Moniepoint Buys Sumac Microfinance Bank in Kenyan Market Debut

Moniepoint Inc. has announces the completion of its acquisition of Sumac Microfinance Bank Limited, a Central Bank of Kenya-licensed microfinance institution.

The transaction, approved by the Central Bank of Kenya, marks Moniepoint’s first major acquisition on the continent and its debut in the East African market, according to a statement on Wednesday.

The acquisition is a deliberate, strategic move that enables Moniepoint to bring its comprehensive digital financial platform, encompassing banking, payments, credit, and business management tools, to Kenyan micro, small, and medium-sized enterprises (MSMEs) for the first time. Terms of the transaction are undisclosed. Moniepoint holds a 78% majority stake in Sumac, following approval from the Competition Authority of Kenya (CAK) in June 2025.

Kenya is widely recognised as the largest economy in East Africa and the sixth largest across the continent and home to an estimated 7.4 million MSMEs that collectively contribute approximately 40% of the country’s GDP and employ around 15 million people. The country’s mobile payments ecosystem, valued at $67.3 billion, is among the most sophisticated on the continent, laying fertile ground for a digital-first financial services provider.

Yet despite this vibrancy, Kenya’s MSMEs remain underserved when it comes to seamlessly integrated financial tools – business payments, banking, and credit – delivered within a single, cohesive platform. This gap represents a clear and urgent opportunity. Moniepoint’s entry is designed precisely to address this underserved segment, equipping Kenyan entrepreneurs with the full suite of tools they need to succeed and grow.

Sumac will continue to serve Kenyan SMEs, providing customers with an enhanced, fully integrated digital banking platform; underpinned by Moniepoint’s widely recognised technology and customer service offerings. 

Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint Inc., said:

“We are delighted to welcome Sumac Microfinance Bank to the Moniepoint family. Sumac’s unique position in the Kenyan market, alignment with our broader goals, and local market knowledge stood out as key differentiators which made the acquisition an attractive decision for Moniepoint.

“This strategic acquisition means that SMEs across Kenya will benefit from Moniepoint’s leading digital banking services, and we look forward to working with the Sumac team to ensure the transition for customers is seamless while empowering businesses and contributing to the nation’s proud legacy of financial innovation.

“We are confident that as we leverage technology to create new opportunities as we scale our operations across Kenya, we would be building a bigger, more innovative, and more impactful organization together.”

John Kibatha Njoroge, Founder and Chairman of Sumac Microfinance Bank, added:

“We are delighted to welcome Moniepoint as our majority shareholder. This strategic partnership combines Sumac’s deep local expertise and customer trust with Moniepoint’s cutting-edge technology, massive scale, and innovation track record. Together, we are poised to deliver transformative value to our customers, strengthen financial inclusion across Kenya, and contribute to the broader growth of digital financial services in East Africa.

“Our hope is that the business continues to enable Kenyans to have a great impact in society by creating value for all and sundry in whatever level of business engagement there is. Our expectation is that Sumac will become the most ideal financial partner for all businesses and entrepreneurs in the country and will keep growing to become sustainably profitable as Moniepoint has achieved in the Nigerian market.”

Moniepoint has chosen to acquire Sumac for the significant foundation it already provides: established customer relationships, a microfinance banking licence, and deep local market knowledge. This foundation meaningfully accelerates Moniepoint’s time to market thus enabling the Company to serve Kenyan businesses faster, and with far greater credibility, than a greenfield approach would have allowed.