Former FKF Boss Nick Mwendwa’s Fintech Firm Bought By KCB For Ksh 2B
Riverbank Solutions Limited, founded by Nick Mwendwa, the former president of the Football Kenya Federation (FKF), specializes in developing and deploying payment solutions across multiple sectors has been bought by the Kenya Commercial Bank (KCB) for approximately Ksh 2 billion.
According to reports, KCB Group has acquired a 75% shareholding in the fintech firm that has been providing mobile payment innovations to clients, including KCB and county governments.
In a statement released on Monday, 24th March 2025, the KCB Group Plc publicly confirmed its plans to acquire the company and initiated the completion process of the deal.
“We are delighted to inform our shareholders and the investing public that we have, on March 24, 2025, entered into an agreement to acquire 75% of the issued shares of Riverbank Solutions Limited. The deal will boost the Group’s digital capabilities, by bringing on board Riverbank’s footprint in banking agency, social payments and business solutions,” the KCB said in a statement on 24th March, 2025.
“Riverbank 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.”
KCB Bank further expressed confidence in the business value of the deal, having worked with Riverbank for over a decade.
“Having worked closely with Riverbank for the last 12 years, we are confident that they are an excellent fit for our business and will add significant value to the group,” the statement added.
However, the bank clarified that the acquisition will only proceed once statutory conditions are met.
“The proposed acquisition is subject to conditions customary to transactions of this nature, including receipt of regulatory approvals from the Central Bank of Kenya and the Competition Authority of Kenya,” the statement continued.
Through Riverbank’s technology platform, ‘Zed 360’, KCB will provide SME and MSME customers with business management tools such as inventory management, financial reporting, and payroll management, which will ease their financial operations, enhance visibility, and empower informed decision-making for both the customer and the Bank.
Riverbank also offers three other solutions, namely Swipe platform for agency banking services, Zizi for revenue collection, and CheckSmart for social payments.
