South Africa’s fintech landscape has marked a major milestone as Nedbank Group, one of Africa’s largest financial institutions, has acquired iKhokha in a ZAR1.65 billion (US$94 million) deal. This acquisition reflects Nedbank’s growing focus on digital innovation and inclusive financial services, with a particular emphasis on supporting small and medium-sized enterprises (SMEs). It also underscores the rising importance of fintech startups in driving accessibility and affordability of financial services across the continent.
Founded in 2012 by Matt Putman, Ramsay Daly, and Clive Putman, iKhokha has become a key enabler of entrepreneurship in South Africa. By offering card machines, digital payment solutions, and tailored business tools, the company has empowered hundreds of thousands of SMEs to expand their businesses and thrive in an increasingly cashless economy. This acquisition will allow iKhokha to accelerate its impact by leveraging Nedbank’s scale, resources, and market reach.
The transaction, which is an all-cash deal, will see Nedbank acquire 100% of iKhokha, pending regulatory approvals. For Nedbank, which already operates across multiple African markets and offshore jurisdictions, this move strengthens its digital-first strategy while aligning with its commitment to financial inclusion. The partnership between an established banking group and an innovative fintech promises to create a stronger ecosystem for SMEs, enabling them to access cutting-edge solutions that blend technology and banking expertise.
Both leadership teams have expressed optimism about the future of this partnership. For iKhokha, this marks the beginning of a new growth phase with opportunities to scale, innovate, and potentially expand into other African markets. For Nedbank, it represents a pivotal moment in its vision of empowering entrepreneurs with advanced financial tools. Together, the two companies are setting the stage for a transformative shift in how SMEs in South Africa and beyond access and leverage financial services to succeed.
