KCB Group PLC and Riverbank Solutions Limited have signed an agreement that will enable KCB to acquire up to 75 per cent of the financial technology company.
The transaction, which aims to expand KCB’s distribution network across the region, is subject to standard requirements, including regulatory approvals from the Central Bank of Kenya.
Read also: Access Bank’s deal to acquire National Bank of Kenya (NBK) reaches advanced stage
Deal to boost KCB’s digital capabilities
The acquisition will strengthen the Group’s digital capabilities by integrating Riverbank’s presence in business solutions, social payments, and banking agencies. Rwanda, Uganda, and Kenya are home to Riverbank.
Through the acquisition, KCB will have access to Riverbank’s non-banking services, such as networks, marketplace solutions, and capability building, as well as its payment ecosystem capabilities.
“We are actualising new digital capabilities to deliver customer-centred value propositions through technology to guarantee seamless, reliable, secure, and innovative solutions for our customers,” said KCB Group CEO Paul Russo.
He continued, “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 to offer a full stack of solutions,” he added.
“This is a great opportunity to maximize value for our shareholders in the long-term while strengthening the competitive position for the Group,”
After the deal is finalised, Riverbank will join KCB Group Plc as a subsidiary.
Read also: KCB Group reports KShs. 61.8 billion profit after tax in 2024 despite challenging business climate
KCB Group’s financial year report
In its 2024 financial year report released on Wednesday, March 13, 2025, KCB Group’s profit after tax increased by 64.9 percent to KShs. 61.8 billion, spurred by robust topline growth in all industries.
This was an improvement from KShs. 37.5 billion reported the previous year.
Despite the challenging operating climate, a robust deposit franchise and a steady loan portfolio supported the Group’s balance sheet, which ended the year at KShs. 1.96 trillion.
Higher interest income and non-funded income from foreign exchange trading contributed to a 24.0.per increase in total revenues to KShs. 204.9 billion.
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