Moniepoint has completed the acquisition of Sumac Microfinance Bank in Kenya, following approvals from the Central Bank of Kenya and the Competition Authority of Kenya.

The deal represents the company’s first significant 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 interest, the firm plans to introduce its range of banking, payment, credit and enterprise support services to micro, small and medium-sized businesses in Kenya.

Customers of Sumac Microfinance Bank are expected to be moved onto a digital-led platform operated by Moniepoint.

The transition is intended to provide access to a broader capital base and an increased capacity for lending, alongside new technology 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 licensed for electronic money services by the UK’s Financial Conduct Authority.

Moniepoint, founded in 2015, operates across multiple African economies, supplying financial products to enterprises in both 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 bigger, more impactful organisation together.”

"Moniepoint buys Kenya’s Sumac Microfinance Bank" was originally created and published by Retail Banker International, a GlobalData owned brand.

 

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.