Kenya Commercial Bank (KCB) has announced its plan to acquire a majority stake in former FKF President Nick Mwendwa’s company.The financial services provider confirmed that it has reached an agreement to acquire 75% of the issued shares of Riverbank Solutions, a company owned by Mwendwa.Founded in 2010, Riverbank is a financial technology company that develops and deploys payment solutions.##NAJAVA_MECA_8806995##Known for its cutting-edge payment technologies, the company provides mobile payment innovations to clients, including KCB and county governments.In a statement released on Monday, March 24, through Company Secretary Bonnie Okumu by order of the Board of KCB Group Plc, the bank publicly confirmed its plans and initiated the completion process of the deal.“We are delighted to inform our shareholders and the investing public that we have, on March 24, 2025, entered into an agreement to acquire 75% of the issued shares of Riverbank Solutions Limited,” reads part of the statement.Sold out Nyayo? FKF contradicts earlier stance on Harambee Stars vs Gabon ticket salesThe bank expressed confidence in the business value of the deal, having worked with Riverbank for over a decade.“Having worked closely with Riverbank for the last 12 years, we are confident that they are an excellent fit for our business and will add significant value to the group,” the statement added.However, the bank clarified that the acquisition will only proceed once statutory conditions are met.“The proposed acquisition is subject to conditions customary to transactions of this nature, including receipt of regulatory approvals from the Central Bank of Kenya and the Competition Authority of Kenya,” the statement continued.’I never witnessed this in Europe’ Benni McCarthy lauds Harambee Stars fansOnce the deal is complete, Riverbank will become the 13th subsidiary of KCB Group Plc, further expanding the bank’s presence in non-banking solutions.While the deal’s exact value remains undisclosed, reports, including those from popular blogger Cyprian Nyakundi, suggest it is worth approximately Ksh 2 billion.##NAJAVA_MECA_8805214##Mwendwa served two terms as FKF President from 2016 to December 2024 when he ran for the Vice President position as Doris Petra’s running mate. However, the duo lost to Hussein Mohamed and McDonald Mariga.KCB Group signs an agreement to acquire a 75% stake in Riverbank Solutions, a financial technology firm founded by former Football Kenya Federation president Nick Mwendwa, in a deal valued at approximately Ksh 2 billion. Once completed, Riverbank will become KCB’s 13th… pic.twitter.com/Smr7reLgGI— Cyprian, Is Nyakundi (@C_NyaKundiH) March 24, 2025
