Nigeria’s Moniepoint targets to aquire Kenya’s 'chama' turned billion-shilling microfinance bank

Kenya's Competition Authority Grants Moniepoint Right To Purchase Sumac Microfinance Bank's 78% Shares - Brand Spur

Nigerian fintech, Moniepoint has been granted permission by the Competition Authority of Kenya (CAK) to purchase a 78% share in Sumac Microfinance Bank, opening the door for its entry into the highly regulated banking industry in the nation.   Just five months have passed since Moniepoint’s previous effort to acquire a payments company, KopoKopo flopped. The fintech company will get access to Kenya’s lucrative mobile payments sector, valued at a…

Moniepoint Employees Make $20,000 And $850,000 From Unicorn Round

“Equity is both a way to acquire staff and a means of staff retention,” Emmanuel Faith, an HR specialist, told TechCabal.

Moniepoint unicorn round made employees billions of naira

When Moniepoint raised $110 million in October 2024 to become a unicorn, not only its early investors made money from selling shares to new investors. At least two senior employees also sold part of their shares in the round, making $20,000 and $850,000 (₦1.3 billion), respectively, according to documents seen by TechCabal.  These employee share sales were the second of their kind for the decade-old company, as senior employees previously sold s…

Moniepoint acquires major stake in Kenya’s Sumac Bank

Moniepoint, Nigeria’s fintech powerhouse, is planting its flag in East Africa, specifically Kenya. In a move that signals serious regional ambition, the fintech giant has acquired a 78% stake in Sumac Microfinance Bank, marking its first formal entry into the Kenyan financial services space.If you’re wondering whether this changes the game overnight, the answer is: not yet. According to the Competition Authority of Kenya (CAK), which gave the gr…

Moniepoint Will Acquire 78% Stake In Kenya’s Sumac Bank

The Competition Authority of Kenya (CAK) has officially approved Moniepoint Inc.’s acquisition of a 78% stake in Sumac Microfinance Bank Limited. Sumac is a well-established Kenyan microfinance institution that offers a range of services, including lending, deposit-taking, insurance, and foreign exchange trading. This move will enable the Nigerian fintech to expand into East Africa. Moniepoint expanding in East Africa This acquisition is Moniepo…

Moniepoint Expands East Africa Footprint With Proposed Sumac Stake Purchase

Moniepoint Inc. has secured regulatory approval from the Competition Authority of Kenya (CAK) to acquire a 78 percent stake in Sumac Microfinance Bank, a major step in the company’s expansion into East Africa. The acquisition is set to provide Moniepoint with direct access to Kenya’s $67.3 billion mobile payments market. The approval comes five months […] The post Moniepoint Expands East Africa Footprint With Proposed Sumac Stake Purchase appear…