mburu jeff 
KCB Group CEO, Paul Russo,
- KCB Group to acquire 75% stake in Riverbank Solutions Limited for Ksh. 2 Billion;
KCB Group PLC has entered a binding agreement to acquire up to 75 percent of Riverbank Solutions Limited, a financial technology firm, for approximately Ksh. 2 billion ($15 million).
The acquisition aims to expand KCB Group’s distribution network across the region and bolster its digital capabilities.
Subject to regulatory approvals from the Central Bank of Kenya and other customary closing conditions, Riverbank will become a subsidiary of KCB Group Plc.
The deal will enable KCB to tap into Riverbank’s expertise in payment ecosystems, banking agency, social payments, business solutions, and non-banking offerings like capability building, networks, and marketplace solutions.
Riverbank Solutions, established in 2010, has a presence in Kenya, Uganda, and Rwanda, specializing in payment solutions for various sectors, including government, banking, and retail.
KCB Group CEO, Paul Russo, said that the acquisition aligns with the group’s strategy to deliver customer-centered value propositions through technology.
“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 offer a full stack of solutions.
This is a great opportunity to maximize value for our shareholders in the long-term while strengthening the competitive position for the Group,” said Russo.
Through this deal, KCB will record a high profit income in the coming years compared to the previous years.
KCB Group PLC reported a 64.9% increase in profit after tax for the full year 2024, reaching Ksh. 61.8 billion, driven by strong revenue growth.
The Group’s balance sheet closed the year at Ksh. 1.96 trillion, supported by a strong deposit franchise and stable loan portfolio.
Total revenues increased by 24.0% to Ksh. 204.9 billion, due to higher interest income and non-funded income from foreign exchange trading.
