Nedbank acquires ikhokha for $93.3 million in an all cash deal
- Nedbank acquired iKhokha for R1.65 billion (USD 93.3 million) in an all-cash deal.
- iKhokha will retain its brand and leadership under a management lock-in.
- The acquisition aims to enhance digital services for small and medium enterprises (SMEs) in South Africa.
The acquisition of iKhokha by Nedbank is a strategic move that not only enhances the bank's digital capabilities but also signifies a shift towards greater financial inclusion for SMEs in South Africa. This partnership could serve as a model for other traditional banks looking to innovate and stay relevant in a rapidly changing financial landscape.
