Nigerian fintech unicorn Moniepoint is set to launch operations in Kenya after receiving clearance from the Competition Authority of Kenya (CAK) to acquire a 78 per cent stake in Sumac Microfinance Bank.
Founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint is an all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools.
As Nigeria’s largest merchant acquirer, it powers most of the country’s point of sale (POS) transactions. Through its subsidiaries, processes US$17 billion monthly for its customers while operating profitably.
Having raised US$110 million in Series C equity funding late last year, making it African tech’s latest “unicorn” with a valuation exceeding US$1 billion, the company is now on a growth path. In April, it launched MonieWorld, a new remittance and digital financial services solution specifically designed to meet the fragmented, underserved needs of the UK’s African diaspora, and it now has Kenyan expansion in its sights too.
After an attempt to acquire Kenyan payments firm KopoKopo fell through last year, Moniepoint has now been cleared to buy Sumac, in a deal which will provide it with access to the necessary license to operate in Kenya’s highly-regulated banking sector.
“As per the parties’ submissions, this transaction will not result in negative public interest issues. Specifically, there will be no employment loss, and all the current employees will be retained under current terms,” CAK said in a statement.
The deal remains subject to approval by the Central Bank of Kenya (CBK).
