Kenya’s banking giant, KCB Group, is set to deepen its presence in the digital payments space after securing approval from the Competition Authority of Kenya (CAK) to acquire a majority stake in Riverbank Solutions.
The lender plans to take a 75% share in the local fintech, a deal valued at roughly KES 2 billion ($15 million), with final approval pending from the Central Bank of Kenya (CBK).
According to a notice in the Kenya Gazette, CAK’s clearance comes with strict conditions to protect Riverbank’s customer information and ensure continuity of existing contracts.
“The acquirer shall ensure that all third-party transactional, customer, or merchant data collected or processed through the target’s infrastructure, networks, or platforms remain ring-fenced and are not shared, accessed, or utilised by the Acquirer for purposes other than those strictly necessary for the operation of the target undertaking,” the authority stated. Riverbank is also required to honour all current agreements with its clients.
The acquisition is part of KCB’s ongoing strategy to evolve from a traditional lender into a technology-driven financial services platform. The bank has been actively investing in payments, embedded finance, and digital products as future growth areas. Earlier in 2025, KCB announced plans to acquire Riverbank, followed by a separate application to buy Pesapal, another local payments provider, which is still awaiting regulatory clearance.
Founded in 2010 by Nick Mwendwa, Riverbank Solutions offers digital payment systems and tools across Kenya, Uganda, and Rwanda, serving manufacturers, microfinance institutions, retailers, county governments, and the military. Its services include Zed 360 for small business management, Swipe for agency banking, Zizi for revenue collection, and CheckSmart for social payments, currently used in counties like Kisumu and Migori.
KCB CEO Paul Russo has emphasized that the acquisition will help the bank deliver “seamless, secure, and innovative” digital solutions, strengthening its role in Kenya’s rapidly evolving fintech ecosystem.