The families of Kenya’s founding president, Jomo Kenyatta, and former Central Bank Governor Philip Ndegwa stand to receive a mix of cash and shares under the proposed acquisition, making them among the biggest beneficiaries of one of the largest banking deals seen in East Africa in recent years.
Under the terms of the transaction, the two families are expected to receive about Sh21.9 billion ($170 million), comprising a direct cash payment and millions of shares in Nedbank Group.
Rather than fully exiting the banking sector, the arrangement allows the families to exchange part of their ownership in NCBA for a stake in one of Africa’s largest financial institutions.
The Kenyatta family’s interests in NCBA are primarily held through Enke Investments, while the Ndegwa family’s stake is controlled through First Chartered Securities.
Together, the two families own roughly 28% of NCBA and have committed a substantial portion of their holdings to support Nedbank’s tender offer.
A landmark shift in Kenya’s banking sector
This deal, first announced in January 2026, suggests that Nedbank Group is accelerating its expansion strategy in East Africa through the proposed acquisition of a stake in NCBA Group.
Valued at about Sh109.6 billion, the transaction would give Nedbank a 66% controlling stake in NCBA, making it one of the most significant foreign banking acquisitions in Kenya in recent years.
It also reflects rising interest by South African lenders in East Africa’s fast-growing banking and digital finance market.
Analysts say Nedbank’s interest extends beyond NCBA’s traditional banking operations to its growing fintech and mobile banking capabilities, which have become increasingly important in a region where digital transactions continue to expand rapidly.
Despite the ownership change, NCBA is expected to retain its local brand, management structure and listing on the Nairobi Securities Exchange. The continuity is intended to reassure customers, investors and employees while preserving the lender’s established position in the Kenyan market.
The acquisition represents both a major foreign investment for the Kenyan government, and a significant shift in ownership of a strategically important financial institution .
