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Moniepoint Inc. ("Moniepoint"), Africa's leading financial platform, today announces the completion of its acquisition of Sumac Microfinance Bank Limited ("Sumac"). The transaction, approved by the Central Bank of Kenya and Competition Authority of Kenya, marks Moniepoint’s first major acquisition on the continent and its formal entry into the East African market.
Moniepoint now holds a 78% majority stake in Sumac. The move allows Moniepoint to deploy its comprehensive suite of banking, payments, credit, and business management tools to Kenya's 7.4 million MSMEs - a sector contributing 40% of the nation’s GDP.
However, Kenya's MSMEs remain underserved when it comes to seamlessly integrated financial tools - business payments, banking, and credit - delivered within a single, cohesive platform. This gap represents a clear and urgent opportunity. Moniepoint's entry is designed precisely to address this underserved segment, equipping Kenyan entrepreneurs with the full suite of tools they need to succeed and grow.
Sumac customers will experience a seamless transition to a digital-first platform underpinned by Moniepoint’s world-class engineering, while benefitting from a strengthened capital base and expanded lending capacity.
Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint Inc., 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 organization together.”
John Kibatha Njoroge, Founder and Chairman of Sumac Microfinance Bank, added:
“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 Sumac acquisition builds on Moniepoint's recent momentum, following its acquisition of Orda Africa, a cloud-based restaurant management platform, and Bancom Europe, an FCA-licensed e-money institution, both reinforcing its commitment to Africa's financial infrastructure and a borderless strategy serving the global African diaspora.
Founded in 2015, Moniepoint continues to lead the charge for financial inclusion, providing essential services to businesses operating in both formal and informal economies across the continent.
