Nedbank Targets Small South Africa Firms With Ikhokha Purchase

Nedbank Group Ltd. agreed to buy financial technology firm iKhokha to help the South African lender target the growing small-business segment.

The Johannesburg-based lender will pay 1.65 billion rand ($94 million) to acquire all of iKhokha, the company said in a statement Wednesday. The transaction is subject to regulatory approvals and is expected to conclude in the coming months, the bank said.