• Latest
  • Trending
KCB Group acquires 75% stake in Riverbank to expand regional reach

KCB Group acquires 75% stake in Riverbank to expand regional reach

March 25, 2025
Edtech startup The Invigilator raises $11 million to scale its AI platform

Edtech startup The Invigilator raises $11 million to scale its AI platform

September 6, 2025
iXAfrica receives RMB financing to fast-track 20 MW expansion in Nairobi

iXAfrica receives RMB financing to fast-track 20 MW expansion in Nairobi

September 6, 2025
OpenAI challenges LinkedIn with new AI-powered hiring platform

OpenAI challenges LinkedIn with new AI-powered hiring platform

September 6, 2025
Tanzanian fintech NALA takes its services to Kenya

Tanzanian fintech NALA takes its services to Kenya

September 6, 2025
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business Editors Pick

KCB Group acquires 75% stake in Riverbank to expand regional reach

Oluwatosin Adeyemi by Oluwatosin Adeyemi
March 25, 2025
147 3
0
KCB Group acquires 75% stake in Riverbank to expand regional reach

KCB Group acquires 75% stake in Riverbank to expand regional reach

465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

KCB Group PLC and Riverbank Solutions Limited have signed an agreement that will enable KCB to acquire up to 75 per cent of the financial technology company.

The transaction, which aims to expand KCB’s distribution network across the region, is subject to standard requirements, including regulatory approvals from the Central Bank of Kenya.

Read also: Access Bank’s deal to acquire National Bank of Kenya (NBK) reaches advanced stage

Deal to boost KCB’s digital capabilities 

The acquisition will strengthen the Group’s digital capabilities by integrating Riverbank’s presence in business solutions, social payments, and banking agencies. Rwanda, Uganda, and Kenya are home to Riverbank.

RelatedPosts

KCB Group to acquire 40% stake in local Ethiopian bank

KCB Group, Access Bank finalise acquisition of National Bank of Kenya

KCB Group reports KShs. 61.8 billion profit after tax in 2024 despite challenging business climate

Through the acquisition, KCB will have access to Riverbank’s non-banking services, such as networks, marketplace solutions, and capability building, as well as its payment ecosystem capabilities.

“We are actualising 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.

He continued, “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 to offer a full stack of solutions,” he added.

“This is a great opportunity to maximize value for our shareholders in the long-term while strengthening the competitive position for the Group,”

After the deal is finalised, Riverbank will join KCB Group Plc as a subsidiary.

Read also: KCB Group reports KShs. 61.8 billion profit after tax in 2024 despite challenging business climate

KCB Group’s financial year report 

In its 2024 financial year report released on Wednesday, March 13, 2025, KCB Group’s profit after tax increased by 64.9 percent to KShs. 61.8 billion, spurred by robust topline growth in all industries.

This was an improvement from KShs. 37.5 billion reported the previous year.

Despite the challenging operating climate, a robust deposit franchise and a steady loan portfolio supported the Group’s balance sheet, which ended the year at KShs. 1.96 trillion.

Higher interest income and non-funded income from foreign exchange trading contributed to a 24.0.per increase in total revenues to KShs. 204.9 billion.

Tags: KCB Group
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.