Nairobi — The Competition Authority of Kenya (CAK) has approved the proposed acquisition of control of Riverbank Solutions Limited by KCB Group PLC, formally clearing a transaction first announced in March 2025.

In a gazette notice issued under the Competition Act (Cap. 504), CAK said it had authorized the transaction pursuant to Section 46(6)(a)(ii) of the Act, subject to specific conditions aimed at safeguarding competition and data integrity in the financial services sector.

According to the notice dated December 19, 2025, and signed by CAK Director-General David Kemei, KCB Group will be required to ring-fence all third-party transactional customer and merchant data handled through Riverbank Solutions' infrastructure, networks, or platforms.

The data must not be shared, accessed, or used by KCB for purposes beyond those strictly necessary for the operation of Riverbank Solutions.

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"The merging parties shall ensure that the Target Undertaking honours its current contracts with its customers as per the agreed contractual terms," the notice read.

The approval concludes a regulatory process that began when KCB Group disclosed plans to acquire a 75 percent stake in Riverbank Solutions, subject to approvals from relevant authorities.

At the time, KCB said the acquisition would significantly strengthen its digital banking and payments capabilities, building on a partnership between the two firms that spans more than a decade.

Riverbank Solutions is a Kenyan financial technology company specialising in digital payments infrastructure.

Its offerings include mobile payment systems, transaction switching services, point-of-sale applications, card technologies, and embedded device solutions.

The company's platforms support transactions across a wide range of sectors, including banking, microfinance, retail, manufacturing, and public institutions.