NAIROBI, Kenya — The Competition Authority of Kenya (CAK) has cleared KCB Group PLC to acquire control of Riverbank Solutions Limited, marking a major move in Kenya’s financial services and payments technology sector.
The CAK granted approval on December 19, 2025, under the Competition Act (Cap. 504), but attached two strict conditions to the transaction—largely focused on customer data protection and contractual compliance.
Data Privacy Ring-Fenced as Key Condition
CAK’s authorization requires KCB Group to ensure that any third-party transactional, customer, or merchant data collected through Riverbank’s infrastructure must remain ring-fenced.
The acquiring bank is prohibited from using this data for purposes beyond the operation of Riverbank Solutions.
The authority emphasized that KCB must not access or use this data unless strictly necessary for the business operations of Riverbank.
CAK has approved KCB Group’s acquisition of control in Riverbank Solutions Limited, subject to conditions requiring the ring-fencing of third-party customer and merchant data and the preservation of existing client contracts.
Existing Customer Contracts Must Be Honoured
In addition to the data protection requirements, CAK also directed the merging entities to honour Riverbank’s existing customer contracts, ensuring no disruption to service terms already agreed with clients.
What This Means for Kenya’s Digital Payments Landscape
Riverbank Solutions is a prominent player in payment processing and digital financial services, and its acquisition by KCB Group is expected to expand KCB’s footprint in fintech and payments infrastructure.
Analysts say the CAK’s conditions reflect growing regulatory scrutiny over data privacy and market power in Kenya’s expanding digital economy.
