing CBK reforms. Paramount Bank is a small player in Kenya’s crowded banking sector, ranked 33rd out of 39 licensed commercial banks as of December 2024, with an estimated market share of about 0.2%.
Zenith becomes the fourth Nigerian bank with a direct presence in Kenya, joining UBA, GTBank, and Access Bank. More recently, Access Holdings acquired the National Bank of Kenya from the KCB Group for over USD 100 million in 2025 . The move aligns with broader African banking consolidation trends, allowing Zenith to support clients engaged in East Africa trade while tapping Kenya’s GDP of over $136 billion and its role as a regional gateway.
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