Nigerian fintech giant Moniepoint Inc has acquired a 78% stake in Sumac Microfinance Bank, a licensed financial institution in Kenya.
The strategic acquisition marks a significant step in Moniepoint’s vision to become a pan-African financial services provider, bringing its digital banking expertise to new markets across the continent.
Moniepoint currently serves over 10 million businesses and individuals in Nigeria, offering a robust suite of digital payment solutions, including point-of-sale (POS) terminals and loans.
Its POS infrastructure alone facilitates more than 72 million transactions monthly.
The acquisition of Sumac Microfinance Bank is expected to bolster Kenya’s digital banking ecosystem by leveraging Moniepoint’s technology and operational model to enhance financial inclusion, particularly among small and medium-sized enterprises (SMEs).
Details of the financial terms of the transaction were not disclosed.
However, regulatory approval from Kenyan authorities, including the Central Bank of Kenya (CBK), is expected to finalize the acquisition.
