Listed lender, KCB Group is seeking to buy a stake in Pesapal Limited that it says will set “the stage for development of innovative payment and other related solutions for Kenya’s small and micro enterprises.”
The transaction is subject to conditions that are customary to transactions of this nature, including receipt of regulatory approvals.
“This collaboration aligns with our mission, sets the stage for new innovations that enhance value for businesses across Africa, and demonstrates how fintechs and established financial institutions can work together to accelerate digital transformation and economic inclusion,” said Agosta Liko, Co-founder and CEO of PesaPal.
The proposed transaction sets the stage for development of innovative financial services and business solutions for businesses of all sizes across Kenya enhancing value for shareholders of both Pesapal and KCB.
“Through this transaction, we want to further build our digital capabilities, leveraging Pesapal’s cutting-edge technology, footprint and agility, enabling customers and SMEs to benefit from simplified, secure, and scalable payment tools. By integrating payments, financing, and business tools, we want to empower SMES to operate more efficiently, expand their markets, and participate fully in Africa’s digital economy,” KCB Group CEO, Paul Russo said.
