Ex-FKF Boss Nick Mwendwa Poised for KSh 2B Windfall After Fintech Deal
Former Football Kenya Federation (FKF) president Nick Mwendwa is set to become significantly richer after agreeing to sell a majority stake in his tech firm Riverbank Solutions to Kenya Commercial Bank (KCB) Group in a deal valued around KSh 2 billion.
The March 2025 agreement will see KCB acquire 75 % of the Nairobi-based fintech company Mwendwa founded in 2010, which specialises in digital payment solutions and banking technology across sectors including retail, county governments and financial services.
KCB Group CEO Paul Russo said the acquisition aligns with the bank’s strategy to expand digital services and deepen fintech innovation for customers, while Mwendwa is expected to retain a 25 % stake in the business.
Industry analysts view the move as a win-win that enhances KCB’s tech footprint and rewards Mwendwa’s early investment in payments tech, although regulatory approvals from the Central Bank of Kenya and the Competition Authority are still pending.