Nairobi, Jan. 26 -- The Competition Authority of Kenya (CAK) has approved KCB Group's acquisition of a 75 percent stake in an IT firm associated with former Football Kenya Federation president Nick Mwendwa.

KCB signed an agreement to acquire the stake in Riverbank Solutions, the financial technology firm founded by Mr Mwendwa 16 years ago and was awaiting clearance from the regulator.

The company provides payment solutions to clients in areas such as banking and microfinance.

Riverbank's offerings include mobile payment platforms, card services and point-of-sale (POS) systems.

Its POS applications run on devices such as smartphones and tablets and allow businesses to process payments, manage transactions and track inventory, reducing ...