Who Are Riverbank Solutions? KCB Group's Soon-to-Be 13th Subsidiary

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KCB Group has signed an agreement to acquire a 75 percent stake in Riverbank Solutions, a financial technology firm founded by former Football Kenya Federation President Nick Mwendwa, in a deal reportedly worth about Sh 2 billion. Once finalized, Riverbank KCB Group will become KCB’s 13th subsidiary.

The Growth of Riverbank Solutions

Founded in 2010 by Nick Mwendwa, Riverbank Solutions has grown into a key player in Kenya’s fintech space. The company provides innovative payment solutions to various industries, including banking, microfinance, retail, manufacturing, and the military.

These solutions and services include Mobile payment innovations, Switching, POS terminal applications, embedded device applications, MIS solutions, card solutions including contact, contactless and Magnetic stripe card solutions.

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A standout feature of Riverbank Solutions is its Zed 360 Platform, a comprehensive digital banking and payments solution that supports agency banking, mobile payments, and revenue collection.

The platform has played a crucial role in advancing financial inclusion by enabling micro, small, and medium enterprises (MSMEs) to access banking services through agent networks.

Beyond the private sector, Riverbank Solutions has made inroads into government partnerships. It has been instrumental in helping county governments like Kisumu and Migori digitize revenue collection, reducing inefficiencies and revenue leakages. The company also operates in Uganda and Rwanda.

KCB Group’s Digital Expansion Strategy

KCB Group’s acquisition of Riverbank Solutions builds on a long-standing relationship between the two firms. Since 2013, Riverbank Solutions has powered KCB’s agency banking network, allowing the bank to extend services to underserved areas.

“We are actualizing 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.

“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.” he added.

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The agreement, is subject to regulatory approvals from key bodies, including the Central Bank of Kenya (CBK) and the Competition Authority of Kenya (CAK). Nick Mwendwa will retain a 25 percent stake in the company post-acquisition.

What Riverbank Solutions Brings to KCB

Zed 360 Platform – A powerful fintech platform that enhances agency banking, mobile payments, and revenue collection, supporting KCB’s expansion in digital finance.
Agency Banking Solutions – Technology that enables cash deposits, withdrawals, and bill payments via a vast agent network. Its systems integrate seamlessly with banking cores and mobile money platforms such as M-Pesa.
Revenue Collection Systems – Digital tools that help county governments improve tax, fee, and levy collection, addressing revenue leakage issues that cost billions annually.
Payment Innovations – Mobile payment solutions and merchant payment systems designed to facilitate seamless cashless transactions.

Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.