KCB Group acquires majority stake in Nick Mwendwa Riverbank Solutions

Football boss turned fintech winner just cashed out big after a bank regulator waved a deal through.

Deal approval rundown

• Nick Mwendwa sold most of his company.
• KCB Group grabbed control.
• Stake sold stands at 75 percent.
• Insiders whisper a multibillion-shilling valuation.

Regulator strings attached

• The Competition Authority of Kenya cleared the transaction.
• Existing client contracts stay untouched.
• Customer and merchant data must stay sealed.
• Bank access is limited strictly to fintech operations.

Company background

• Riverbank Solutions was launched 15 years ago.
• Core work centers on public revenue systems.
• Counties like Kisumu and Migori used their tech.
• Other clients span banking, retail, and defense.

Mwendwa backstory

• Previously ran the Football Kenya Federation.
• Pivoted from sports politics to payments infrastructure.
• Exit sets him up among Kenya’s ultra-wealthy.