Top 5 Major Businesses Owned By Nigerians In Kenya Including Banks

by Business Watch Team

There are major discussions about Nigerians in Kenya. The discussion came up during the week with a section of Nigerians accusing Kenyans of being xenophobic. According to the online sentiments, many Nigerians think that many Kenyans hate them.

The general feeling about Nigerians among Kenyans emanates from the fact that some of the Nigerians have made news in Kenya for peddling drugs and even getting involved in bizarre murders. But in general, a majority of Nigerians in Kenya are great and hardworking people.

There are at least 80,000 documented Nigerians who are living and working in Kenya. Many others are undocumented but working hard to try to make ends meet for their families at home. Few have made news for the wrong reasons but others are moving huge investments.

Here are the top 5 businesses owned by Nigerians in Kenya including banks:

United Bank for Africa Plc (UBA)

UBA officially entered the Kenyan market in 2009 as part of a concerted effort of by UBA Group to expand its African footprint. Since that entry, Kenya has been contributing positively towards UBA Group’s objective of building a strong African banking brand.

The bank, through its owner, Tony Elumelu, and his Foundation, the Tony Elumelu Foundation, has supported Kenyan entrepreneurs with grants and seed capital for their startups. The grants are non-refundable. The bank has also been key to giving out loans to small businesses in Kenya over the years.

This year, the bank appointed Mary Mulili as its first woman Kenyan CEO and she has vowed to make it more Kenyan for Kenyans and by Kenyans with muscles from Nigeria.

Related Content: Mary Mulili, The Queen Behind UBA Bank And What Makes Her Tick

Access Bank Plc

Access Bank has Nigerian roots. It entered the Kenyan market after acquiring Transnational Bank Plc. The bank has since positioned itself as a key anchor for Kenyan customers. In March, the bank made a major move by completing the acquisition of the National Bank of Kenya from the KCB Group. The transaction is awaiting the approval of the Central Bank of Kenya.

Guaranty Trust Bank Plc

GTBank entered the Kenyan market in 2013, after a 70 percent acquisition of Fina Bank Group. Following the successful completion of the acquisition process, Fina Bank’s name was changed to Guaranty Trust Bank Kenya Limited. The bank is lowkey but pulling some great moves within the financial sector, going for businesses as the main niche.


Another Nigerian tech company with a presence in Kenya is Flutterwave. The firm plays a major role in Kenya’s IT ecosystem through its existing third partner logistic provider called Sendy in Kenya.

Flutterwave revealed that it was planning to pump at least 7.3 billion shillings into the Kenyan market as soon as its license to operate in the country clears. The license acquisition is in its final stages.

Flutterwave, which operates in more than 30 African countries, has gotten all the needed approvals that put it on the road to doing business in Kenya, a crucial African market whose advancement in technology is way above most African markets thanks to innovations and entrepreneurship.

Related Content: Flutterwave To Invest Ksh 7.3 Billion Into The Kenyan Market


Nigeria’s Co-creation Hub (CcHUB), a technology and innovation Centre, announced in September 2019 that it acquired Kenya’s iHub for an undisclosed fee. Nairametrics reported that the deal was expected to foster a direct innovation link between Kenya and Nigeria which are two of Africa’s most active markets for VCs and startup formation.

There is no doubt that the growing number of Nigerian-owned companies looking to take advantage of inter African trade aligns with the ratification of the African Continental Free Trade Area (AfCFTA) which the African Union hopes will accelerate intra-African trade and boost Africa’s trading position in the global market.

Related Content: Safaricom Investment Co-operative To Pay Shareholders Ksh 142 Million

Related Posts

Copyright © 2023 – All Rights Reserved | Business Watch