Moniepoint has completed the acquisition of Sumac Microfinance Bank in Kenya, following approval from the Central Bank of Kenya and the Kenya Competition Authority.
The deal represents the company’s first major purchase in Africa and its formal entry into the East African region.
Moniepoint now controls a 78% stake in Sumac Microfinance Bank.
Through this majority stake, the company plans to introduce its range of banking, payment, credit and business support services to micro, small and medium enterprises in Kenya.
Sumac Microfinance Bank customers are expected to move to a digital platform operated by Moniepoint.
The transition aims to provide access to a broader capital base and greater lending capacity, along with new technological infrastructure.
Sumac Microfinance Bank Founder and Chairman John Kibatha Njoroge commented: “This partnership combines Sumac’s local expertise and customer trust with Moniepoint’s cutting-edge technology. We are poised to deliver transformative value and strengthen financial inclusion across Kenya, ensuring Sumac becomes the ideal partner for every business in the country.”
The transaction follows other recent corporate moves by Moniepoint, including the purchase of Orda Africa, a cloud-based restaurant management provider, and Bancom Europe, a financial institution authorized for electronic money services by the UK Financial Conduct Authority.
Founded in 2015, Moniepoint operates in multiple African economies and supplies financial products to businesses in both the regulated and informal sectors.
Moniepoint Co-Founder and Group CEO Tosin Eniolorunda said: “We are delighted to welcome Sumac to the Moniepoint family. Kenya’s vibrant MSME sector and sophisticated mobile money ecosystem make it a natural fit for our next phase of growth. This acquisition ensures Kenyan entrepreneurs gain access to integrated tools that drive scale, and we look forward to working with the Sumac team to build a larger, more impactful organization together.”
“Moniepoint Buys Kenya’s Sumac Microfinance Bank” was originally created and published by Retail Banker International, a brand owned by GlobalData.
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