KCB Group Gets Regulatory nod to Acquire 75% of Riverbank Solutions in KES 2 Billion Deal

KCB Group, Kenya’s largest bank by assets, has received approval from the Competition Authority of Kenya (CAK) to acquire a 75% stake in local payments provider Riverbank Solutions, in a transaction valued at approximately KES 2 billion ($15 million). The deal now awaits final clearance from the Central Bank of Kenya (CBK).

In a notice published in the Kenya Gazette, CAK stipulated that KCB must safeguard Riverbank’s customer data and uphold existing contractual obligations. “The acquirer shall ensure that all third-party transactional, customer, or merchant data collected or processed through the target’s infrastructure, networks, or platforms remain ring-fenced and are not shared, accessed, or utilised by the Acquirer for purposes other than those strictly necessary for the operation of the target undertaking,” the notice read. Additionally, CAK emphasized that Riverbank must honour all current contracts with clients under the agreed terms.

The acquisition aligns with KCB’s broader strategy to transform from a conventional bank into a platform-driven financial services provider. The move reflects a growing trend among large banks to invest in payments, embedded finance, and data-driven services as key growth engines. The deal was initially announced in March 2025 and followed by a separate proposal for KCB to acquire Pesapal, another Kenyan fintech, which is still awaiting regulatory approval.

Riverbank Solutions, founded in 2010 by Nick Mwendwa, provides digital payment systems to manufacturers, microfinance institutions, retailers, county governments, and the military across Kenya, Uganda, and Rwanda. Its portfolio includes tools such as Zed 360 for small business management, Swipe for agency banking, Zizi for revenue collection, and CheckSmart for social payments. Counties including Kisumu and Migori currently leverage Riverbank’s platforms for revenue collection.

KCB CEO Paul Russo has described the acquisition as part of the bank’s push to deliver “seamless, secure, and innovative” digital solutions to customers, strengthening its capabilities in Kenya’s evolving financial ecosystem.