iKhokha, launched in 2012 by Matt Putman, Ramsay Daly, and Clive Putman in Durban, offers card machines, digital payment services, business tools, and cash‑advance products to small and medium‑sized enterprises (SMEs).

To date, the company processes over R20 billion in digital payments each year and has distributed more than R3 billion in working capital to entrepreneurs.

Under the terms of the deal, iKhokha will become a wholly owned subsidiary of Nedbank, yet it will retain its brand identity and leadership team through a management lock‑in clause—a move designed to ensure strategic stability and continuity.

Nedbank views this acquisition as a key step in its ongoing strategy to expand financial inclusion and enhance digital services for SMEs.

CEO Jason Quinn highlighted that iKhokha’s technology and mission are well aligned with Nedbank’s approach to digital transformation in the SME sector.

Ciko Thomas, group managing executive for personal and private banking at Nedbank, called the acquisition a “pivotal moment” for the bank’s SME strategy.

He emphasized that combining iKhokha’s tech solutions with Nedbank’s banking expertise will give small businesses better tools to grow.

iKhokha CEO Matt Putman described the deal as a proud milestone, noting that the partnership with Nedbank will help the company scale its impact, accelerate innovation, and deliver more value to merchants.

He also said the deal may enable expansion into other markets across the continent.

Investors such as Apis Partners, Crossfin Holdings, and the International Finance Corporation—all of which backed iKhokha from early stages—are exiting with this transaction, marking a successful liquidity event.

The acquisition remains subject to customary regulatory approvals and is expected to be finalized within the coming months.