KCB Group acquires 75% stake in payment solutions firm Riverbank Solutions for $15m

KCB Group, Kenya’s largest commercial bank by assets, is set to acquire a 75% stake in payments solutions startup Riverbank Solutions for $15.4 million (KES2 billion) to strengthen its digital operation. The transaction awaits regulatory approval. 

The acquisition marks KCB’s latest move to expand its footprint amid growing competition in Kenya’s banking sector. KCB Group hopes to…