A major shift is taking place in Kenya’s fintech space following regulatory approval of a deal involving Riverbank Solutions, a company founded by former Football Kenya Federation president Nick Mwendwa.
The approval clears the way for KCB Group to take control of the firm, marking a significant milestone for both the entrepreneur and the banking giant.
The Competition Authority of Kenya has allowed KCB Group to acquire a 75 percent stake in Riverbank Solutions, a move that effectively hands the lender a controlling interest in the fintech company.
Although the exact value of the transaction has not been officially disclosed, people familiar with the deal estimate it to be worth about Sh2 billion.
If completed as expected, the deal places Mwendwa among Kenya’s high-value business figures.
However, the regulator’s approval comes with strict conditions aimed at protecting customers and maintaining fair competition.
The authority directed that all existing contracts between Riverbank Solutions and its customers or merchants must continue without disruption.
This means county governments and private clients already using the platform should not experience changes in service or terms due to the ownership shift.
Data protection was another key concern raised by the regulator. The authority made it clear that customer, merchant, and transactional data handled by Riverbank Solutions must remain separate from KCB Group’s other operations.
“The acquirer shall ensure that all third-party transactional, customer, or merchant data collected or processed through the target’s infrastructure, networks, or platforms remain ring-fenced and are not shared, accessed, or utilised by the acquirer for purposes other than those strictly necessary for the operation of the target,” the statement from the regulator said.
Riverbank Solutions was founded 15 years ago and has grown steadily within the digital payments space.
Its core business focuses on revenue collection partnerships with county governments, including Kisumu and Migori.
Through these partnerships, the company supports the collection of fees and payments using digital platforms, helping counties improve efficiency and accountability.
Beyond county revenue systems, the fintech firm also provides payment solutions across several sectors. These include banking, micro-finance institutions, manufacturing, retail businesses, and even the military.
This wide reach has made Riverbank Solutions an attractive acquisition for KCB Group, which has been expanding its digital and fintech capabilities.
Once the transaction is fully completed, the deal is expected to strengthen KCB’s position in digital payments while allowing Riverbank Solutions to scale further under the backing of a major financial institution.
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