KCB seeks to expand digital payments in East Africa via Pesapal acquisition

Kenya’s largest bank KCB Group is pursuing regulatory approval to acquire regional payments startup Pesapal, aiming to expand its merchant payment services across East Africa. CEO Paul Russo disclosed the planned transaction during a Nairobi investor briefing, where the bank outlined investments for its next growth phase. The move reflects banks’ strategy to capture digital transaction infrastructure as fintechs increasingly handle payments. KCB processes 99% of transactions digitally and plans to use Pesapal’s platform to reach more businesses, offering merchant settlement accounts and loans based on transaction data. Pesapal operates in Kenya, Uganda, Tanzania, Rwanda, and Zambia, providing card, mobile money, and bank payment solutions for businesses in sectors like travel and hospitality. This follows KCB’s recent acquisition of fintech Riverbank Solutions to strengthen technology capabilities. The combined strategy positions KCB to serve small and medium businesses with integrated payment and financial management tools.

SOURCE: https://techcabal.com/2026/03/11/kcb-plans-to-aquire-pesapal-underway/