Moniepoint Inc. Enters Kenyan Market With Acquisition of Sumac Microfinance Bank
Strategic acquisition brings Moniepoint’s all-in-one digital financial services to Kenya's underserved MSME segment
LONDON--(BUSINESS WIRE/AETOSWire)-- 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% ...