Nedbank Gets Green Light to Acquire iKhokha

The Competition Commission of South Africa (CCSA ) has approved Nedbank  Group Limited’s acquisition of iKhokha  (Pty) Ltd, clearing the way for one of South Africa’s largest banks to expand further into the fast-growing financial technology space.

The transaction was approved without conditions, with the Commission concluding that it is unlikely to substantially lessen or prevent competition in any market and does not raise significant public interest concerns.

Nedbank, a publicly listed company on the Johannesburg Stock Exchange (JSE), operates through several subsidiaries and provides wholesale and retail banking, insurance, asset management, and wealth management services.

iKhokha, the target firm, is a Durban-based financial technology company that offers payment, financial, and business process management solutions for small, medium, and micro enterprises (SMMEs). Its services include:

• Card payment acceptance
• Cash advance facilities
• Business accounting and insurance solutions

Through this acquisition, Nedbank aims to enhance its digital and fintech capabilities, offering small business customers more innovative payment and funding solutions within a unified banking ecosystem.

The Commission’s review concluded that the merger poses no competitive risks, as both entities operate in complementary sectors — with Nedbank focusing on traditional financial services and iKhokha specializing in digital merchant services.

Industry analysts note that this move places Nedbank in a stronger position to compete with rivals like FNB and Standard Bank, both of which have invested heavily in fintech partnerships and digital payment platforms.

The acquisition signals increasing integration between traditional banks and fintech startups, a trend reshaping South Africa’s financial landscape.
It also reinforces the Commission’s openness to digital innovation, provided it aligns with fair competition and public interest standards.