Nigerian fintech giant Moniepoint has acquired a 78% stake in Sumac Microfinance Bank, a key player in Kenya’s financial sector. Announced on June 4, 2025, this acquisition marks Moniepoint’s bold leap into East Africa’s vibrant $67.3 billion mobile payments market. The move strengthens Moniepoint’s mission to deliver seamless digital banking solutions beyond Nigeria. With the Competition Authority of Kenya (CAK) approving the deal, Moniepoint now taps into Sumac’s established network to fuel its regional ambitions. This strategic step positions Moniepoint to serve Kenya’s underserved businesses and individuals.
Moniepoint Acquires Sumac Stake to Fast-Track Growth
Moniepoint acquires Sumac stake to bypass the lengthy process of securing a new banking license in Kenya. Sumac, founded in 2002, holds a 4.3% share of Kenya’s microfinance sector and manages $23 million in assets. Meanwhile, Moniepoint, launched in 2015 by Nigerian entrepreneur Tosin Eniolorunda, processes over $22 billion in monthly transactions in Nigeria. This acquisition leverages Sumac’s infrastructure, allowing Moniepoint to quickly deploy its digital tools, including payment APIs and virtual accounts. As a result, Moniepoint gains a competitive edge in a market dominated by heavyweights like M-Pesa.
Kenya’s Fintech Market Welcomes Moniepoint’s Expansion
With Moniepoint acquiring Sumac stake, Kenya’s fintech landscape braces for disruption. The country’s mobile money transactions surged by 26% in 2024, signaling strong demand for innovative financial services. Moniepoint aims to fill this gap by offering tailored solutions for small and medium enterprises (SMEs). For instance, its platform supports multi-currency transactions, appealing to businesses navigating cross-border trade. However, the deal awaits final approval from the Central Bank of Kenya, which could delay full integration. Despite this, the CAK notes the acquisition poses no risk to competition or jobs.
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