Nigerian banks found growth in Kenya. Now they need profits. 

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Deposits at the Kenyan subsidiaries of three of Nigeria’s biggest banks have more than doubled over the past five years, signalling growing customer uptake as the lenders expand their East African footprint through acquisitions and organic growth. 

Yet the numbers reveal that while Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa, and Access Holdings Plc have East African ambitions, consistently turning them into profits has proven difficult.

The question has become more urgent as Nigerian lenders continue investing billions of naira in foreign subsidiaries. The Central Bank of Nigeria (CBN) is also beginning to push banks to limit shareholders’ exposure to offshore operations.

Kenya has long been viewed as the gateway to East Africa, one of the world’s fastest-growing economic regions. East African economies are projected to grow at an average of 5.69% this year, according to the International Monetary Fund’s datasheet.

The country combines a relatively stable currency, deep financial markets and a $147.26 billion GDP, making it an attractive destination for banks seeking growth outside their region.

In February, Nedbank Group, South Africa’s fourth-largest bank, secured a Kenyan regulatory waiver to acquire about 66% of NCBA Group, one of East Africa’s biggest lenders. 

“Nedbank Group has identified East Africa as a region of significant strategic importance, underpinned by strong macroeconomic fundamentals; the size of its economy; a large and growing population; attractive growth prospects,” the bank said in a January statement.

Nigeria’s UBA started operating in Kenya in 2009. GTCO began in 2013, Access in 2020 and inApril 2026, Zenith Bank followed. For Nigerian lenders that have grappled with currency volatility and harsh economic realities at home, Kenya offered both geographic diversification, currency stability, and access to a growing banking market.

“The completion of this transaction represents a significant step in our efforts to unlock the vast potential of East Africa’s market,” Roosevelt Ogbonna, Access Holdings Plc’s chief executive officer, said after the group’s acquisition of National Bank of Kenya in 2025.

The potential is showing in the numbers. Deposits are rising, assets are expanding, and revenues are growing. But profits tell a more complicated story.

Winning customers

Deposits are essential to any banking operation, as they provide access to cheap capital for investments and lending.  They are usually a function of trust and offer a window into whether a bank is gaining traction in a new market.

By that measure, Nigerian banks appear to be making progress in Kenya.

While the three banks did not specify customer deposits on a per-subsidiary basis, customer deposits used to finance operations have been on an upward trajectory.

GTCO Kenya customer deposits rose from ₦85.6 billion ($62.84 million) in 2021 to ₦226.4 billion ($166.20 million) in 2025, a 164.44% increase. Over the same period, loans and advances to customers fell by 51.63% to ₦30.89 billion ($22.68 million).

UBA Kenya recorded the fastest growth. Deposits climbed from ₦41.5 billion ($30.47 million) in 2021 to ₦180.3 billion ($132.36 million) in 2025, a 334.2% increase. Its loan book expanded by 656.24%.

Access Bank Kenya’s deposits rose from ₦34.39 billion ($25.25 million) to ₦136.99 billion ($100.57 million) during the period, while loans increased by 160.12%.