The Competition Authority of Kenya (CAK) has approved KCB Group’s acquisition of a 75% stake in Riverbank Solutions, a payments technology company, in a deal valued at about US$15 million.
- •The anti-trust regulator cleared the transaction subject to conditions on data protection and contract continuity.
- •KCB must keep Riverbank’s customer and merchant data separate from its banking systems and honour all existing agreements with clients.
- •KCB’s separate proposal to acquire a minority stake in Pesapal, another payments company, is still under regulatory review.
“The acquirer shall ensure that all third-party transactional, customer, or merchant data collected or processed through the target’s infrastructure, networks, or platforms remain ring-fenced and are not shared, accessed, or utilised by the Acquirer for purposes other than those strictly necessary for the operation of the target undertaking,” the authority said in a gazette notice.
The acquisition advances KCB’s strategy to move beyond traditional lending into payments, digital infrastructure, and embedded financial services. Large banks across Africa are increasingly buying fintech platforms as loan growth slows and competition intensifies.
Founded in 2010, Riverbank Solutions provides payment and revenue-collection systems to businesses, microfinance institutions, and public-sector entities including county governments and security agencies. Its platforms are used by counties such as Kisumu and Migori to collect public revenue. Riverbank operates in Kenya, Uganda, and Rwanda, giving KCB an immediate regional presence in payments infrastructure.
The deal still requires approval from the Central Bank of Kenya (CBK).
