Football Kenya Fedration President Nick Mwendwa in a press Confrence at La Mada Hotel Nairobi on November 11,2021.PHOTO|SILA KIPLAGAT
Nick Mwendwa is well on his way to becoming the newest member of the billionaires’ club after the competition regulator approved a deal that will see KCB Group acquire a controlling stake in his fintech firm.
The Competition Authority of Kenya (CAK) has approved a deal for the former Football Kenya Federation (FKF) president to sell a 75 percent stake in his Riverbank Solutions to the lender. Some insiders estimate that the deal is valued at Sh2 billion.
The approval is on condition that existing contracts with customers and merchants Riverbank Solutions are honoured. CAK also insisted that the firm’s third party customer data is not used by the lender for anything other than the fintech’s operations.
“The acquirer shall ensure that all third-party transactional, customer, or merchant data collected or processed through the target’s infrastructure, networks, or platforms remain ring-fenced and are not shared, accessed, or utilised by the acquirer for purposes other than those strictly necessary for the operation of the target,” statement from the regulator said.
Mwendwa founded Riverbank Solutions 15 years ago. It’s business model is focused on revenue collection partnerships with county governments, including Kisumu and Migori. It also provides payment solutions for other sector like banking, micro-finance, manufacturing, retail, and the military.
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