KCB expands digital reach with Riverbank solutions acquisition

KCB Group is set to acquire up to 75 per cent shareholding in financial technology firm Riverbank Solutions Ltd, following the signing of a binding agreement.

The move is expected to strengthen KCB’s digital capabilities and expand its distribution network across the region. 

According to the bank, the acquisition will enhance its offerings in agency banking, social payments, and business solutions.

The bank will also tap into Riverbank’s expertise in digital payment ecosystems and non-banking services, including capacity building, network solutions, and marketplace integration.

KCB plans to leverage Riverbank’s Zed 360 technology platform to provide small and medium-sized enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) with business management tools such as inventory tracking, financial reporting, and payroll management. 

The tools are aimed to simplifying financial operations, improve visibility, and support informed decision-making for both customers and the bank.

KCB Group CEO Paul Russo said the acquisition aligns with the bank’s long-term goal of delivering shareholder value while strengthening its competitive position.

“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. Across the region, payments are expected to see the fastest growth, presenting an opportunity to innovate,” he said. 

“We see great value in the Zed 360 platform, which will help us enhance our MSME offerings and ecosystem banking.” 

Once the transaction is finalised, Riverbank Solutions will become a subsidiary of KCB Group Plc.