KCB Group To Acquire 75% Stake In Kenyan Fintech Firm

KCB Group has announced that it has entered into an agreement to acquire a 75 per cent stake in Riverbank Solutions Limited, a Kenyan financial services technology firm. The deal, finalized on March 24, 2025, is in line with KCB’s strategic goal of enhancing its digital payments ecosystem.

Founded in 2010 by  Nick Mwendwa, former Football Kenya Federation (FKF) president, Riverbank Solutions Limited specializes in developing and deploying payment solutions across multiple sectors. The company has partnered with county governments like Kisumu and Migori for revenue collection and serves industries such as banking, micro-finance, manufacturing, retail, and the military.

KCB Group emphasized that Riverbank aligns well with the bank’s digital growth strategy.

“Having worked closely with them for the last 12 years, we are confident that they are an excellent fit for our business and will add significant value to the Group,” KCB stated in a public announcement.

The acquisition is subject to regulatory approvals from the Central Bank of Kenya and the Competition Authority of Kenya. Once completed, Riverbank Solutions Limited will become a subsidiary of KCB Group.

The move comes as KCB’s digital transformation strategy continues to yield massive dividends. Digital channels have revolutionized the bank’s business model, significantly reducing reliance on traditional banking halls. According to KCB’s 2024 financial year report, a staggering 99 per cent of all transactions happened outside traditional branches.

The transaction was facilitated by KCB Investment Bank Limited as the financial adviser and IKM Advocates as the legal adviser.