Moniepoint Completes Sumac Microfinance Acquisition

Moniepoint has completed its acquisition of a 78% stake in Kenya’s Sumac Microfinance Bank. The deal finalised on Thursday in Nairobi, giving Moniepoint a deposit-taking licence needed for its credit-led expansion strategy.

The acquisition ends Moniepoint’s multi-year effort to enter Kenya, after an earlier attempt via payments firm Kopo Kopo stalled. With Sumac’s banking licence and branch network, Moniepoint can deploy its lending model to Kenya’s SMEs and compete with incumbents including Safaricom and Equity Group. Moniepoint also plans to combine Orda’s vertical SaaS capabilities with Sumac’s banking infrastructure, exporting its business-in-a-box approach.