Moniepoint buys Kenya’s Sumac Microfinance Bank

Moniepoint has completed the acquisition of Sumac Microfinance Bank successful Kenya, pursuing approvals from the Central Bank of Kenya and the Competition Authority of Kenya.

The woody represents the company’s archetypal important acquisition successful Africa and its ceremonial introduction into the East African region.

Moniepoint present controls a 78% involvement successful Sumac Microfinance Bank.

Through this bulk interest, the steadfast plans to present its scope of banking, payment, recognition and endeavor enactment services to micro, tiny and medium-sized businesses successful Kenya.

Customers of Sumac Microfinance Bank are expected to beryllium moved onto a digital-led level operated by Moniepoint.

The modulation is intended to supply entree to a broader superior basal and an accrued capableness for lending, alongside caller exertion infrastructure.

Sumac Microfinance Bank laminitis and president John Kibatha Njoroge commented: “This concern combines Sumac’s section expertise and lawsuit spot with Moniepoint’s cutting-edge technology. We are poised to present transformative worth and fortify fiscal inclusion crossed Kenya, ensuring Sumac becomes the perfect spouse for each concern successful the country.”

The transaction follows different caller firm moves by Moniepoint, including the acquisition of Orda Africa, a cloud-based edifice absorption provider, and Bancom Europe, a fiscal instauration licensed for physics wealth services by the UK’s Financial Conduct Authority.

Moniepoint, founded successful 2015, operates crossed aggregate African economies, supplying fiscal products to enterprises successful some regulated and informal sectors.

Moniepoint co-founder and radical CEO Tosin Eniolorunda said: “We are delighted to invited Sumac to the Moniepoint family. Kenya’s vibrant MSME assemblage and blase mobile wealth ecosystem marque it a earthy acceptable for our adjacent signifier of growth. This acquisition ensures Kenyan entrepreneurs summation entree to integrated tools that thrust scale, and we look guardant to moving with the Sumac squad to physique a bigger, much impactful organisation together.”

"Moniepoint buys Kenya’s Sumac Microfinance Bank" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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