Moniepoint has finally secured entry into Kenya after completing the acquisition of a 78% stake in Sumac Microfinance Bank. The deal marks the end of a years-long attempt by the Nigerian fintech to establish a presence in East Africa.
For Moniepoint, taking control of a licensed microfinance bank provides immediate access to a deposit-taking licence in a market where regulators have, for years, limited the issuance of new banking licences.
The move follows an earlier, unsuccessful attempt to enter Kenya through a potential acquisition of Kopo Kopo. That effort stalled, leaving Moniepoint without a pathway into a market dominated by incumbents such as Safaricom.
Founded over two decades ago, Sumac Microfinance Bank operates as a tier-three lender, but it brings with it a functioning branch network and an established customer base. For Moniepoint, these assets provide a starting point for deploying the high-volume, credit-led strategy it has used to scale in Nigeria.
Read more: https://techpoint.africa/news/moniepoint-acquires-sumac/
