Founded in 2012, iKhokha provides mobile point-of-sale card machines, digital payment solutions, and business management tools tailored to the needs of small and medium enterprises. The fintech processes over R20 billion in transactions annually and has disbursed more than R3 billion in working capital advances to local merchants, empowering thousands of entrepreneurs to start, manage, and scale their ventures.
Nedbank Group CEO Jason Quinn emphasised that empowering entrepreneurs is essential for an inclusive economy, noting that iKhokha’s mission aligns perfectly with Nedbank’s SME digital-transformation vision. Ciko Thomas, Group Managing Executive for Personal and Private Banking, described the acquisition as a natural evolution of their partnership and a pivotal moment in delivering best-in-class tools for small businesses to thrive.
Upon completion, iKhokha will operate as a wholly owned subsidiary of Nedbank while retaining its brand identity, leadership team, and customer-centric culture. A comprehensive management lock-in ensures continuity and alignment with Nedbank’s long-term growth objectives, safeguarding the entrepreneurial spirit that has driven iKhokha’s success.
Integrating iKhokha’s agile fintech platform with Nedbank’s established banking infrastructure will enable faster customer onboarding, seamless point-of-sale payment experiences, and deeper access to tailored credit solutions. This enhanced ecosystem addresses long-standing gaps in SME financial services and accelerates digital adoption among South African entrepreneurs.
The transaction completes a successful exit for iKhokha’s early backers – including Apis Partners, Crossfin Holdings, and the International Finance Corporation – who have supported product innovation and expansion since 2016. Their confidence in Nedbank’s ability to scale iKhokha’s impact underscores the strength of the combined proposition.
Looking ahead, Nedbank and iKhokha plan to explore strategic expansion into other African markets, leveraging combined resources to deliver accessible, technology-driven financial services across the continent. This acquisition positions Nedbank at the forefront of SME banking innovation in Africa.
