The Competition Authority of Kenya (CAK) has approved the acquisition of control of Riverbank Solutions Limited by KCB Group Plc, clearing the way for the banking group to take a controlling stake in the Kenyan payments technology firm.
In a Gazette notice dated December 19, 2025, CAK Director-General David Kemei said the authority had authorised the transaction under Section 46(6) of the Competition Act (Cap. 504), subject to specific conditions on data protection and contractual obligations.
Under the approval, KCB Group is required to ring-fence all third-party transactional, customer, and merchant data handled through Riverbank Solutions’ platforms, ensuring such data is not accessed or used by the acquirer beyond what is necessary for the operation of the target business.
The parties are also required to honour all existing contracts between Riverbank Solutions and its customers under the agreed terms.
“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 utilized by the Acquirer for purposes other than those strictly necessary for the operation of the Target Undertaking.”
KCB Group-Riverbank deal approved
The authorization formally concludes a transaction first announced in March 2025, when KCB Group disclosed plans to acquire a 75 per cent stake in Riverbank Solutions, subject to regulatory approvals.
At the time, KCB said the acquisition would strengthen its digital banking and payments capabilities, building on a partnership between the two firms that spans more than a decade.
Riverbank Solutions is a Kenyan financial technology company specialising in digital payments infrastructure, including mobile payment systems, switching services, point-of-sale applications, card technologies, and embedded device solutions.
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Its platforms support transactions across multiple sectors, including banking, microfinance, retail, manufacturing, and public institutions. Once regulatory approvals were secured, Riverbank Solutions became a subsidiary of KCB Group, integrating its payment technologies into the bank’s broader digital ecosystem.
The Gazette notice on the KCB–Riverbank transaction was issued alongside other merger and acquisition approvals by the Competition Authority of Kenya.
CAK approves proposed 75% acquisition of Twiga Stationers and Printers
In a separate authorization dated December 19, 2025, the CAK also approved Atlas Axilia Company’s acquisition of a 75% stake in Twiga Stationers and Printers Limited, a leading Kenyan manufacturer and distributor of stationery, hygiene, and packaging products.
Founded in 1966, Twiga has evolved over six decades into a market leader in East Africa. The company operates a portfolio of recognized brands, including Kasuku, its flagship stationery line, as well as Crownbird, Pop, and Panda.
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In hygiene products, the company produces consumer tissues under Panda, Peacock, and Envoy brands, while its packaging and specialty items include eco-friendly cartons and the Dark Tusk coffee label. Twiga also serves as a key distributor for international stationery brands, including Nataraj and Carioca.
The company’s headquarters are in Nairobi’s Industrial Area, and it has an extensive regional presence across Tanzania, Uganda, Rwanda, Burundi, Ethiopia, the DRC, Zambia, Malawi, Eritrea, and Madagascar. According to CAK data, Twiga holds 49.4% of the Kenyan stationery market, making it the largest local player, ahead of Kartasi Industries at 18.2%.
Meanwhile, CAK approved the acquisition of sole control of Philips East Africa Limited by GMED Holding B.V., granting regulatory clearance for the transaction to proceed.
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