Moniepoint Expands to Kenya with Planned Acquisition of Sumac Microfinance Bank

Nigerian fintech Moniepoint is set to enter the Kenyan market after receiving regulatory approval to acquire a 78% stake in Nairobi-based Sumac Microfinance Bank. The green light from the Competition Authority of Kenya (CAK) marks a significant step in Moniepoint’s plan to grow its pan-African footprint through strategic acquisitions.

Although the transaction is yet to close, Moniepoint confirmed that it is in advanced stages. “Regulatory approval has been received from the Competition Authority of Kenya for a potential transaction with Sumac Microfinance Bank.

Strategic Expansion into East Africa

If finalized, the acquisition would mark Moniepoint’s first operational base in Kenya—a move that reflects the company’s ambition to scale across Africa. With a strong presence in Nigeria, Moniepoint offers digital payment, banking, and business tools that have made it a staple among Nigeria’s small and medium-sized enterprises. The entry into Kenya presents an opportunity to replicate this success in one of East Africa’s most fintech-forward markets.

The fintech had previously shown interest in entering Kenya through a reported acquisition attempt of local payments company KopoKopo in 2024, a deal that never materialized. This new development suggests a renewed and more formalized expansion strategy.

Regulatory Green Light, Low Risk

According to CAK, the acquisition is unlikely to impact competition or reduce consumer choice. Since Moniepoint does not currently operate in Kenya, the transaction will not alter market share dynamics or disrupt existing pricing structures.

This endorsement by Kenya’s competition watchdog also signals the country’s openness to foreign investment in fintech—especially at a time when cross-border digital finance is playing a growing role in economic development.

What’s Next for Moniepoint?

While the acquisition still awaits final closure, Moniepoint’s interest in Sumac underscores a larger trend: African fintechs are increasingly looking beyond their home markets to scale services and tap into underbanked populations across the continent.

With Kenya as a strategic launchpad, Moniepoint is well-positioned to extend its digital banking model into new markets—potentially shaping the next phase of competition in East Africa’s fast-evolving fintech landscape.