Nedbank has signed a R1.65-billion deal to acquire 100% of fintech company iKhokha, a leading provider of card machines, digital payment solutions, and SME business tools.

In more detail about iKhokha, it is a South African fintech company founded in 2012 by Matt Putman, Ramsay Daly, and Clive Putman. It is promoted as a business that focuses on empowering micro, small, and medium-sized enterprises (SMEs) with innovative digital tools to start, run, and grow their businesses in the digital economy.

Based in Umhlanga, the company emphasizes agile, mission-driven teamwork and a culture built around simplicity, transparency, and creative problem-solving.

The move to buy iKhokha strengthens Nedbank’s position in the small and medium-sized enterprise market and supports its vision for digital innovation and financial inclusion.

iKhokha will become a wholly owned subsidiary of Nedbank, but it will continue to operate under its own brand and leadership, ensuring continuity.
The company processes over R20bn in digital payments annually and has channeled R3bn in working capital to SMEs.

Nedbank CEO, Jason Quinn says the partnership will unlock new opportunities for entrepreneurs in South Africa and potentially beyond. The deal is pending regulatory approvals and is expected to be finalized in the coming months.