Nedbank has acquired Durban-based payments fintech iKhokha for R1.65-billion in an all-cash deal.
According to Nedbank, the acquisition marks a “significant milestone” in the bank’s strategy to deepen its support for small and medium-sized enterprises.
“The acquisition is a pivotal moment in our strategy to empower the SME market,” said Ciko Thomas, group managing executive for personal and private banking at Nedbank.
“By combining their innovative technology with our deep banking experience, we will provide small business clients with the best-in-class tools they need to thrive.”
Founded in 2012, iKhokha provides mobile point-of-sale solutions to SMEs. iKhoka products include card machines and a mobile app that allow merchants to accept card payments, with added business management tools to give merchants more operational control over their businesses.
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The Nedbank transaction marks a successful exit for iKhokha’s longstanding investors, Apis Partners, Crossfin Holdings and the International Finance Corporation. Crossfin has been an investor in iKhokha since its inception. — (c) 2025 NewsCentral Media
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