Listed Lender KCB Group has initiated an acquisition process for Kenyan Fintech Riverbank.
In a notice to shareholders, KCB Group say it has entered an agreement to acquire 75 per cent of Riverbank Solutions Ltd shares.
“Riverbank Solutions is financial services technology company that primarily deploys payment solutions.” Notes Company Secretary Bonnie Okumu in the announcement.
The lender further says it has worked with the firm for over 12 years and is ‘an excellent fit’ in their strategy to enhance payment solutions for its customers.
Riverbank Solution list agency banking, revenue collection and social payments as some of the services it offers to its over 9000 customers.
Media Reports have indicated that the firm is owned by former Football Kenya Federation boss Nick Mwendwa.
“On completion of the deal, Riverbank will become a subsidiary of KCB Group PLC” adds the announcement.
The value of the deal is not disclosed with The Business Daily estimating it at Ksh2B. Further, no timeframe has been provided for the conclusion of the proposed deal.