KCB Group Expands Digital Reach with Riverbank Solutions Acquisition
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Kenya’s leading commercial bank, KCB Group, is set to strengthen its digital payments infrastructure by acquiring a 75% stake in fintech firm Riverbank Solutions for $15.4 million (KES 2 billion). The deal, which is pending regulatory approval, aligns with KCB’s strategy to enhance its technological capabilities amid intensifying competition in Kenya’s financial sector.
By acquiring Riverbank Solutions, KCB aims to enhance its integrated digital services for businesses, financial institutions, and government agencies. Riverbank, founded in 2010 by Nick Mwendwa, provides payment solutions across Kenya, Uganda, and Rwanda, serving industries ranging from retail and manufacturing to county governments and the military.
“Our focus is on leveraging technology to offer seamless, secure, and innovative financial solutions,” said Paul Russo, KCB Group CEO. “The payments sector is experiencing rapid growth, creating significant opportunities for innovation.”
Expanding Digital Offerings for SMEs
KCB has worked with Riverbank Solutions since 2013, utilizing its platforms for agency banking operations. With this acquisition, KCB plans to expand its digital financial services for SMEs, offering solutions such as:
✔ Financial management tools
✔ Digital lending platforms
✔ Treasury management services
Riverbank’s Suite of Digital Solutions
Riverbank Solutions provides a range of payment and revenue collection systems, including:
🔹 Zed 360 – A business management tool for SMEs
🔹 Swipe – An agency banking solution
🔹 Zizi – A revenue collection platform used by counties like Kisumu and Migori
🔹 CheckSmart – A social payments system
KCB’s Strong Financial Performance
KCB’s profit after tax surged 64.9% in 2024, reaching $477.9 million (KES 61.8 billion), driven by revenue growth across all business segments. Non-interest income, including earnings from non-banking services, grew by 16.5% to $522 million (KES 67.5 billion), bolstered by increased foreign exchange trading income.
With the Riverbank Solutions acquisition, KCB is positioning itself as a key player in Africa’s fast-evolving digital payments landscape, enhancing its competitive edge while unlocking new revenue streams.
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