KCB Group PLC has secured approval from the Competition Authority of Kenya (CAK) for the acquisition of a 75% stake in Riverbank Solutions Limited, a Nairobi-based financial technology company.
The lender received the regulator’s nod subject to strict conditions, including ensuring of safety and proper use of third party transactional, customer or merchant data collected or processed through Riverbank’s platforms.
Additionally, CAK required that both parties ensure that Riverbank continues to fully respect and fulfill all existing client agreements without changes that could negatively affect customers due to the ownership change.
KCB’s acquisition of the fintech aligns with its strategy to grow its fintech footprint and enhance its digital payment solutions for the benefit of its customers, particularly the small and medium-sized enterprises (SMEs) and micro, small, and medium enterprises (MSMEs). Riverbank currently operates in Kenya, Uganda and Tanzania. Upon completion, Riverbank will be KCB Group’s subsidiary.
KCB Group seeks to acquire a stake in Pesapal
In November 2025, the financial solutions provider signed an agreement to acquire a minority stake in Pesapal limited, a licensed payment service provider by the Central Bank of Kenya (CBK). The proposal is still pending approval from the relevant authorities.
