Nedbank to deepen SME support with $94 million acquisition of iKhokha
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Founded in 2012, iKhokha provides card machines, cash advance and payment and business management tools to SMEs. The company processes north of ZAR20bn annually in digital payments and has distributed more than ZAR3bn in working capital into the SME sector.
The transaction, which is expected to conclude in the coming months, will result in iKhokha becoming a wholly owned subsidiary of Nedbank, while continuing to operate under its own brand and leadership team.
Jason Quinn, Nedbank CEO, notes: "We believe that empowering entrepreneurs is essential to building a thriving and inclusive economy. iKhokha's mission and technology align perfectly with our vision for digital transformation in the SME sector. Together, we will unlock new opportunities for growth and financial inclusion in South Africa and potentially abroad."
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