Football Kenya Federation (FKF) President Nick Mwendwa has started 2024 on a bad footing after his private company lost two multimillion contracts.
River Bank Solutions, which creates online payment and revenue systems has been kicked out by the government from the lucrative Inua Jamii cash transfer program.
The company is owned by Nick Mwendwa who is rumoured to be seeking a third term as the FKF president.
Away from football and politics however, Mwendwa’s technology company River Bank Solutions which has been the engine of his wealth, is facing difficulties due operational changes made by the government.
Starting from this month, the beneficiaries of the Inua Jamii program will receive their monthly stipends through the Mpesa platform, instead of going to the bank.
This is in line with the presidential directive issued during last year’s Jamhuri day celebration, where President William Ruto said the shift of service would save the beneficiaries from the hassle of long distances, costs and inconveniences to access the cash.
“This programme has had challenges with the beneficiaries travelling long distances and spending considerable portions of their stipend on logistics. Working with Safaricom, we have structured a new delivery mechanism for beneficiaries to receive their stipends from Mpesa agents in their localities,” Ruto said.
Inua Jamii provides cash transfers to the most vulnerable members of the society.
The Programme was launched in 2015 by retired President Uhuru Kenyatta as one of the channels that the government of Kenya use to aid in tackling poverty in the region and catering for the under-privileged in society and boosting economic growth.
The program currently has over a million beneficiaries who receive a Sh2,000 stipend monthly through a KCB Bank pre loaded card.
The payment system for the program was designed by River Bank Solutions. The same company has also been managing the system at a fee.
River Bank is also set to lose another lucrative contract with KCB Bank for its agent banking system ‘KCB Mtaani’
KCB Bank launched the KCB Mtaani agency banking program back in 2011. The system for the program and the Point of Sale (POS) gadgets have for the last 12 years been maintained by River Bank Solutions.
The bank has however decided to create its own system which it will launch later in the year. This will be a big blow for Mwendwa’s company as KCB has been its main cash cow.
