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