Moniepoint Acquires Kenya’s Sumac Bank To Expand East Africa Push

Nigerian fintech unicorn Moniepoint Inc. has acquired a controlling stake in Kenya’s Sumac Microfinance Bank, securing a long-sought entry into East Africa’s largest economy.

The deal grants Moniepoint a deposit-taking license, critical to its credit-led growth strategy, and allows it to bypass the Central Bank of Kenya’s freeze on new licenses.

By acquiring 78% of the 20-year-old lender, Moniepoint gains regulatory infrastructure to scale lending to SMEs and compete with existing players.

The move reflects a broader shift toward licensed banking and consolidation in African fintech. Following its recent acquisition of Orda, Moniepoint plans to deploy its “business-in-a-box” model, combining SaaS tools and financial services, into Kenya’s increasingly regulated digital lending market.