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.
In a statement on Tuesday, March 25, 2025, KCB said the move seeks to strengthen its 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 bank said.
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.
In addition, the acquisition will see KCB tap into Riverbank’s capabilities in payment ecosystems and non-banking offerings including capability building, networks and marketplace solutions.
Through Riverbank’s technology platform, ‘Zed 360’, KCB will provide its SME and MSME- customers with business management tools such as inventory management, financial reporting and payroll management which will ease their financial operations, enhance visibility and empower- informed decision making for both the customer and the Bank.
Rivierbank also offers three other solutions namely Swipe platform for agency banking services, Zizi for revenue collection and CheckSmart for social payments.
Once the transaction is completed, Riverbank will become a subsidiary of KCB Group Plc.
