The Competition Authority of Kenya (CAK) has approved KCB Group’s acquisition of a 75% stake in Riverbank Solutions Ltd, clearing the way for the bank to deepen its fintech footprint, subject to strict conditions regarding customer data access and protection, as well as the honouring of existing contracts.
The deal will see KCB take control of Riverbank and its related payments business, Zed Payments Ltd, thereby strengthening KCB’s digital capabilities for MSMEs. This will enable Riverbank to scale its platforms, expand its customer base, and accelerate innovation under the bank’s ownership.