NAIROBI, Kenya, Mar 25 – KCB Group has acquired a majority shareholding in Riverbank Solutions, a fintech firm associated with former Football Kenya Federation President Nick Mwendwa.
The deal, which was signed yesterday, will see the Kenyan lender acquire 75 percent of the IT firm.
Once the transaction receives regulatory approvals from the Central Bank of Kenya, among others, it will become a subsidiary of the Group.
“The deal will boost the Group’s digital capabilities, by bringing on board Riverbank’s footprint in banking agency, social payments and business solutions,” the Bank said in a statement.
“Riverbank has presence in Kenya, Uganda and Rwanda. The acquisition will see KCB tap into Riverbank’s capabilities in payment ecosystems and non-banking offerings including capability building, networks and marketplace solutions.”
Through Riverbank’s technology platform, ‘Zed 360’, KCB will provide SME and MSME customers with business management tools such as inventory management, financial reporting, and payroll management, which will ease their financial operations, enhance visibility, and empower informed decision-making for both the customer and the Bank.
Riverbank also offers three other solutions namely Swipe platform for agency banking services, Zizi for revenue collection and CheckSmart for social payments.
“We are actualizing new digital capabilities to deliver customer-centred value propositions through technology to guarantee seamless, reliable, secure, and innovative solutions for our customers. Across the region, payments are expected to have the fastest growth, suggesting an opportunity to innovate,” said KCB Group CEO Paul Russo.
“That’s why we have made this strategic acquisition to enable us offer a full stack of solutions. This is a great opportunity to maximize value for our shareholders in the long-term while strengthening the competitive position for the Group.”
