KCB Group has signed a binding agreement to acquire a 75% stake in financial technology firm Riverbank Solutions Ltd for $15.4 million (KES 2 billion). The acquisition, which is subject to regulatory approval, is part of KCB’s strategy to enhance its digital banking capabilities and expand its distribution network across the region.
The move will enable KCB to strengthen its agency banking, social payments, and business solutions, leveraging Riverbank’s expertise in digital payment ecosystems and non-banking services such as capacity building, network solutions, and marketplace integration.
Founded in 2010 by Nick Mwendwa, Riverbank Solutions provides payment systems to manufacturers, microfinance institutions, retailers, county governments, and the military. The company currently operates in Kenya, Uganda, and Rwanda.
