In a landmark deal for South Africa’s fintech and banking sector, Nedbank has agreed to acquire Durban-based payments innovator iKhokha for R1.65 billion in an all-cash transaction. The acquisition, subject to regulatory approval, is expected to close in the coming months.
Banking Meets Fintech Innovation
According to a statement cited in MyBroadband, Nedbank plans to integrate iKhokha’s payment technology with its banking infrastructure to deliver seamless, integrated services to small and medium enterprises (SMEs).
Ciko Thomas, Nedbank’s Group Managing Executive for Personal and Private Banking, called it “a pivotal moment” in the bank’s SME strategy.
“By combining iKhokha’s technology with our banking expertise, we will provide small business clients with best-in-class tools to help them grow.”
From Durban Startup to Fintech Leader
Founded in 2012 by Matt Putman, Ramsay Daly, and Clive Putman, iKhokha has become a trusted name for mobile point-of-sale devices and its business management app — enabling merchants to process card payments and manage operations from one platform.
CEO Matt Putman said the synergy between iKhokha and Nedbank was undeniable:
“We believe our combined strengths will result in a truly differentiating and highly competitive value proposition for SMEs in market.”
Potential to Scale Across Africa
While iKhokha’s current footprint is limited to South Africa, the partnership with Nedbank could pave the way for expansion into other African markets.
The deal also marks an exit for long-time investors Apis Partners, Crossfin Holdings, and the International Finance Corporation. Crossfin CEO Dean Sparrow praised iKhokha’s journey:
“We are extremely proud of iKhokha’s growth and confident Nedbank will be a strong custodian for its future.”
Driving an Inclusive Economy
Nedbank CEO Jason Quinn underscored the broader purpose behind the acquisition:
“This supports our wider push to promote an inclusive, entrepreneur-driven economy.”
With Nedbank’s banking muscle and iKhokha’s fintech agility, SMEs across South Africa — and potentially beyond — could soon gain access to a more powerful, tech-enabled business toolkit than ever before.
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