Nedbank Group, one of Africa’s largest financial institutions, has announced the acquisition of South African fintech firm iKhokha in a deal valued at ZAR 1.65 billion (approximately US$94 million). The agreement, which is entirely cash-based, will see Nedbank take full ownership of the startup once regulatory approvals are secured, with completion expected in the coming months. The move is part of Nedbank’s broader strategy to expand its digital solutions and strengthen its footprint in the SME market.
About iKhokha
Launched in 2012 by entrepreneurs Matt Putman, Ramsay Daly, and Clive Putman, iKhokha has become a key player in providing accessible payment technologies and business tools to small and medium-sized enterprises. Its offerings range from portable card machines to digital payment platforms and analytics solutions, enabling thousands of business owners to improve operations and boost growth through affordable financial technology.
With established operations across South Africa, Namibia, Eswatini, Mozambique, Lesotho, Zimbabwe, and offshore territories such as the Isle of Man and Jersey, Nedbank sees the integration of iKhokha’s technology as an opportunity to deliver more innovative, market-leading services to SMEs. Both companies have previously worked together, and this acquisition is viewed as a natural extension of that partnership.
According to iKhokha CEO Matt Putman, joining Nedbank will provide the scale and resources needed to accelerate product development, enhance merchant services, and explore potential expansion into other African markets. Nedbank’s personal and private banking executive, Ciko Thomas, highlighted that the deal combines iKhokha’s cutting-edge fintech capabilities with Nedbank’s banking expertise, creating a powerful platform to help SMEs compete and thrive in a fast-changing digital economy.