KCB Group has announced that it is acquiring a minority stake in fintech company PesaPal. The banking group, however, has not disclosed the amount of money it will spend to acquire the stake from the digital payments company.
The acquisition has now been forwarded to the Central Bank of Kenya and the Competition Authority of Kenya for approvals.
“This investment sets the stage for the development of innovative payment and other related solutions for Kenya’s small and micro enterprises enhancing value for shareholders of both Pesapal and KCB,” the lender said in a notice that was signed by the company secretary Bonnie Okumu.
Pesapal was established in 2009. The digital payments firm states that it provides solutions that allow customers to book online and pay at a point-of- sale, or via an app. The firm is regulated by the Central Banks of Kenya, Uganda, Tanzania, Rwanda and Zambia.
The acquisition of the minority stake in this firm will mark the second time this year that the bank is acquiring a fintech business. In March 2025, the banking group announced that it had acquired a majority stake in financial technology firm Riverbank Solutions Limited.
The bank acquired up to 75 percent shareholding in Riverbank, which was associated with former chief of the Football Federation of Kenya (FKF) Nick Mwendwa.
“We are actualizing new digital capabilities to deliver customer-centred value propositions through technology to guarantee seamless, reliable, secure, and innovative solutions for our customers. Across the region, payments are expected to have the fastest growth, suggesting an opportunity to innovate,” KCB’s chief executive officer Paul Russo had said.
“That is why we have made this strategic acquisition to enable us offer a full stack of solutions. This is a great opportunity to maximize value for our shareholders in the long-term while strengthening the competitive position for the Group.”
Through Riverbank’s technology platform, ‘Zed 360’, KCB was looking to provide its SME and MSME customers with business management tools such as inventory management, financial reporting and payroll management.
READ MORE: KCB Group Plc acquires majority stake in Riverbank Solutions Limited
