Tanzania’s competition regulator reveals KCB’s 22.23pc planned acquisition in Pesapal
KCB announced plans last year to acquire a minority stake in Pesapal but did not disclose the percentage it intended to acquire.
Nairobi, Kenya - Tanzania's Fair Competition Commission (FCC) has revealed that KCB Group plans to acquire a 22.23 percent stake in digital payments firm Pesapal Limited. KCB initially announced its intention to acquire a minority stake in Pesapal last year, but did not specify the exact percentage. The FCC has commenced reviewing the merger notification and has invited interested parties to submit written comments within 14 days from the date of publication.
Pesapal, licensed by the Central Bank of Kenya, operates in Kenya, Uganda, Tanzania, Rwanda, and Zambia, offering payment and business solutions to sectors such as retail, hospitality, travel, petroleum, and manufacturing. KCB Group, a Kenyan-incorporated lender with a subsidiary in Tanzania and cross-listed on the Dar es Salaam, Uganda, and Rwanda Stock Exchanges, aims to combine its financial infrastructure and market expertise with Pesapal's technology and market reach to support commerce and innovation.
Written by urgent.news from Capital Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.