KCB Group To Acquire Minority Stake In Pesapal

KCB Group, Kenya’s largest lender by assets, has announced plans to acquire a minority stake in digital payments firm Pesapal Limited, marking its latest strategic move to deepen its presence in the fast-growing fintech sector.

In a statement dated October 31, KCB said it had entered into an agreement to purchase an undisclosed shareholding in Pesapal, a licensed payment service provider regulated by the Central Bank of Kenya (CBK). The transaction is subject to regulatory approval.

According to the bank, the investment aims to foster the development of innovative payment solutions tailored for Kenya’s small and micro enterprises, enhancing value for both KCB and Pesapal shareholders.

Pesapal is one of East Africa’s most established digital payment platforms, powering thousands of small businesses through its point-of-sale (POS) terminals and e-commerce checkout solutions that support mobile money, card, and online transactions.

The deal comes just months after KCB completed the $15.4 million (Ksh 2billion ) acquisition of a 75 per cent stake in Riverbank Solutions, a Nairobi-based fintech company that builds revenue collection and payments infrastructure for banks, retailers, and government agencies.

The twin acquisitions reflect a strategic shift by KCB from a traditional banking model toward a platform-based financial ecosystem. By acquiring both Riverbank and Pesapal, KCB is positioning itself to control the backend infrastructure and customer-facing payment interfaces that drive digital commerce for SMEs.

The move underlines a broader trend in Africa’s financial services landscape, where leading banks are increasingly investing in payments, data, and embedded finance as engines of future growth.