KCB Group has ramped up its plan to consolidate agent banking channels into one platform with the planned acquisition of Riverbank Solutions, a fintech, for an undisclosed sum.
- •The bank has signed a binding agreement that will see it acquire up to 75% percent shareholding in the firm which 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.
- •Once the deal is approved by the CBK and other regulators, Riverbank will become a subsidiary of KCB Group Plc.
“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,” said KCB Group CEO Paul Russo.
“Riverbank is not new to us as they have been providing us with Agency Banking Solutions since 2013. Additionally, we see true value in the Zed 360 platform under which we expect to step up the delivery of our value proposition to MSMEs as well as in harnessing the ecosystem banking.,” he added.
Through Riverbank’s technology platform, ‘Zed 360’, KCB says it will provide its medium and small business clients with business management tools such as inventory management, financial reporting and payroll management which will ease their financial operations.
Riverbank also offers the Swipe platform for agency banking services, Zizi for revenue collection and CheckSmart for social payments.
