KCB Group to acquire 75% stake in Nick Mwenda’s Riverbank Solutions

KCB Group has announced the planned acquisition of 75 per cent of the issued shares of Riverbank Solutions Limited.

In a statement, KCB Group said the proposed acquisition, which analysts estimate at Ksh 2 billion, is in keeping with its strategy to enhance its payment solutions for the benefit of its customers.

Once the transaction is completed, Riverbank will become a subsidiary of KCB Group Pie.

“We are actualising new digital capabilities to deliver customer-centred value propositions through technology to guarantee seamless, reliable, secure, and innovative solutions for our customers. Across the region, payments are expected to have the fastest growth, suggesting an opportunity to innovate. That’s why we have made this strategic acquisition to enable us offer a full stack of solutions. This is a great opportunity to maximize value for our shareholders in the long-term while strengthening the competitive position for the Group,” said KCB Group CEO Paul Russo.

Riverbank Solutions is a financial services technology company that primarily develops and deploys payment solutions. It was founded by former sports administrator Nick Mwendwa, who serves as its CEO.

“Having worked closely with them for the last 12 years, we are confident that they are an excellent fit for our business and will add significant value to the Group,” KCB Group Company Secretary Bonnie Okumu said.

He added that the proposed deal is subject to conditions that are customary to transactions of this nature, including receipt of regulatory approvals from the Central Bank of Kenya and the Competition Authority of Kenya.

On completion of the proposed acquisition, Riverbank Solutions will become a subsidiary of KCB Group.

Riverbank Solutions, established in 2010, has built a strong presence in digital payment solutions across multiple sectors, including banking, microfinance, manufacturing, retail, and the military.