In a move to bolster its digital banking capabilities and expand its footprint in the fintech space, KCB Group Plc has announced the acquisition of a 75% stake in Riverbank Solutions Limited, a leading financial technology firm based in Nairobi.
This acquisition is a significant step in KCB’s strategy to enhance its offerings for small and medium-sized enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) across the region.
Riverbank Solutions, known for its innovative payment technologies and platforms, has been a key player in the financial ecosystem, providing solutions such as agency banking, social payments, and business management tools. Its flagship platform, Zed 360, offers features like inventory management, financial reporting, and payroll management, which are designed to streamline operations for businesses.
The acquisition, which is subject to regulatory approvals from the Central Bank of Kenya and the Competition Authority of Kenya, will see Riverbank Solutions become a subsidiary of KCB Group. This partnership is expected to enhance KCB’s digital capabilities, allowing the bank to offer a comprehensive suite of solutions, including virtual wallets, payment APIs, and digitized lending services.
KCB Group CEO Paul Russo expressed optimism about the acquisition, stating, “We are actualizing new digital capabilities to deliver customer-centered value propositions through technology. This strategic move will enable us to offer seamless, reliable, and innovative solutions for our customers while maximizing value for our shareholders in the long term”.
Riverbank Solutions has been a trusted partner of KCB since 2013, providing agency banking solutions. This acquisition cements their long-standing relationship and positions KCB as a leader in the rapidly evolving digital banking landscape.
By integrating Riverbank’s expertise and technology, KCB aims to strengthen its competitive position and drive financial inclusion across Kenya, Uganda, and Rwanda. This move underscores KCB’s commitment to innovation and its vision of transforming the banking experience for millions of customers.
This acquisition marks a pivotal moment for KCB Group as it continues to adapt to the dynamic needs of the financial sector and leverage technology to create value for its customers and stakeholders.
