KCB Group Plc has announced an agreement to acquire a 75% stake in Riverbank Solutions Limited, a financial services technology firm specializing in payment solutions including mobile banking.
The deal, which is still subject to regulatory approvals, signals KCB’s commitment to enhancing digital banking experiences and staying ahead in Kenya’s evolving financial landscape.
On Monday, March 24, the bank indicated that it had worked with Riverbank Solutions for more than a decade.
Therefore, the acquisition cements their long-standing partnership.
“We are excited to take this next step with Riverbank Solutions, a company that has been instrumental in driving digital payments innovation in Kenya,” KCB Group stated in an announcement to shareholders.
Once the deal gets the green light from the Central Bank of Kenya and the Competition Authority of Kenya, Riverbank Solutions will officially become a subsidiary of KCB Group
This move is expected to streamline digital transactions for millions of customers and strengthen KCB’s position in the fintech space.
Moreover, to navigate the legal and financial intricacies of the deal, KCB has enlisted IKM Advocates and KCB Investment Bank Limited as transaction advisers.
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About Riverbank Solutions Limited, Company Acquired by KCB Group
Riverbank Solutions is recognized for its cutting-edge payment technologies, which power banking transactions across Kenya.
It is a leading payments technology company driving financial innovation across Africa.
With a strong focus on delivering cutting-edge software solutions and digital payment products, Riverbank Solutions empowers organizations in diverse industries, including banking, microfinance, manufacturing, retail shopping, and even the military.
Moreover, some of its solutions include seamless and secure payment systems, specializing in mobile payment innovations, switching services, and POS terminal applications.
They also specialize in embedded device applications and management information system (MIS) solutions.
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Additionally, the company offers advanced card solutions, including contact, contactless, and magnetic stripe card technologies, ensuring businesses have access to secure and efficient transaction processing tools.
The company collaborates closely with organizations to develop tailored payment solutions that enhance efficiency, streamline operations, and provide a competitive edge in an increasingly digital world.
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