Moniepoint Acquires 78% of Sumac Microfinance Bank to Enter Kenya

Moniepoint built its name in Nigeria by powering payments, accounts and credit for small businesses. It processed nearly $300 billion in annualised transactions and became a trusted partner for merchants. The fintech has now taken a 78% stake in Kenya’s Sumac Microfinance Bank. This move gives Moniepoint a deposit-taking licence and an existing branch network in East Africa’s largest economy. Kenya’s strict banking regulations long blocked new entrants. By buying Sumac, Moniepoint gains permission to offer high-speed loans and digital services to underserved SMEs. The deal is part of a bigger plan. Moniepoint recently acquired a restaurant software firm. Together, these assets aim to create an all-in-one platform for payments, banking, inventory and working capital across Africa.

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