ADVERTISEMENT In a blockbuster deal shaking Kenya’s fintech scene, KCB Group has secured conditional approval from the Competition Authority of Kenya (CAK) to acquire a 75% stake in Riverbank Solutions Limited, the payment technology firm founded by former Football Kenya Federation (FKF) president Nick Mwendwa. Insiders peg the transaction at a staggering KSh 2 billion, potentially catapulting Mwendwa into billionaire status overnight.
Founded by Mwendwa around 15 years ago, Riverbank Solutions has quietly built a powerhouse in digital payments, forging revenue collection partnerships with county governments like Kisumu and Migori. The company delivers cutting-edge solutions across banking, micro-finance, manufacturing, retail, and even the military sectors. KCB, which has collaborated with Riverbank since 2013, sees the acquisition as a game-changer for its digital ambitions.
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