KCB Group Secures Regulatory Green Light for KES 2bn Riverbank Solutions Takeover

The Competition Authority of Kenya (CAK) has formally approved KCB Group PLC’s acquisition of a 75% stake in Nairobi-based fintech, Riverbank Solutions Limited, marking a pivotal shift in the region’s banking landscape.

Valued at approximately KES 2 billion ($15.4 million), the deal was sanctioned by the regulator on December 19, 2025.

This follows a binding agreement originally signed in March 2025, as Kenya’s largest commercial bank moves to reinvent itself from a traditional lender into a platform-led financial services provider.

Despite granting the clearance under the Competition Act (Cap. 504), the CAK has imposed rigorous safeguards to ensure the merger does not stifle competition or compromise consumer privacy.

Specifically, the regulator has mandated that KCB must “strictly isolate all third-party transactional, customer, and merchant data” processed through Riverbank’s existing infrastructure.

This directive is designed to prevent the bank from leveraging sensitive fintech data to gain an unfair advantage over its rivals.

Furthermore, the CAK has insisted that the merging parties must honour all existing contracts with Riverbank’s current clients under their original terms.

The acquisition brings several high-performing platforms under the KCB umbrella, including:

• Swipe: A platform dedicated to agency banking services.

• Zizi: A specialist tool for revenue collection.

• CheckSmart: A digital solution for social payments.

Founded in 2010 by Nick Mwendwa, Riverbank Solutions has established a significant footprint across Kenya, Uganda, and Rwanda.

By integrating these systems, KCB aims to capitalize on the rapid expansion of the digital payments sector.

KCB Group CEO Paul Russo previously highlighted the strategic importance of the move, noting that the acquisition is essential for capturing growth in payments—currently the fastest-growing segment in regional finance.

While the competition regulator has given its blessing, the transaction is not yet fully concluded.

The deal now awaits final approval from the Central Bank of Kenya (CBK), which holds the ultimate authority over licensing and supervision within the banking sector.

This takeover, alongside KCB’s separate 2025 proposal to acquire a stake in Pesapal, underscores a broader strategy to modernise digital capabilities.

As the African economy becomes increasingly mobile-first, the bank appears determined to secure its dominance through fintech integration rather than traditional branch expansion alone.