KCB Group has entered into a binding agreement to acquire a 75% stake in Riverbank Solutions Limited, a leading financial technology company specializing in innovative payment solutions, including mobile banking.
The acquisition, which is pending regulatory approval, aligns with KCB’s strategy to drive digital transformation by enhancing its micro, small, and medium enterprise (MSME) offerings. The bank aims to provide seamless transaction and payment services, instant digital lending, business management tools, and non-banking solutions such as business training and marketplace access for customers.
Strengthening Digital Capabilities and Fintech Partnerships
This strategic move will enable KCB to integrate its banking solutions with fintech platforms, offering services such as virtual wallets, payment APIs, and an interconnected agent banking network. By consolidating these services, KCB seeks to enhance customer experience and expand its reach within the digital finance space.
KCB Group has maintained a 12-year partnership with Riverbank Solutions, making this acquisition a natural progression in strengthening their collaboration. The Group’s Secretary, Bonnie Okumu, stated:
“We are delighted to announce that, as of March 24, 2025, we have signed an agreement to acquire 75% of the issued shares in Riverbank Solutions Limited. This acquisition aligns with our commitment to enhancing payment solutions for the benefit of our customers.”
Regulatory Approvals and Future Prospects
The transaction is subject to approval from the Central Bank of Kenya (CBK) and the Competition Authority of Kenya (CAK). Once finalized, Riverbank Solutions will operate as a subsidiary of KCB Group, reinforcing the bank’s position in the fintech sector.
KCB has enlisted KCB Investment Bank Limited and IKM Advocates as transaction advisors to navigate the legal and financial intricacies of the acquisition.
Riverbank Solutions: A Fintech Leader in Kenya
Riverbank Solutions is a prominent financial technology firm providing software and digital payment solutions to banks, microfinance institutions, retailers, and manufacturers. Its offerings include secure mobile payment systems, point-of-sale (POS) solutions, switching services, and embedded financial technologies. Additionally, the company develops advanced card solutions, including contactless, magnetic stripe, and chip-based payment cards tailored to business needs.
Having worked closely with Riverbank Solutions for over a decade, KCB Group is confident in the fintech firm’s ability to enhance its digital banking capabilities. Okumu added:
“Riverbank Solutions is an excellent fit for our business, and we believe this acquisition will add significant value to the Group.”
This acquisition marks a significant milestone in KCB’s digital transformation journey, reinforcing its commitment to innovation and seamless banking solutions for its customers.
