Kenya’s largest bank, KCB Group, is acquiring a 75% stake in fintech startup Riverbank Solutions for $15.4 million (KES 2 billion) to boost its digital payments and revenue collection services. The deal, pending regulatory approval, aligns with KCB’s strategy to expand its digital footprint amid growing competition.
Founded in 2010 by Nick Mwendwa, Riverbank Solutions provides payment solutions to banks, governments, and businesses in Kenya, Uganda, and Rwanda. KCB has been using its platform since 2013 for agency banking and now aims to offer SMEs digital loans, financial tools, and treasury management.
KCB Group’s profit after tax soared 64.9% in 2024 to $477.9 million, with non-interest income rising 16.5%, driven by foreign exchange trading and non-banking services. This acquisition strengthens KCB’s competitive edge in digital finance.
Read the full news here: TechCabal