Nigeria-founded fintech Moniepoint Inc. has completed the purchase of a 78% stake in Sumac Microfinance Bank Kenya Limited, entering Kenya in a deal that underscores rising cross-border expansion by African digital lenders.
The acquisition, which closed on Feb. 27 after approvals from the Central Bank of Kenya and the Competition Authority of Kenya, gives Moniepoint a foothold in one of Africa’s most competitive mobile money and SME lending markets.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint processes more than $22 billion in monthly transactions and serves over 10 million users, largely small businesses.
The move signals a strategic shift as fintech firms scale beyond domestic markets to tap East Africa’s high digital finance adoption and large underserved SME base.
Sumac, established in 2002, provides loans, deposits, insurance and foreign exchange services, with operations across Nairobi, Kiambu and Nakuru. Its banking licence and branch network offer Moniepoint an immediate route to market.
Sumac Chairman Kibatha Njoroge said the deal would combine local market knowledge with advanced technology to expand access to financial services.
Moniepoint CEO Eniolorunda said Kenya’s digital ecosystem made it a priority market, positioning the acquisition as a step toward building a broader pan-African financial platform.
The companies said operations would continue unchanged, with customer accounts and services unaffected.
Analysts say the deal could intensify competition in Kenya’s crowded fintech sector, where banks and mobile money providers are racing to capture small business customers.
Just yesrtday the Moniepoint acquired restaurant platform Orda Africa in a move aimed at strengthening its position in Africa’s fast-growing food services and small business technology market.