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KCB Group plans to take a minority stake in Pesapal, the payments company founded by Agosta Liko in 2009. The tie-up gives Kenya’s biggest bank a foothold in merchant acquiring and digital rails, while Pesapal gains capital and distribution to scale across hospitality, travel, and SME retail.
KCB Group, led by Paul Russo, is eyeing entry into Ethiopia’s newly opened banking sector, weighing acquisitions and foreign ownership exemptions.
KCB Group, led by CEO Paul Russo, posted a $127.9 million Q1 profit, driven by regional growth and digital focus despite non-interest income slipping 9.7%.
KCB has worked with Riverbank Solutions since 2013, leveraging its technology to power its agency banking network.
The move reflects the growing financial strain on Kenyan businesses as economic pressures mount.
KCB Bank Kenya’s loan book has surged in recent years, outpacing its deposit base.
Under Bhattacharya, BasiGo has received $10.9 million in funding for BasiGo.
Kageni Wilson belongs to a new breed of African entrepreneurs.
Bhattacharya and his friend Jonathan Green founded BasiGo in 2021.
KCB Group operates as a holding company for subsidiaries across Africa.
The merger will result in the creation of the second-largest bank in Rwanda’s banking industry.
The proposed deal comes after the Oigara-led group expressed interest in negotiating another acquisition in Tanzania.
Under Oigara, the group’s assets have increased in value from $3.41 billion at the end of 2013 to $8.64 billion by the end of 2020.
KCB Group is one of East Africa’s largest commercial banking groups.
The move increases the group’s market share in the Rwandan retail and SME banking sector.