At a Glance
- Nedbank acquires iKhokha to expand SME digital payment services across South Africa.
- iKhokha processes $1.14 billion annually, providing affordable payment tools for entrepreneurs.
- Deal supports Nedbank’s drive for digital transformation and financial inclusion in Africa.
Nedbank Group Ltd., a renowned South African financial services group led by leading business executive Jason Quinn, has signed a binding agreement to acquire 100 percent of South African fintech firm iKhokha Proprietary Ltd. for R1.65 billion ($94.27 million) in cash, marking a key step in its strategy to expand digital services for small and medium-sized enterprises (SMEs).
The transaction, announced on August 13 and subject to customary regulatory approvals, will see iKhokha operate as a wholly owned subsidiary under its own brand and leadership team, with a management lock-in to ensure continuity and alignment with long-term growth objectives.
Deal strengthens SME and fintech footprint
Founded in 2012, iKhokha provides card machines, digital payment solutions, and business tools to SMEs.
It processes more than R20 billion ($1.14 billion) annually in digital payments and has advanced over R3 billion ($171.41 million) in working capital to entrepreneurs.
Its offerings include SME cash advances, payment processing, and business management tools, aimed at making financial services more affordable and accessible.
“The mission and technology of iKhokha align perfectly with our vision for digital transformation in the SME sector,” said Jason Quinn, Nedbank’s chief executive. “Together, we will unlock new opportunities for growth and financial inclusion in South Africa and potentially abroad.”
In the first half of its 2025 fiscal year, Nedbank posted headline earnings of R8.4 billion ($479.9 million), a 6 percent rise from R7.91 billion ($452.02 million) a year earlier. Revenue climbed 4 percent to R36.41 billion ($2.08 billion) from R35.16 billion ($2.01 billion) as of June 2024.
Scaling reach in inclusive finance
Founded in 1888, JSE-listed Nedbank has grown through mergers into one of South Africa’s largest banks with a market capitalization of R113 billion ($6.46 billion). Its operations span retail, corporate, and investment services.
Under CEO Jason Quinn since May 2024, it has sharpened focus on Southern and East Africa, with operations in six countries and a strategic presence in Angola and Kenya.
The iKhokha acquisition deepens Nedbank’s SME reach and fintech capabilities, aligning with its drive for digital transformation, inclusive finance, and entrepreneurial empowerment while strengthening its edge in a high-growth market segment.
