KCB Group Acquires 75% Stake in Riverbank Solutions for $15.4M to Expand Digital Services

Kenya’s largest commercial bank, KCB Group, is set to acquire a 75% stake in fintech startup Riverbank Solutions for $15.4 million (KES2 billion), a move aimed at bolstering its digital operations. The deal, which is subject to regulatory approval, aligns with KCB’s strategy to strengthen its position in Kenya’s competitive banking landscape.

Riverbank Solutions, founded in 2010 by Nick Mwendwa, provides payment and revenue collection systems to banks, e-commerce platforms, and government agencies across Kenya, Uganda, and Rwanda. KCB has partnered with the company since 2013, leveraging its platforms to power its agency banking network.

“We are actualizing new digital capabilities to deliver customer-centered value propositions through technology to guarantee seamless, reliable, secure, and innovative solutions for our customers,” said Paul Russo, KCB Group CEO.

Strengthening KCB’s Digital Offerings

The acquisition will allow KCB to expand Riverbank’s platform to provide SMEs with financial management tools, digital loans, and treasury management services. Riverbank’s suite of digital solutions includes:

• Zed 360 – A management tool for small businesses
• Swipe – Supporting agency banking services
• Zizi – A revenue collection platform
• CheckSmart – A social payments system

“This strategic acquisition enables us to offer a full-stack solution. It’s a great opportunity to maximize value for our shareholders while strengthening our competitive position,” Russo added.

KCB’s Strong Financial Performance

KCB Group reported a 64.9% increase in profit after tax for 2024, reaching $477.9 million (KES61.8 billion). The growth was fueled by strong revenue across all business segments, with non-interest income—including earnings from non-banking services—rising 16.5% to $522 million (KES67.5 billion), driven by higher foreign exchange trading income.

As KCB deepens its digital transformation, this acquisition signals the bank’s intent to lead in financial technology innovation while expanding its service offerings in the region.