Nigerian fintech unicorn Moniepoint has received regulatory approval to acquire a 78 per cent majority stake in Kenya’s Sumac Microfinance Bank, marking a significant milestone in its East African expansion strategy.
The acquisition, approved unconditionally by the Competition Authority of Kenya, gives Moniepoint immediate access to Kenya’s banking sector through an existing licensed financial institution, eliminating the need to apply for a new banking licence.
Founded in 2002, Sumac Microfinance Bank operates five branches in Nairobi and provides deposit-taking and lending services to individuals and businesses. Through the acquisition, Moniepoint will gain access to Sumac’s banking licence, customer base, and operational infrastructure as it expands its services to Kenya’s estimated 7.4 million micro, small and medium-sized enterprises (MSMEs).
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The deal represents Moniepoint’s latest push to strengthen its presence across Africa after an earlier attempt to acquire Kenyan payments company Kopo Kopo in 2023 failed to materialise.
To lead its Kenyan operations, Moniepoint has appointed seasoned financial services executive Rose Muturi as Chief Executive Officer of its Kenya business. She will oversee the integration of Sumac’s banking operations with Moniepoint’s digital financial services platform.
The Competition Authority of Kenya approved the transaction without imposing any conditions and confirmed that all existing Sumac employees would retain their jobs following the acquisition.
Industry analysts say the acquisition positions Moniepoint to compete in Kenya’s fast-growing digital financial services market by combining traditional banking with its technology-driven payments and lending solutions.
The expansion also complements Moniepoint’s acquisition of restaurant technology company Orda Africa in March 2026. The integration of Orda’s merchant management platform with Moniepoint’s ecosystem is expected to strengthen its ability to offer data-driven financial services, including working capital loans and business management tools for merchants.
Backed by global investors including Visa, Google and LeapFrog Investments, Moniepoint has emerged as one of Africa’s leading fintech companies, processing billions of dollars in monthly transactions.
With the Sumac acquisition, the company is expected to deepen its presence in East Africa by providing digital payments, business banking, trade finance and credit solutions tailored to Kenya’s growing SME sector.
