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Zenith Bank, founded by Nigerian billionaire Jim Ovia, has held talks with Kenya’s government about its plans for the East African market following its acquisition of Paramount Bank Kenya, as the lender seeks to expand its operations beyond Nigeria.
Musalia Mudavadi, Kenya’s prime cabinet secretary and cabinet secretary for Foreign and Diaspora Affairs, met Nosa Awusa, a senior manager at Zenith Bank Group and incoming chief executive of Zenith Bank Kenya, earlier this week to discuss the lender’s plans for the market, BusinessDay reported on October 15.
The meeting comes after Zenith completed its acquisition of 100% of Paramount Bank Kenya on May 11, 2026, following regulatory approvals in Kenya and Nigeria. The transaction gave the Nigerian lender an established banking operation in East Africa.
During the meeting, Mudavadi highlighted Kenya’s position as a gateway to East and Central Africa, citing its financial infrastructure, regional trade links and established banking sector.
He said the country’s financial system and Nairobi’s role as a centre for regional banking, investment and commerce made Kenya attractive to financial institutions seeking to expand across African markets.
Mudavadi also pointed to the importance of financial institutions in supporting cross-border business relationships and regional trade.
Zenith’s acquisition of Paramount Bank provides an existing platform from which to build its Kenyan business. Rather than establish a new operation from scratch, the Nigerian lender gained control of a bank with an existing customer base and distribution network.
The transaction also included Paramount Bancassurance Intermediary Ltd, which distributes insurance products through the bank. Under a condition imposed by Kenya’s Competition Authority, Paramount’s 78 employees must be retained for at least 12 months following completion of the acquisition.
The purchase price has not been disclosed in the sources reviewed.
Zenith has pursued a wider expansion strategy as it seeks to increase the contribution of its international subsidiaries to group earnings. Its interim financial statements identify the Paramount acquisition as part of its efforts to strengthen its presence in East Africa.
Ovia founded Zenith Bank in 1990 and remains its largest individual shareholder. He retired as chairman in April 2026 after completing the tenure permitted under Nigerian banking governance rules.
The Kenyan market now gives Zenith another base from which to pursue regional business. The scale of further investment and the extent to which the lender expands its local operations will become clearer as it implements its post-acquisition strategy.
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