KCB Group Expands Digital Reach with 75% Stake in Riverbank Solutions
KCB Group acquires 75% of Riverbank Solutions to expand digital payments, enhance fintech capabilities, and strengthen its regional financial ecosystem.
KCB Group PLC and Riverbank Solutions Limited have signed a binding agreement that will see KCB acquire up to 75 percent shareholding in the financial technology firm, to strengthen KCB Group’s distribution network across the region.
The successful completion of the transaction is subject to conditions that are customary for transactions of this nature including receipt of regulatory approvals from, amongst others, the Central Bank of Kenya.
The deal will boost the Group’s digital capabilities, by bringing on board Riverbank’s footprint in banking agency, social payments and business solutions. Riverbank has presence in Kenya, Uganda and Rwanda.
The acquisition will see KCB tap into Riverbank’s capabilities in payment ecosystems and non-banking offerings including capability building, networks and marketplace solutions.
We are actualizing new digital capabilities to deliver customer-centred value propositions through technology to guarantee seamless, reliable, secure, and innovative solutions for our customers. Across the region, payments are expected to have the fastest growth, suggesting an opportunity to innovate. That’s why we have made this strategic acquisition to enable us offer a full stack of solutions. This is a great opportunity to maximize value for our shareholders in the long-term while strengthening the competitive position for the Group.– Paul Russo, CEO, KCB Group
