Moniepoint Secures Approval for 78% Stake Acquisition, Marking Kenya Market Entry

The Competition Authority of Kenya (CAK ) has officially approved Moniepoint Inc.’s acquisition of a 78% stake in Sumac  Microfinance Bank Limited, marking a bold step in the expansion of African-led fintech solutions across the continent.

Moniepoint , a Nigerian fintech powerhouse with subsidiaries including TeamApt Limited and Moniepoint Microfinance Bank Limited, is extending its footprint into East Africa through this strategic acquisition. Sumac, a well-established Kenyan microfinance institution since 2002, offers services ranging from lending and deposit-taking to insurance and forex trading.

The CAK’s approval signals confidence in Moniepoint’s ability to drive financial innovation without disrupting competition in Kenya’s microfinance banking sector. “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”, noted the Competition Authority in its release. The merger will allow Sumac to leverage Moniepoint’s technology and expertise, potentially expanding access to microfinance services across Kenya’s diverse regions.

This move also aligns with broader trends in Africa’s fintech and microfinance sectors, where digital transformation is opening new pathways for underserved populations to access financial services. Moniepoint’s track record in Nigeria—one of Africa’s fastest-growing fintech hubs—positions it well to drive similar growth and inclusion in Kenya.

This approval marks a milestone for Moniepoint’s regional expansion ambitions and signals confidence in Kenya’s growing financial services market.