KCB Group Expands Digital Services with Riverbank Acquisition
KCB Group has announced a strategic move to enhance its digital banking services and expand its agent network by acquiring a 75% stake in Riverbank Solutions, a fintech company operating in Kenya, Uganda, and Rwanda. The financial details of the transaction have not been disclosed.
This acquisition will enable KCB Group to integrate Riverbank’s innovative payment platforms and non-banking services into its operations. Riverbank is known for providing digital payment solutions, network expansion, and market services, making it a valuable addition to the group’s service portfolio. Once regulatory approvals from the Central Bank of Kenya (CBK) and other authorities are secured, Riverbank will become a subsidiary of KCB Group.
Notably, the partnership between KCB and Riverbank dates back to 2013, when Riverbank provided solutions for agent banking services. Through its “Zed 360” platform, KCB plans to offer business management tools to small and medium-sized enterprises (SMEs), including inventory management, financial reporting, and payroll management, streamlining their financial operations. Riverbank also offers other platforms such as Swipe for agent banking, Zizi for revenue collection, and CheckSmart for social payments.
This acquisition aligns with KCB Group’s strategy to strengthen its digital capabilities and expand financial inclusion, ensuring more efficient financial services for businesses and individuals across the region.
