The Competition Authority of Kenya (CAK) has formally approved KCB Group PLC’s acquisition of a 75% stake in the fintech firm Riverbank Solutions Limited. Valued at approximately KES 2 billion ($15.4 million), the deal marks a significant milestone in KCB’s transition from a traditional lender to a platform-led financial services provider.
The approval, granted on December 19, 2025, follows a binding agreement signed in March 2025. While the CAK has cleared the merger, the transaction now awaits final approval from the Central Bank of Kenya (CBK), which is responsible for the licensing and supervision of the deal within the broader banking sector.
In its decision under the Competition Act (Cap. 504), the CAK imposed strict conditions to safeguard market competition and consumer privacy. Specifically, KCB is mandated to strictly isolate all third-party transactional, customer, and merchant data processed through Riverbank’s systems. This ensures the bank cannot use sensitive fintech data for unauthorized competitive advantages.
Additionally, the merging parties must honor all existing contracts with Riverbank’s current customers under their original terms.
Riverbank Solutions, founded in 2010 by Nick Mwendwa, is a specialist in digital payment infrastructure with an established footprint in Kenya, Uganda, and Rwanda. The acquisition allows KCB to fully integrate several high-performing platforms, including Swipe platform for agency banking services, Zizi for revenue collection and CheckSmart for social payments.
KCB Group CEO Paul Russo has previously noted that the acquisition is essential for capturing growth in the payments sector, currently the fastest-growing segment in regional finance.
This acquisition, coupled with KCB’s separate 2025 proposal to acquire a stake in Pesapal, signals a clear strategy to modernize the bank’s digital capabilities to meet the demands of a mobile-first African economy.
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