Zenith Bank Plc has confirmed that it has begun regulatory engagement to advance its plan to enter the East African financial market, stating that it is assessing multiple regional opportunities but has not finalized any acquisition.
The clarification was issued in a formal statement to the Nigerian Exchange Limited and signed by Company Secretary Michael Osilama Otu. The bank addressed circulating reports claiming it was already acquiring Paramount Bank in Kenya, stating the information did not originate from Zenith. It added that its regional expansion strategy includes the possible acquisition of financial institutions in East Africa and that relevant regulators have been engaged.
The reports followed disclosures in Kenyan business media indicating that Zenith may be preparing to enter Kenya by acquiring Paramount Bank, a mid-tier institution with a core capital of Sh2.67 billion and eight branches. Kenyan sources suggested that Zenith was seeking approvals from regulators in both Nigeria and Kenya with a potential completion date in early 2026, although Zenith has not confirmed these claims.
Kenya’s banking sector is undergoing major regulatory adjustments. The Central Bank of Kenya has announced a plan to increase minimum core capital requirements from Sh1 billion to Sh10 billion by 2029. The shift is expected to intensify mergers, acquisitions, and recapitalisation across the sector, placing pressure on smaller lenders and creating opportunities for larger regional players.
If Zenith proceeds, it would become the fourth Nigerian bank operating in Kenya, joining United Bank for Africa, Guaranty Trust Bank, and Access Bank. The expansion would also align with Kenya’s decision to end a ten-year moratorium on new banking licences, a move expected to attract more regional entrants.
Zenith’s interest in East Africa follows its recent disclosure of plans to expand into Côte d’Ivoire and at least eight Francophone African markets. The bank’s strategy is supported by a N614.65 billion hybrid capital raise that increased its capital base by 160 percent, strengthening its capacity for cross-border growth.
The bank stated it will communicate verified information on any concluded transaction and will continue to operate within regulatory frameworks in all jurisdictions under consideration.
