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.
“KCB Group CEO Paul Russo emphasized the strategic fit last year, noting the deal would turbocharge the bank’s dominance in digital payments,” sources recall. Once finalized, Riverbank will become KCB’s 13th subsidiary, bolstering its ecosystem with tools like the Zed 360 platform for SMEs.
The CAK greenlit the vertical merger—where Riverbank operates upstream in infrastructure and software, while KCB serves downstream end-users—deeming it “unlikely to prevent or lessen competition.” However, strict conditions apply: “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 regulator stated.
The deal awaits final nod from the Central Bank of Kenya, but for Mwendwa—who helmed FKF from 2016 until his replacement by Hussein Mohammed in December 2024—the payout crowns his business savvy. Yet, his football tenure was marred by persistent allegations of misappropriating huge sums, claims that dogged his leadership but never proceeded to court convictions, with cases ultimately withdrawn or closed.
As Kenya’s fintech landscape heats up, this acquisition underscores banks’ rush to own digital rails. For Mwendwa, it’s a triumphant pivot from the pitch to untold riches—proving entrepreneurship can outscore any controversy.
