KCB Group, Kenya’s largest lender by property, has obtained approval from the Competitors Authority of Kenya (CAK) to amass a 75% stake in Riverbank Options, an area funds options supplier, in a deal valued at about KES 2 billion ($15 million). The deal now awaits the Central Financial institution of Kenya’s (CBK) approval.
In a discover within the Kenya Gazette, the Competitors Authority stated it had cleared the deal, topic to KCB Group defending Riverbank’s buyer information and sustaining the corporate’s present contractual obligations.
“The acquirer shall be sure that all third-party transactional, buyer, or service provider information collected or processed by means of the goal’s infrastructure, networks, or platforms stay ring-fenced and should not shared, accessed, or utilised by the Acquirer for functions apart from these strictly crucial for the operation of the goal endeavor,” CAK stated in a discover seen by TechCabal.
“The merging events shall be sure that the Goal endeavor honours its present contracts with its clients as per the agreed contractual phrases.”
The acquisition is a part of KCB’s shift from a conventional lender to a platform-based monetary providers supplier, signalling a development the place massive banks are investing in funds, information, and embedded finance as future progress engines. The deal, first introduced in March 2025, was later adopted by a separate proposal to amass Pesapal, one other Kenyan cost group, which is awaiting regulatory approval.
In March 2025, KCB Group chief government Paul Russo advised TechCabal that the acquisition is a part of the financial institution’s plan to construct new digital capabilities and ship “seamless, safe, and modern” options for purchasers.
Based in 2010 by Nick Mwendwa, Riverbank Options gives cost techniques to producers, microfinance establishments, retailers, county governments, and the navy. The corporate operates in Kenya, Uganda, and Rwanda.
The fintech affords a variety of digital providers, together with Zed 360, a administration software for small companies; Swipe, which helps company banking providers; Zizi, a income assortment platform; and CheckSmart, designed for social funds. Kisumu and Migori counties presently use the corporate’s platform to gather revenues.
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