Zenith Bank Acquires Paramount Bank Kenya for Expansion

Zenith Bank has completed the acquisition of 100% of Paramount Bank Kenya, facilitating its entry into Kenya’s banking market. The bank reported ₦4.19 trillion in gross earnings for 2025, a 6% increase from ₦3.97 trillion in the previous year, with a profit after tax of approximately ₦1.04 trillion and total assets of about ₦31.46 trillion.

This acquisition allows Zenith to access significant opportunities in corporate banking, trade finance, payments, and cross-border transactions. Zedcrest is pursuing a different strategy by expanding into investment banking, asset management, and financial technology, having acquired UK-founded Leatherback in July after an initial $10 million investment in 2022.

MTN Nigeria is also diversifying, reporting a 25.7% increase in service revenue in the first half of 2026 and adding 4.9 million subscribers, reaching a total of 92.2 million customers. The company is moving into financial services through its MoMo platform and is considering banking licenses in selected markets.