Moniepoint Will Acquire 78% Stake In Kenya’s Sumac Bank
The Competition Authority of Kenya (CAK) has officially approved Moniepoint Inc.’s acquisition of a 78% stake in Sumac Microfinance Bank Limited. Sumac is a well-established Kenyan microfinance institution that offers a range of services, including lending, deposit-taking, insurance, and foreign exchange trading. This move will enable the Nigerian fintech to expand into East Africa.
Moniepoint expanding in East Africa
This acquisition is Moniepoint’s first official entry into Kenya’s financial services scene.
“The transaction is unlikely to negatively impact competition in the market for provision of microfinance banking services in Kenya, nor elicit negative public interest concerns”, the Competition Authority said in its release viewed by TechAfrica News.
This move enables Sumac to utilize Moniepoint’s technology and expertise, with the potential to expand access to microfinance services nationwide in Kenya.
About Moniepoint
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint originally launched as TeamApt. The company has since shifted from supporting bank infrastructure to becoming one of Nigeria’s largest business banking providers, serving millions of businesses across
Africa. Last year, successfully raised $110 million in a Series C funding round. This raise gives the company a valuation of at least $1 billion for the first time, according to the Financial Times.
In April, the fintech startup announced the launch of MonieWorld, a platform that offers immigrants various financial services, starting with remittances to Nigeria.
Image: Moniepoint
