Moniepoint, a Nigerian fintech company, has finally broken into Kenya's financial services market after acquiring a 78% stake in Sumac Microfinance Bank. The acquisition marks a significant milestone in Moniepoint's expansion strategy for the East African region.
The deal comes after years of failed attempts to enter the Kenyan market, with Moniepoint previously trying to acquire payments firm Kopo Kopo. Details of the acquisition are not immediately available.
Moniepoint's regional expansion plans have been a subject of interest in the fintech space, with the company looking to leverage its presence in Kenya to tap into the country's growing digital payments market.
