KCB Group buys a 75% stake in Riverbank Solutions for KSh 2B, expanding its fintech presence with cutting-edge payment solutions in Kenya and beyond.
Kenya Commercial Bank (KCB) Group has acquired a 75% stake in Riverbank Solutions, a Nairobi-based financial technology company, in a deal worth KSh2 billion ($15 million). The move marks a major step in KCB’s expansion into digital payments and fintech innovation.
🚀 Riverbank Solutions: A Homegrown Payments Leader
Founded in 2010 by former Football Kenya Federation (FKF) president Nick Mwendwa, Riverbank Solutions has become a key player in Africa’s digital payments landscape. Its solutions power:
- 🔁 Mobile and POS payments
- 📊 Management Information Systems (MIS)
- 🏦 Bank switching services
- 🛠️ Device integration for sectors like retail, banking, microfinance, manufacturing, and even the military
Riverbank has also implemented revenue collection systems in partnership with counties like Kisumu and Migori, and operates in Kenya, Uganda, and Rwanda.
🤝 Strengthening KCB’s Digital Strategy
KCB Group CEO Paul Russo said the deal will enhance the bank’s fintech capabilities, especially in mobile banking, POS, and agency banking.
“We see true value in the Zed 360 platform,” said Russo. “We aim to serve MSMEs, SMEs, and promote ecosystem banking.”
Riverbank has been working with KCB since 2013, offering agency banking software and support for digital channels.
📈 KCB’s Financial Growth Fuels Acquisition
In 2024, KCB Group posted a 64.9% rise in after-tax profit, hitting KSh61.8 billion, up from KSh37.5 billion in 2023. Notably:
- 💸 Non-interest income rose 16.5% to KSh67.5 billion, driven partly by tech-linked services
- 🏢 Riverbank now becomes KCB’s 13th subsidiary, reflecting a deliberate strategy to diversify income sources
🌍 Fintech as a Competitive Advantage
With growing competition in Kenya’s financial services sector—from both traditional banks and digital-first challengers—KCB is doubling down on fintech to:
- Improve financial inclusion
- Offer more secure, seamless digital payments
- Expand into East African markets
The acquisition highlights KCB’s commitment to innovation and adapting to a digital-first economy.
